{"id":22665,"date":"2018-10-23T19:23:33","date_gmt":"2018-10-23T13:53:33","guid":{"rendered":"https:\/\/cracku.in\/blog\/?p=22665"},"modified":"2018-11-28T10:32:42","modified_gmt":"2018-11-28T05:02:42","slug":"world-bank-and-imf-gk","status":"publish","type":"post","link":"https:\/\/cracku.in\/blog\/world-bank-and-imf-gk\/","title":{"rendered":"World Bank and IMF GK"},"content":{"rendered":"

BRETTON WOODS TWINS – <\/span>IMF & WORLD BANK GK\u00a0<\/span><\/h1>\n

46 countries\u00a0 including USA,UK met at Bretton Woods, New Hampshire , USA in july 1944<\/strong> to set up new monetary system of the world . At this conference , Bretton Woods twins<\/strong> have came into existence — they are<\/p>\n

1. International Monetary Fund<\/strong><\/p>\n

2. World Bank<\/strong><\/p>\n

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1. International Monetary Fund GK:<\/strong><\/h2>\n

works towards achieving macroeconomic stability and reducing the poverty of developing nations<\/p>\n

Headquarters- Washington DC,USA<\/strong><\/p>\n

Managing director -christian lagarde<\/strong><\/p>\n

India<\/strong> is the founder member<\/strong> of IMF<\/p>\n\n

IMF FUNCTIONS:<\/strong><\/h3>\n

1. promotion of exchange rate stability<\/p>\n

2.Acts as bailor to the member countries in the times of\u00a0 BOP crisis<\/p>\n

3. Allots special drawing rights to the members<\/p>\n

4.stabilise the world economy<\/p>\n

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.<\/p>\n

currently Arun Jaitley<\/strong> is the governor<\/p>\n

Urjit Patel<\/strong> is the alternate governor from India in the board of governors of IMF.<\/p>\n

SDR:<\/strong>\u00a0 1.Special Drawing Rights is an international reserve asset created\u00a0 in 1969 by the IMF.<\/p>\n

2. Value of SDR is based on a basket of five currencies –<\/p>\n

a]US dollar<\/p>\n

b]British pound sterling<\/p>\n

c]chinese Renminbi since october 2016<\/p>\n

d]japanese Yen<\/p>\n

e]Euro<\/p>\n

3.India’s quota currently in SDR is 2.76%<\/strong> . It is the 8th<\/strong> largest quota holding country among the members.<\/p>\n

Download App to Access Directly on Mobile<\/a><\/p>\n

2.World Bank GK:<\/strong><\/h2>\n

Headquarters: Washington DC, USA<\/strong><\/p>\n

President : Jim Young Kim<\/strong><\/p>\n

CEO:Kristalina Ivanova Georgieva<\/b><\/p>\n

The World Bank is made up of 189\u00a0 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\u00a0 the annual meetings .The World bank group consists of 5 closely associated institutions.<\/p>\n

they are 1.IBRD<\/strong><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.IDA<\/strong><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 3.IFC<\/strong><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.MIGA<\/strong><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5.ICSID<\/strong><\/p>\n\n

IBRD:<\/strong><\/h3>\n

International bank for reconstruction & development is the oldest of all the World bank institutions .<\/p>\n

Functions:<\/p>\n

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.<\/p>\n

2.The main goal of IBRD is human development<\/strong><\/p>\n

3. It was setup initially for the reconstruction of war torn countries<\/p>\n

4.India<\/strong> is the founder member<\/strong><\/p>\n

5.India is the 7th<\/strong> largest shareholder in IBRD with voting power of 2.91%<\/strong><\/p>\n

IDA:<\/strong><\/h3>\n

International development agency , also called soft window of the world bank . It was set up in 1960.<\/p>\n

IMP POINTS:<\/p>\n

1.It resorts to long term lending<\/strong> 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.<\/p>\n

2.India’s voting share is 3.16%.<\/strong><\/p>\n

3.India has been the biggest beneficiary of IDA<\/p>\n

4.India<\/strong> is the founder member<\/strong><\/p>\n

IFC:<\/strong><\/h3>\n

International finance corporation, the private arm of the World bank was set up in 1956<\/p>\n

imp points:<\/p>\n

1.It lends money to the private sector<\/strong> companies of its member nations.It finances and provides advice for the public – private partnerships.<\/p>\n

2.India<\/strong> is the founder member<\/strong><\/p>\n

3.The voting share of India is\u00a0 3.38%.<\/strong><\/p>\n

4.It promotes growth of enterprises and efficient capital markets that leads to economic development of the member countries<\/p>\n\n

MIGA:<\/strong><\/h3>\n

Multilateral Investment Guarantee Agency was setup in 1988<\/p>\n

IMP points:<\/p>\n

    \n
  1. MIGA offers insurance<\/strong> to foreign private investors who invests in developing economies against loss caused by the political risks like war , civil disturbance etc.<\/li>\n
  2. India’s voting power is\u00a0 of 2.56%<\/strong><\/li>\n
  3. India<\/strong> is only the member<\/strong> not founder member.<\/li>\n<\/ol>\n

    ICSID:<\/strong><\/h3>\n

    International centre for settlement of investment disputes was set up in 1966<\/p>\n

    IMP points:<\/p>\n

    1.It is an investment disputes<\/strong> settlement body between the member countries.<\/p>\n

    2.Its decisions are binding on the concerned parties<\/p>\n

    3.India<\/strong> is not<\/strong> a member.<\/strong><\/p>\n

     <\/p>\n

    IBPS Clerk Previous papers (download pdf)<\/a><\/p>\n

    Download Current Affairs App here <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    BRETTON WOODS TWINS – IMF & WORLD BANK GK\u00a0 46 countries\u00a0 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 […]<\/p>\n","protected":false},"author":38,"featured_media":22724,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_mi_skip_tracking":false,"footnotes":""},"categories":[471,230],"tags":[163,176],"class_list":{"0":"post-22665","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-current-affairs-2","8":"category-gk","9":"tag-gk","10":"tag-gk-pdf"},"better_featured_image":{"id":22724,"alt_text":"World Bank and IMF GK","caption":"World Bank and IMF GK","description":"World Bank and IMF 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