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International Financial Institutions and Global Economy

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International Financial Institutions and Global Economy

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Questions and Answers

What is the primary role of International Financial Institutions (IFIs) in a nation's social and economic development programs?

Regulating capital movements and controlling economic environments

Advising on development projects, funding them, and assisting in their implementation (correct)

Participating in the Bretton Woods System

Imposing policies on developing nations

When was the International Monetary Fund (IMF) formally created?

December 27, 1945 (correct)

March 1, 1947

During the Great Depression

At the Bretton Woods Conference

What is a common criticism of the International Monetary Fund (IMF)?

Imposing industrialized countries' policies on developing nations (correct)

Advocating for domestic income maintenance in industrialized countries

Promoting free trade in developing nations

Supporting competitive devaluation of currencies

What led to the establishment of the International Monetary Fund (IMF)?

Experiences during the interwar period, notably the Great Depression Signup and view all the answers

What significant changes occurred in the economic environment during globalization?

Capital movements became more significant and less controllable Signup and view all the answers

What is the primary goal of the World Bank?

To reduce poverty and improve the incomes of the bottom 40% of the population Signup and view all the answers

What is the main objective of the General Agreement on Tariffs and Trade (GATT)?

To reduce trade barriers such as quotas, tariffs, and subsidies Signup and view all the answers

Which component provides low-interest or no-interest loans to low-income countries within the World Bank Group?

International Bank for Reconstruction and Development (IBRD) Signup and view all the answers

When did the World Trade Organization (WTO) start its trading system?

1995 Signup and view all the answers

What was the main objective of the second WTO ministerial meeting held in Geneva in May 1998?

To celebrate the 50th anniversary of the GATT system Signup and view all the answers