True or False: The Asian Development Bank (ADB) was established to exclusively support developed countries.

False. The ADB was established to support developing countries in Asia and the Pacific.

Fill in the blank: The Bretton Woods Conference in 1944 led to the creation of the ___ and the ___, which are known as the Bretton Woods twins.

International Monetary Fund (IMF), World Bank

What is the primary purpose of the International Development Association (IDA)?

The IDA aims to provide interest-free loans and grants to the world's poorest countries to support development projects.

True or False: The World Trade Organization (WTO) was formed before the General Agreement on Tariffs and Trade (GATT).

False. GATT was established in 1947, before the WTO, which was formed in 1995.

Fill in the blank: The Multilateral Investment Guarantee Agency (MIGA) provides ___ to foreign investors against non-commercial risks.

Insurance

How does the International Finance Corporation (IFC) differ from other World Bank institutions?

The IFC funds private sector projects.

• Focus on private investments.

• Supports economic development.

• Distinct from public funding.

True or False: India hosted the WTO Ministerial Meeting in 2019 to address concerns of developed countries only.

False. India hosted the meeting to address concerns of both developing and least developed countries.

What is the significance of the Nairobi Ministerial Conference for India?

Nairobi Conference supports India's agriculture.

• Secured food security policies.

• Reaffirmed public stockholding rights.

• Supports farmers' income stability.

Fill in the blank: The Asian Infrastructure Investment Bank (AIIB) aims to provide finance primarily for ___ projects in Asia.

Infrastructure

True or False: The BRICS New Development Bank was created solely to counter the influence of the World Bank and IMF.

True. It was created as an alternative financial institution to provide funding and support for development projects, particularly in BRICS countries.

What role does the Organisation for Economic Co-operation and Development (OECD) play in global economic governance?

OECD promotes global economic cooperation.

• Facilitates policy discussions.

• Addresses economic challenges.

• Promotes sustainable growth policies.

Fill in the blank: The Trade Facilitation Agreement (TFA) was ratified by India in ___ and aims to streamline customs procedures.

April 2016

What is the aim of the Contingent Reserve Arrangement (CRA) created by the BRICS Bank?

The CRA aims to provide liquidity protection to member countries facing balance of payments problems through currency swaps.

True or False: The AIIB has only Asian member countries.

False. The AIIB has expanded its membership to include countries from outside Asia.

What is one of the main challenges faced by the WTO in multilateral trade negotiations?

One main challenge is achieving consensus among member countries on critical issues like agricultural reforms and food security.

Fill in the blank: The International Centre for Settlement of Investment Disputes (ICSID) was established to resolve disputes between ___ and ___.

Investing foreign companies, host countries

The International Monetary Fund (IMF) was established to primarily address ___ crises faced by member nations.

Balance of payment