global trade institutions- IMF, WB, WTO

What is the main goal of the World Trade Organization (WTO)?

To improve the welfare of developing countries by promoting free and predictable trade.

What contribution has the World Bank (WB) made according to the lecture notes?

It has played a role in better development outcomes and contributed to economic growth.

What are the main aims of international organizations like the WTO and WB?

To reduce poverty and support development while promoting global economic stability.

When was the World Trade Organization (WTO) established?

January 1, 1995.

How many member countries does the International Monetary Fund (IMF) have?

191 member countries.

What does the IMF aim to provide?

It aims to provide monetary cooperation, secure financial stability, and promote sustainable economic growth.

What is one of the main objectives of the International Monetary Fund (IMF)?

To facilitate international trade and balanced growth.

What is a significant role of the Operations Evaluation Department (OED) in the World Bank?

To evaluate and measure the results and outcomes of the World Bank's projects.

What significant historical context led to the establishment of the IMF and World Bank?

They were established to help rebuild Europe and Japan after World War II.

Where is the headquarters of the World Trade Organization located?

Geneva, Switzerland.

What type of support does the International Monetary Fund provide to developing countries?

Financial support, including loans and technical expertise.

What is the primary goal of the WTO (World Trade Organization)?

To cut trade barriers such as subsidies, tariffs, and quotas that impede free trade.

When was the WTO formed?

In 1993.

What does OPEC stand for?

Organization of Petroleum Exporting Countries.

What percentage of the world's oil is supplied by OPEC member states?

40%.

What is the G8?

The Group of 8, consisting of the world's major advanced economies.

What additional countries are included in G8+5?

China, India, Brazil, Mexico, and South Africa.

What is the purpose of the G20?

To discuss the global economy and methods to encourage economic growth.

What role does the World Bank play in the global economy?

It promotes global investment and provides loans to countries under specific conditions.

What is the function of the International Monetary Fund (IMF)?

To standardize global financial relations and promote monetary and exchange stability.

How can the IMF influence countries regarding their government assets?

It can force countries to privatize government assets in exchange for debt refinancing.

What is the primary goal of the WTO (World Trade Organization)?

To cut trade barriers such as subsidies, tariffs, and quotas that impede free trade.

When was the WTO formed?

In 1993.

What does OPEC stand for?

Organization of Petroleum Exporting Countries.

What percentage of the world's oil is supplied by OPEC member states?

40%.

What is the G8?

The Group of 8, consisting of the world's major advanced economies.

What additional countries are included in G8+5?

China, India, Brazil, Mexico, and South Africa.

What is the purpose of the G20?

To discuss the global economy and methods to encourage economic growth.

What role does the World Bank play in the global economy?

It promotes global investment and provides loans to countries under specific conditions.

What is the function of the International Monetary Fund (IMF)?

To standardize global financial relations and promote monetary and exchange stability.

How can the IMF influence countries regarding their government assets?

It can force countries to privatize government assets in exchange for debt refinancing.