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Q49 (CDS-II/2014) International Relations & Global Affairs › International Organisations & Groupings › International financial institutions Answer Verified

Consider the following statements relating to the World Bank : 1. The World Bank was established in 1946, which is headquartered in New York. 2. The World Bank Group has set for itself the goal to end extreme poverty from the World by 2030. 3. The World Bank is a vital source of financial and technical assistance to developing countries around the world. It is not a bank in the ordinary sense but a unique partner- ship to reduce poverty and support development. 4. The World Bank Group comprises five institutions managed by their member countries in order to promote shared prosperity by fostering the income growth of the bottom 40% for every country. Which of the statements given above are correct ?

Result
Your answer: —  Â·  Correct: B
Explanation

Statement 1 is incorrect because the World Bank was established in 1944 (following the Bretton Woods Conference) and is headquartered in Washington, D.C., not New York. Statement 2 is correct as the World Bank Group has explicitly set the goal to end extreme poverty by 2030 [3]. Statement 3 is correct; the World Bank is a vital source of financial and technical assistance and describes itself as a unique partnership rather than a bank in the ordinary sense. Statement 4 is also correct; the World Bank Group comprises five institutions (IBRD, IDA, IFC, MIGA, and ICSID) and aims to promote shared prosperity by fostering income growth for the bottom 40% of the population in every country [5]. Therefore, statements 2, 3, and 4 are accurate.

Sources

  1. [1] https://www.worldbank.org/en/programs/sdgs-2030-agenda
  2. [3] https://media.un.org/unifeed/en/asset/u140/u140410d
  3. [2] https://www.usgovernmentmanual.gov/Agency?EntityId=X5vsRt9eYso=&ParentEId=+klubNxgV0o=&EType=jY3M4CTKVHY=
  4. [5] https://thedocs.worldbank.org/en/doc/491561500316509118-0270022017/original/FINALweb2030AgendaUpdate20170713.pdf
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