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IMF and World Bank Video Lecture | Indian Economy for UPSC CSE
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FAQs on IMF and World Bank Video Lecture - Indian Economy for UPSC CSE
| 1. What is the IMF and World Bank? |  |
Ans. The International Monetary Fund (IMF) and the World Bank are two international financial institutions that were created in 1944 at the Bretton Woods Conference. The IMF aims to promote global monetary cooperation, stability, and economic growth, while the World Bank provides financial and technical assistance to developing countries for development projects.
| 2. How do the IMF and World Bank differ in their functions? | |
Ans. The IMF primarily focuses on macroeconomic stability and provides countries with financial assistance during balance of payments crises. It also offers policy advice and technical assistance to member countries. On the other hand, the World Bank focuses on long-term development projects and provides loans and grants to support infrastructure development, poverty reduction, and education, among other areas.
| 3. How are the IMF and World Bank governed? | |
Ans. The IMF is governed by its member countries through a Board of Governors, which consists of representatives from each member country. The Board of Governors appoints an Executive Board that oversees the day-to-day operations of the IMF. The World Bank is also governed by its member countries through a Board of Governors and has a similar governance structure to the IMF.
| 4. How do countries become members of the IMF and World Bank? | |
Ans. To become a member of the IMF or World Bank, a country must apply and meet certain criteria. The country must be recognized as a sovereign state, have the ability to fulfill its financial obligations, and be willing to abide by the institutions' rules and regulations. Once accepted, the country becomes a member and can access the services and benefits provided by the IMF and World Bank.
| 5. How do the IMF and World Bank support developing countries? | |
Ans. The IMF and World Bank provide financial assistance and technical support to developing countries to promote economic development. The IMF offers financial resources to help countries address balance of payments issues, stabilize their economies, and implement necessary reforms. The World Bank provides loans, grants, and technical expertise to support infrastructure projects, poverty reduction programs, education initiatives, and other development efforts in developing countries.
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