UPSC Prelims 2001 Q74: Indian Economy – International Institutions & Reports
Consider the following organisations:
I. International Bank for Reconstruction and Development
II. International Finance Corporation
III. International Fund for Agricultural Development
IV. International Monetary Fund
Which of these are agencies of the United Nations?
- (a) I and II
- (b) II and III
- (c) III and IV
- (d) I, II, III and IV
Answer: (d) I, II, III and IV
Explanation
Which organisations are agencies of the United Nations
| Organisation | Status |
|---|---|
| I. International Bank for Reconstruction and Development | UN specialised agency — part of the World Bank Group (1944) |
| II. International Finance Corporation | UN specialised agency — World Bank Group, lends to private sector (1956) |
| III. International Fund for Agricultural Development | UN specialised agency — Rome (1977) |
| IV. International Monetary Fund | UN specialised agency — Bretton Woods (1944) |
All four are specialised agencies linked to the United Nations through agreements with ECOSOC. The IBRD and IFC are part of the World Bank Group, the IMF is its Bretton Woods twin, and IFAD finances rural agriculture projects.
Answer: (d) I, II, III and IV.
Why each option is right or wrong
- (a) Incorrect. IFAD and the IMF are also UN specialised agencies.
- (b) Incorrect. The IBRD and the IMF are also UN specialised agencies.
- (c) Incorrect. The IBRD and IFC are also UN specialised agencies.
- (d) CORRECT. All four are agencies of the United Nations.
Key point
World Bank Group: IBRD, IDA, IFC, MIGA, ICSID. UN specialised agencies include FAO, IFAD, ILO, IMF, WHO, UNESCO.
Remember
IBRD, IFC, IFAD and IMF are all UN specialised agencies.
Common mistakes
- Thinking the Bretton Woods bodies are outside the UN system.
- Not knowing that IFAD is a UN agency.
- Leaving out the IFC as a 'private' lender.
Exam tip
Bretton Woods institutions are specialised agencies of the UN, though they work independently.
Sources
- United Nations — The UN System chart (specialised agencies)
- World Bank — World Bank Group organisations