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Question 1 of 5
1. Question
Washington Consensus refers to
Correct
Solution: c)
The Washington Consensus refers to a set of free-market economic policies supported by prominent financial institutions such as the International Monetary Fund, the World Bank, and the U.S. Treasury. A British economist named John Williamson coined the term Washington Consensus in 1989.
The ideas were intended to help developing countries that faced economic crises. In summary, The Washington Consensus recommended structural reforms that increased the role of market forces in exchange for immediate financial help. Some examples include free-floating exchange rates and free trade.
Incorrect
Solution: c)
The Washington Consensus refers to a set of free-market economic policies supported by prominent financial institutions such as the International Monetary Fund, the World Bank, and the U.S. Treasury. A British economist named John Williamson coined the term Washington Consensus in 1989.
The ideas were intended to help developing countries that faced economic crises. In summary, The Washington Consensus recommended structural reforms that increased the role of market forces in exchange for immediate financial help. Some examples include free-floating exchange rates and free trade.
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Question 2 of 5
2. Question
Consider the following statements regarding Extended Credit Facility of IMF.
- The Extended Credit Facility (ECF) provides financial assistance to countries with short-term balance of payments problems.
- The ECF was created under the Poverty Reduction and Growth Trust (PRGT) to make IMFs financial support more flexible and better tailored to the diverse needs of low-income countries (LICs).
Which of the above statements is/are correct?
Correct
Solution: b)
The Extended Credit Facility (ECF) provides financial assistance to countries with protracted balance of payments problems. The ECF was created under the Poverty Reduction and Growth Trust (PRGT) as part of a broader reform to make the Fund’s financial support more flexible and better tailored to the diverse needs of low-income countries (LICs), including in times of crisis. The ECF is the Fund’s main tool for providing medium-term support to LICs.
Incorrect
Solution: b)
The Extended Credit Facility (ECF) provides financial assistance to countries with protracted balance of payments problems. The ECF was created under the Poverty Reduction and Growth Trust (PRGT) as part of a broader reform to make the Fund’s financial support more flexible and better tailored to the diverse needs of low-income countries (LICs), including in times of crisis. The ECF is the Fund’s main tool for providing medium-term support to LICs.
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Question 3 of 5
3. Question
Consider the following statements regarding the functions of International Monetary Fund (IMF).
- It assists in the establishment of a multilateral system of payments and the elimination of foreign exchange restrictions.
- It promotes high employment and reduce poverty around the world.
- It assists member countries by temporarily providing financial resources to correct mal-adjustment in their balance of payments.
Which of the above statements is/are correct?
Correct
Solution: d)
The International Monetary Fund (IMF) is working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
The main functions of the IMF are as given below:
1) to facilitate international monetary cooperation;
2) to promote exchange rate stability and orderly exchange arrangements;
3) to assist in the establishment of a multilateral system of payments and the elimination of foreign exchange restrictions; and
4) to assist member countries by temporarily providing financial resources to correct mal-adjustment in their balance of payments (BoPs).
Incorrect
Solution: d)
The International Monetary Fund (IMF) is working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
The main functions of the IMF are as given below:
1) to facilitate international monetary cooperation;
2) to promote exchange rate stability and orderly exchange arrangements;
3) to assist in the establishment of a multilateral system of payments and the elimination of foreign exchange restrictions; and
4) to assist member countries by temporarily providing financial resources to correct mal-adjustment in their balance of payments (BoPs).
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Question 4 of 5
4. Question
Consider the following statements regarding Asian Development Bank (ADB).
- It is modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions.
- The bank admits the members of only the United Nations Economic and Social Commission for Asia and the Pacific.
- It aims at reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
Which of the above statements is/are correct?
Correct
Solution: c)
Asian Development Bank (ADB)
It is a regional development bank.
- established on 19 December 1966.
- headquartered — Manila, Philippines.
- official United Nations Observer.
The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE) and non-regional developed countries.
It is modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions.
As of 31 December 2020, Japan and the United States each holds the largest proportion of shares at 15.571%. China holds 6.429%, India holds 6.317%, and Australia holds 5.773%.
Roles and functions:
Dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
- This is carried out through investments – in the form of loans, grants and information sharing – in infrastructure, health care services, financial and public administration systems, helping nations prepare for the impact of climate change or better manage their natural resources, as well as other areas.
Incorrect
Solution: c)
Asian Development Bank (ADB)
It is a regional development bank.
- established on 19 December 1966.
- headquartered — Manila, Philippines.
- official United Nations Observer.
The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE) and non-regional developed countries.
It is modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions.
As of 31 December 2020, Japan and the United States each holds the largest proportion of shares at 15.571%. China holds 6.429%, India holds 6.317%, and Australia holds 5.773%.
Roles and functions:
Dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
- This is carried out through investments – in the form of loans, grants and information sharing – in infrastructure, health care services, financial and public administration systems, helping nations prepare for the impact of climate change or better manage their natural resources, as well as other areas.
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Question 5 of 5
5. Question
Consider the following statements regarding International Monetary and Finance Committee.
- The International Monetary and Finance Committee is a body under the World Bank.
- The Committee discusses matters of common concern affecting the global economy.
Which of the above statements is/are correct?
Correct
Solution: b)
The International Monetary and Finance Committee is a body under the IMF (International Monetary Fund). Its structure mirrors that of the Executive Board and its 24 constituencies. As such, the IMFC represents all the member countries of the Fund.
The IMFC meets twice a year, during the Spring and Annual Meetings. The Committee discusses matters of common concern affecting the global economy and also advises the IMF on the direction its work.
Incorrect
Solution: b)
The International Monetary and Finance Committee is a body under the IMF (International Monetary Fund). Its structure mirrors that of the Executive Board and its 24 constituencies. As such, the IMFC represents all the member countries of the Fund.
The IMFC meets twice a year, during the Spring and Annual Meetings. The Committee discusses matters of common concern affecting the global economy and also advises the IMF on the direction its work.
