Discussion
Which of the following was established to help and finance world's less developed countries ?
Answer: C
The body established to help and finance the less developed countries is the IDA.
The International Development Association was set up in 1960 as the soft-loan affiliate of the World Bank. It lends to the poorest member countries on very easy terms: credits with no interest, only a small service charge, repayable over several decades with a long grace period, and also grants.
The IMF lends to members facing balance of payments difficulties and supervises the exchange rate system rather than financing development. The IBRD, the original World Bank, lends at near-market rates to middle-income and creditworthy poorer countries. The RBI is India's central bank and does not finance other countries.
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