Q.(a) Bring out the functions of World Bank.

(a) The World Bank finances reconstruction and development through long-term loans, technical help and promotion of investment. (b) Statistics, both a science and an art, collects and interprets numerical data and is applied in nearly every field.

(a) Functions of the World Bank

The World Bank (IBRD, established 1945) works to finance economic development, especially of developing countries. Its functions are:

• Reconstruction and development loans: it provides long-term loans for reconstruction (initially of war-torn Europe) and for development projects such as power, transport, irrigation and industry.
• Guaranteeing loans: it guarantees loans raised by member countries from other sources.
• Promoting private foreign investment: it encourages the flow of private capital into member countries, guaranteeing such investments where needed.
• Technical assistance and advice: it provides expert advice, feasibility studies and technical guidance for development projects.
• Coordinating aid: through its affiliates (IDA, IFC) it channels soft loans and equity to the poorest countries and private enterprises.
• Promoting balanced growth of trade and development among member nations.

(b) Nature and Scope of Statistics

• Nature: Statistics is both a science and an art. As a science it has its own methods and principles of collecting, organising and analysing data; as an art it applies those methods skilfully to real problems. It deals with aggregates of facts expressed numerically, affected by many causes, and studied for a definite purpose.
• Scope: its scope is very wide: …