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Economy

Quick Revision Table

Global Economic Issues: WTO, World Bank, IMF Roles

Paper I · Unit 2 Section 10 of 11 0 PYQs 36 min

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Quick Revision Table

Item Key Data
WTO Established 1 January 1995 (GATT successor)
WTO HQ Geneva, Switzerland
WTO Members 166 (as of 2024)
WTO DG Ngozi Okonjo-Iweala (Nigeria) — since March 2021
GATT Rounds 8 rounds (1947-1994); Uruguay Round produced WTO
Doha Round Launched November 2001; stalled since 2008
MFN Principle GATT Article I — non-discrimination between members
National Treatment GATT Article III — no discrimination once goods enter
AB Crisis All 7 seats vacant; US blocking appointments since 2019
MPIA 53 members' alternate appeals mechanism (US absent)
India-WTO Conflict Solar Cells DCR (DS456); Food security stockholding
IMF Established Bretton Woods 1944; Operational March 1947
IMF HQ Washington D.C.
IMF Members 190
IMF MD Kristalina Georgieva (Bulgaria) — since October 2019
India IMF Quota SDR 13,114.4 million (2.75% — 13th largest)
SDR Basket USD 43.38%, EUR 29.31%, RMB 12.28%, JPY 7.59%, GBP 7.44%
2021 SDR Allocation SDR 456.5 billion ($650 billion) — India got $17.86B
Indian IMF Borrowing 1981 ($5.8B EFF); 1991 gold pledge; no programme since 1993
World Bank Group 5 institutions: IBRD, IDA, IFC, MIGA, ICSID
World Bank HQ Washington D.C.
World Bank President Ajay Banga (Indian-American) — since June 2023
IBRD vs IDA IBRD: middle-income; IDA: 74 poorest; India on IBRD since 2014
IDA 20 Replenishment $93 billion (2022) — largest ever
India IBRD Portfolio ~$25 billion active (2024)
AIIB Founded 2016; Beijing; 109 members; India 8.52% (3rd largest)
NDB Founded 2014; Shanghai; 9 members; India $13B+ loans
G20 India Presidency 2022-23; Theme: Vasudhaiva Kutumbakam