QUESTION-Prelims-IAS – ECONOMICS MCQ-36
- A compulsory licence is granted overriding patent to make a drug affordable and accessible.
- In India a CL is granted subject to three conditions; one of them is about price.
- The reasonable requirement of the public with regard to the invention should be satisfied.
- The price at which it is made available should be reasonably affordable.
- WTO allows this exception to TRIPS agreement.
- Its dispute resolution mechanism even upheld the India’s decision to grant a compulsory license in Nexavar case.
- Compensation is also paid to patent holder.
- The term “World Bank” refers only to the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).
- The term “World Bank Group” incorporates five closely associated entities that work collaboratively towards poverty reduction:
- the World Bank (IBRD and IDA), and three other agencies,
- the International Finance Corporation (IFC),
- the Multilateral Investment Guarantee Agency (MIGA), and
- the International Centre for Settlement of Investment Disputes (ICSID).
- IFC – The International Finance Corporation (IFC) lends money to private sector companies of its member nations.
- MIGA – encourages investment in developing countries by providing insurance to foreign private investors against loss caused by non-commercial (political war, civil disturbance, expropriation) risks.
- The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves. Its value is based on a basket of four key international currencies, and SDRs can be exchanged for freely usable currencies.
- The IMF’s fundamental mission is to ensure the stability of the international monetary system.
- It does so in three ways: keeping track of the global economy and the economies of member countries; lending to countries with balance of payments difficulties; and giving practical help to members.
- A core responsibility of the IMF is to provide loans to member countries experiencing actual or potential balance of payments problems.
- This financial assistance enables countries to rebuild their international reserves, stabilize their currencies, continue paying for imports, and restore conditions for strong economic growth, while undertaking policies to correct underlying problems.
- Unlike development banks, the IMF does not lend for specific projects.
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