BRETTON WOODS TWINS – IMF & WORLD BANK GKÂ
46 countries including USA,UK met at Bretton Woods, New Hampshire , USA in july 1944 to set up new monetary system of the world . At this conference , Bretton Woods twins have came into existence — they are
1. International Monetary Fund
2. World Bank
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1. International Monetary Fund GK:
works towards achieving macroeconomic stability and reducing the poverty of developing nations
Headquarters- Washington DC,USA
Managing director -christian lagarde
India is the founder member of IMF
IMF FUNCTIONS:
1. promotion of exchange rate stability
2.Acts as bailor to the member countries in the times of BOP crisis
3. Allots special drawing rights to the members
4.stabilise the world economy
IMF has a board of governors which is the highest decision making body . Board of governors comprises one governor and one alternate governor from each member country. india is represented at the IMF by the central finance minister acting as the governor & RBI governor as the alternate governor.
currently Arun Jaitley is the governor
Urjit Patel is the alternate governor from India in the board of governors of IMF.
SDR: 1.Special Drawing Rights is an international reserve asset created in 1969 by the IMF.
2. Value of SDR is based on a basket of five currencies –
a]US dollar
b]British pound sterling
c]chinese Renminbi since october 2016
d]japanese Yen
e]Euro
3.India’s quota currently in SDR is 2.76% . It is the 8th largest quota holding country among the members.
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2.World Bank GK:
Headquarters: Washington DC, USA
President : Jim Young Kim
CEO:Kristalina Ivanova Georgieva
The World Bank is made up of 189 member countries.Members are represented by a board of governors at the World Bank. Generally, the governors are member countries’ ministers of finance or development. They meet once a year at the annual meetings .The World bank group consists of 5 closely associated institutions.
they are 1.IBRD
           2.IDA
          3.IFC
          4.MIGA
          5.ICSID
IBRD:
International bank for reconstruction & development is the oldest of all the World bank institutions .
Functions:
1.It provides loans , credit guarantees, risk management products to low income & middle income countries.Agriculture,irrigation,healthcare , dairy development are some of the areas that are prioritised by the IBRD.
2.The main goal of IBRD is human development
3. It was setup initially for the reconstruction of war torn countries
4.India is the founder member
5.India is the 7th largest shareholder in IBRD with voting power of 2.91%
IDA:
International development agency , also called soft window of the world bank . It was set up in 1960.
IMP POINTS:
1.It resorts to long term lending for infrastructrural support for the member countries.The loans are interest free except for nominal costs and for long term i.e, for 35-40 years.
2.India’s voting share is 3.16%.
3.India has been the biggest beneficiary of IDA
4.India is the founder member
IFC:
International finance corporation, the private arm of the World bank was set up in 1956
imp points:
1.It lends money to the private sector companies of its member nations.It finances and provides advice for the public – private partnerships.
2.India is the founder member
3.The voting share of India is 3.38%.
4.It promotes growth of enterprises and efficient capital markets that leads to economic development of the member countries
MIGA:
Multilateral Investment Guarantee Agency was setup in 1988
IMP points:
- MIGA offers insurance to foreign private investors who invests in developing economies against loss caused by the political risks like war , civil disturbance etc.
- India’s voting power is of 2.56%
- India is only the member not founder member.
ICSID:
International centre for settlement of investment disputes was set up in 1966
IMP points:
1.It is an investment disputes settlement body between the member countries.
2.Its decisions are binding on the concerned parties
3.India is not a member.
