Question

Consider the following statements regarding the features of the World Bank:
$1$. The Board of Governors is the supreme body
$2$. The voting power of the Governor of a member country is related to the financial contribution of the country concerned.
$3$. It gives short-term loan to its members to correct their temporary balance of payments disequilibrium.
Which one of the statements given above is/are correct?

• A. $1$ only
• B. $1$ and $2$
• C. $2$ and $3$
• D. $1,2$ and $3$

Answer 1

Answer: (B)

$1$ and $2$

World Bank is the world's foremost inter-governmental organisation. It was set up in July $1944$ at the Bretton-Woods Conference. The Board of Governors is the supreme body of the World Bank, wherein each Governor is a representative of one of the member countries. The voting power of the Governor is based on the financial contribution of the country they represent.
It provides long-term loan to its member countries for economic development programmes and structural changes.