Statement I: The International Monetary Fund (IMF) was set up as a lender of last resort to discourage member nations from devaluating their currency.
Statement II: The World Bank was created in the same year as the IMF for the purpose of making long-term,low-interest loans to developing countries,mainly to build highways,bridges,dams,power generators,and water supply systems.

A) Statement I is true and statement II is false.
B) Statement II is true and statement I is false.
C) Both statements are true.
D) Both statements are false.

Question

Zybrea Knight · Accepted Answer

Final Answer : C, Explanation :  Both statements are true. The IMF was indeed set up as a lender of last resort to discourage member nations from devaluating their currency. The World Bank was created in the same year as the IMF and was established to make long-term, low-interest loans to developing countries for infrastructure projects like highways, bridges, dams, power generators, and water supply systems.

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