UPSC Prelims Practice Questions — IMF, World Bank restore relations with Venezuela; detainees released

Q1. How many members constitute the Executive Board of the International Monetary Fund (IMF), which conducts its day-to-day business?

  • A. 20
  • B. 22
  • C. 24
  • D. 25

Q2. Within the World Bank Group, which institution operationalises the provision of political risk insurance (guarantees) against non-commercial risks for investments in developing member countries?

  • A. International Finance Corporation (IFC)
  • B. Multilateral Investment Guarantee Agency (MIGA)
  • C. International Centre for Settlement of Investment Disputes (ICSID)
  • D. International Bank for Reconstruction and Development (IBRD)

Q3. In the context of the World Bank Group, the International Centre for Settlement of Investment Disputes (ICSID) is best described as which one of the following?

  • A. A body that provides conciliation and arbitration facilities exclusively for the settlement of investment disputes between foreign investors and host states
  • B. A fund that always guarantees the full repayment of loans extended by the IBRD to member governments
  • C. An agency that solely grants concessional credit to the poorest low-income countries
  • D. A tribunal that adjudicates all trade disputes among World Bank member states

Q4. The 2026 resumption of IMF relations with Venezuela was announced under the leadership of the Managing Director who currently heads the IMF. Who is this official?

  • A. Kristalina Georgieva
  • B. Christine Lagarde
  • C. Ajay Banga
  • D. David Malpass

Q5. In current affairs, the term 'Absolute Resolve' refers to which one of the following?

  • A. A United States military operation of January 2026 that struck Caracas and captured Nicolás Maduro
  • B. A Venezuelan armed-forces exercise conducted to deter foreign intervention
  • C. A United Nations peacekeeping mission deployed to stabilise Venezuela
  • D. An OPEC coordinated action to defend Venezuela's crude-oil output

Q6. Venezuela was one of the founding members of which of the following organisations, established under an agreement signed in 1960?

  • A. Organization of the Petroleum Exporting Countries (OPEC)
  • B. Organization of American States (OAS)
  • C. Bolivarian Alliance for the Peoples of Our America (ALBA)
  • D. Union of South American Nations (UNASUR)

Q7. Under which provision of the United Nations Charter can the Security Council impose non-military enforcement measures such as freezing of funds and financial assets?

  • A. Article 41 of Chapter VII
  • B. Article 42 of Chapter VII
  • C. Article 51 of Chapter VII
  • D. Article 39 of Chapter VI

Q8. Regarding the scope of Venezuela's 2026 amnesty law, which one of the following statements is correct?

  • A. It grants amnesty for offences such as treason, rebellion and instigation when committed in the context of political activism, but offers no clemency for drug trafficking, murder, corruption or human-rights violations
  • B. It grants a blanket pardon covering every category of offence, including drug trafficking and murder
  • C. It applies only to foreign nationals detained in Venezuela and excludes Venezuelan citizens
  • D. It offers clemency exclusively for corruption and human-rights violations while excluding political offences