Which one of the following countries has an effective right of veto over the IMF and the World Bank?

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India

USA

Sri Lanka

Japan

answer is B.

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Detailed Solution

USA has an effective right of veto over the IMF and the World Bank. The Latin term veto means "I forbid". It is the power that a governmental official wields for nrgative voting. For example, if anything needs to be stopped unilaterally, such as legislation passing, the members can use their veto power. A veto can be absolute, meaning it can completely stop any resolution or piece of legislation. The permanent members of the UN Security Council, for example, have the authority to veto any resolution. The IMF and the World Bank started their financial operations in 1947. The western industrial powers have complete control over these organisations' decision-making. However, the United States has a de facto veto regarding the decisions in IMF and World Bank.

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