What is World Bank | Its History | Functions | Eligibility | IMF Explained in Hindi
What is World Bank | Its History | Functions | Eligibility | IMF Explained in Hindi
In this video, we’ll be exploring the World Bank and everything you need to know about it. The World Bank is an international organization that was established in 1944 to promote economic development and reduce poverty around the world. Over the years, the organization has played a key role in supporting countries in their efforts to achieve sustainable economic growth and improve the lives of their citizens.
In this video, we’ll take a look at the history of the World Bank and how it has evolved over time to become one of the most important institutions in the world. We’ll also explore the various functions of the World Bank, including how it provides loans, grants, and other financial assistance to developing countries.
We’ll also cover the eligibility criteria for receiving funding from the World Bank, as well as the sources of money that the organization uses to fund its projects. Whether you’re a student of economics or simply interested in learning more about one of the most influential organizations in the world, this video is sure to provide you with valuable insights and information. So sit back, relax, and join us as we delve into the world of the World Bank.
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Content
0 -> what if there is a sudden financial crisis in a country, all
3.904 -> the resources of the country are over and this thing seems strange , but if this happens, then think
10.38 -> what will be the situation of the people of the country. In such a situation, Every country will need an external support, some
16.08 -> funds and resources will be needed so that it can set up its economy and business again, the
20.4 -> same situation happened to the affected countries at the time of World War, then came forward like a helping hand that was
25.968 -> World Bank, I think you must have got a basic idea that what is the meaning of World Bank so let's
31.32 -> understand it in detail. Hello guys my name is Sunil you are watching Basic Gyaan and in today's video
35.76 -> we will talk about World Bank. If you hear the word bank then you must be thinking of your bank
41.28 -> where you have your savings account, you can go to your bank and get many services like you
47.04 -> can take any type of loan, business loan, Car loan, etc. Similarly, the World Bank
52.06 -> is an International Financial Institution, which is the largest source of funding and knowledge for developing countries.
57.795 -> Its intention is not to earn money by giving loans to developing countries.
But genuinely to help them,
64.014 -> so many times interest free loans and grants are also given.
68.88 -> The origin of the World Bank was in 1944 after the Second World War. Its initial name
73.86 -> was IBRD, whose full form is International Bank for Reconstruction and Development. After World War II
79.38 -> IBRD was created to rebuilt Europe.
82.979 -> IBRD was working and expanding very well, now its Focus
86.865 -> has shifted from reconstruction to development like Infrastructure, Power Grids, Roads, Transportation, Dams etc.. With this Intention, in 1960,
96.78 -> IDA - International Development Association was created, to give low interest or interest free loans to poor countries.
104 -> even till today's date, mixing these two institutions is called the World Bank,
109.06 -> over the years IBRD and IDA . Simultaneously, three more institutions were created, namely,
124.592 -> What is formed by combining these five institutes is called the World Bank Group.
129.163 -> And what is formed by combining IBRD and IDA is called World Bank.
132.95 -> Lets understand these five institutions in detail.
141.734 -> 189 countries have membership in IBRD.
144.416 -> This is the world's largest development bank, which provides loans, guarantees, advice and risk management products to low income countries.
152.15 -> IBRD finances investments in every sector and offers technical support or expertise at every stage of every project.
159.243 -> IBRD deals only with governments, it does not deal with private players and IBRD also helps in making policies.
165.999 -> India is the founding member of IBRD, IBRD started lending to India in 1949,
172.263 -> India started the first project Indian Railways with the help of IBRD.
176.55 -> IBRD has been an important source of Long Term Funding for India since 1960.
181.829 -> India is eligible to take loan from IBRD or IDA
188.62 -> Its main objective is to provide grants or concessional loans to the world's poorest countries.
197.28 -> IFSC's objective is to develop private sector in developing countries,
201.3 -> they also provide funds to private sector and also give advice.
206.476 -> Activities of IFC are economic growth, Job creation and poverty reduction
211.153 -> India is a founding member of IFC. IFC has invested in various actors in India such as
216.06 -> Like, financial services, infrastructure, manufacturing sector or agriculture sector
223.8 -> The mission of MIGA is to promote FDI in developing countries.
227.613 -> FDI stands for Foreign Direct Investment. It means a company or individual of one country
232.74 -> invests in a company of another country. It is aslo known as cross border investment
237.866 -> MIGA also insures political risk. Like war, terrorism and covers the loss due to civil disturbance,
244.656 -> India became a member of MIGA in 1994
252.034 -> Whenever someone invests in another country, there is also a risk that if that country does not work according to its agreement.
258.821 -> or makes any fault in the payment, then there should be some rules for this, which will
263.021 -> resolve any dispute. ICSID settles these international investment disputes
269.312 -> ICSID also helps Governments in making laws related to foreign investments. India is not a member of ICSID,
275.94 -> because India believes that the functioning of ICSID is biased
280.346 -> India has set up BRICS Arbitration Center to resolve disputes with foreign investors.
286.92 -> all these countries are members in BRICS, Brazil, Russia, India, China and South Africa, now we have
293.52 -> understood the World Bank Group, but you must be having a doubt in your mind that where does this money come from to World Bank Group
300.439 -> World Bank Group raises funds from many sources, it takes loan from its member country, International Capital
306.24 -> Funds are also generated through bonds in the market because the World Bank Group
310.996 -> has a good reputation and goodwill, and it also has good results, so countries give funds easily to the World Bank Group, and the
319.4 -> World Bank Group also receives contributions from member countries. The World Bank Group also has its own
324.313 -> reserves which it invests and generates income. Now understand that if any
328.538 -> country has to take a loan from the World Bank, then what is the eligibility criteria for that
336.579 -> The country that wants to apply for a loan should be a member of the world bank,
340.561 -> today there are 189 member countries in the world bank.
India is also a member of the world bank
347.833 -> Country should have good credit rating, so that they can Repay the Loan
351.937 -> To check that world bank have many paramenters, Like country's Financial Policy
356.984 -> past records, political stability etc
361 -> Country should have a plan to achieve its development golals and also have a plan to reduce poverty.
369.35 -> The political and social environment in the country should be stable, and the government should have
373.02 -> transparency and accountability of the government.
376.63 -> the project for which the loan is being taken,it should be on high priority for the country,
380.6 -> World Bank and IMF - International Monetary Fund is complementary to each other
387.898 -> So let's understand what is IMF and how it differs from World Bank
393.868 -> IMF is such an international organization that promotes global economic growth or financial stability, for this it provides short term loans to countries.
404.76 -> World Bank and IMF difference is that World Bank helps countries by giving loans for long term
409.98 -> while IMF helps countries by giving short term loans.
413.467 -> World bank's main focus is to reduce poverty while IMF's main focus is to stabilize international monetary corporation or currency.
Source: https://www.youtube.com/watch?v=l6UYb03J0zE