What is the difference between the IMF and the World Bank?

Answer by Balaji Viswanathan:

World Bank is about growth. IMF is about stability. World Bank is for development projects in the developing world. IMF is about balancing the international financial system in both rich and poor countries [Greece is a recent recipient]. World Bank is your gym trainer – provides you stuff to grow strong. IMF is your doctor in emergency ward. They will try to bring you back to life & provide you advice on not eating that fatty food again. Countries that get IMF assistance are usually "pitied" in global markets.

Both the organizations are for governments to borrow. You go to the World Bank when you want to build a dam or power plant or a road. You go to the IMF when you are so fucked up that your currency is dropping like crazy. IMF comes and usually fixes stuff along with providing a mouthful of advice.

World Bank is a bank. Meaning it borrows money from investors around the world and then lends to the poor governments that are building projects that help them out of poverty. You can see some of their projects in India, for instance: All Projects

IMF is a fund. Meaning it has a pool of money given to it by 182 member countries in the past and just lends out of that fund. It doesn't usually borrow new money. See where IMF lends: IMF Lending at a Glance

IMF is comprised of four key credit lines:

  1. FCL (Flexible Credit Line): This is usually given to countries well before they get into a problem. They are the ones with better policies.
  2. PLL (Precautionary Lending): This is for countries that are beginning to get weak.
  3. SBA (Stand By Arrangement): This is for countries that are quite weak, but can be rescued quick.
  4. EFF (Extended Fund Facility): This is for countries too screwed up and requiring a long term help.

World Bank is a much bigger institution and has two arms:

  1. IBRD (International Bank for Reconstruction and Development): This is the bank portion of it. It charges a slightly higher interest rate than it borrows and it is mainly for profitable commercial projects [such as roads and dams]. This interest is still a lot low than what the governments can get anywhere.
  2. IDA (International Development Assistance): This is a grant body. Here interest is not charged and usually countries are given long periods for repaying. The focus is on social projects such as immunization and education. This is however open only for the poorest nations.  IDA Results

Countries usually graduate out of IDA to IBRD and eventually completely out of World Bank. Dozens of countries have got World Bank aid and then grown enough to not be eligible for it anymore.

Also read: What happens if a country fails to pay back a loan from the IMF?

What is the difference between the IMF and the World Bank?

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What is the story of Vanila Ice Cream that made General Motors Crazy?

Answer by Neel Bhatt:

An Interesting Story

Never underestimate your Clients’ Complaint, no matter how funny it might
seem!

This is a real story that happened between the customer of General Motors
and its Customer-Care Executive………

A complaint was received by the Pontiac Division of General Motors:
‘This is the second time I have written to you, and I don’t blame you for
not answering me, because I sounded crazy, but it is a fact that we have a
tradition in our family of Ice-Cream for dessert after dinner each night,
but the kind of ice cream varies so, every night, after we’ve eaten, the
whole family votes on which kind of ice cream we should have and I drive
down to the store to get it. It’s also a fact that I recently purchased a
new Pontiac and since then my trips to the store have created a
problem…..

You see, every time I buy a vanilla ice-cream, when I start back from the
store my car won’t start. If I get any other kind of ice cream, the car
starts just fine. I want you to know I’m serious about this question, no
matter how silly it sounds “What is there about a Pontiac that makes it not
start when I get vanilla ice cream, and easy to start whenever I get any
other kind?” The Pontiac President was understandably skeptical about the
letter, but sent an Engineer to check it out anyway.

The latter was surprised to be greeted by a successful, obviously well
educated man in a fine neighborhood. He had arranged to meet the man just after dinner time, so the two hopped into the car and drove to the ice
cream store. It was vanilla ice cream that night and, sure enough, after
they came back to the car, it wouldn’t start.

The Engineer returned for three more nights. The first night, they got
chocolate. The car started. The second night, he got strawberry. The car
started. The third night he ordered vanilla. The car failed to start.

Now the engineer, being a logical man, refused to believe that this man’s
car was allergic to vanilla ice cream. He arranged, therefore, to continue
his visits for as long as it took to solve the problem. And toward this end
he began to take notes: He jotted down all sorts of data: time of day, type
of gas uses, time to drive back and forth etc.

In a short time, he had a clue: the man took less time to buy vanilla than
any other flavor. Why? The answer was in the layout of the store. Vanilla,
being the most popular flavor, was in a separate case at the front of the
store for quick pickup. All the other flavors were kept in the back of the
store at a different counter where it took considerably longer to check out
the flavor.

Now, the question for the Engineer was why the car wouldn’t start when it
took less time. Eureka – Time was now the problem – not the vanilla ice
cream!!!! The engineer quickly came up with the answer: “vapor lock”.
It was happening every night; but the extra time taken to get the other
flavors allowed the engine to cool down sufficiently to start. When the man
got vanilla, the engine was still too hot for the vapor lock to dissipate.
Even crazy looking problems are sometimes real and all problems seem to be
simple only when we find the solution, with cool thinking.

Nothing is “IMPOSSIBLE” without putting a sincere effort. What really matters is your attitude and your perception.

Moral of the Story “Try to Fix the Bug , instead of making it as a Known
Issue”.

Real Great Story!

Source :- The Curious Case of Vanilla Ice Cream That Puzzled General Motors! – BhaviniOnline.com

What is the story of Vanila Ice Cream that made General Motors Crazy?

What is the weirdest place in the world?

Answer by Chandan Chaurasia:

Here are some weirdest and amazing places that may make you gasp if you are afraid of heights. Enjoy 🙂
—-
1) Devil’s Pool, Victoria Falls, Zambia
In the dry season this death defying infinity pool is a huge attraction for daredevil tourists. Although it’s right on the edge of the 100m drop, it’s perfectly safe to swim right up to the edge and enjoy the view.


2) Trolltunga, Odda, Norway
Trolltunga, which translates to Troll Tongue, is a famous piece of rock which hangs horizontally out of a mountain 700 meters above the Ringedalsvatnet lake. The Troll Tongue is only open during the summer months of June-Sep due to the risk of heavy winds (eeekkkk). Thousands of hikers visit every year and there have been no fatalities reported to date. But does that encourage you to go and try it for yourself?


3) Cliff Diving, Islet of Vila Franca do Campo, Portugal
This is a photo of Blake Aldridge diving 29 meters from a rock in Portugal in July 2012, as part of the annual Red Bull World Series. Of course you can’t do this yourself, but the event is free to watch, you’ll need to catch a boat to the island or you can even kayak there with a guide.


4) The Edgewalk, Toronto, Canada
You can actually pay money to be this petrified. The Edgewalk takes part on the roof of the CN Tower 1, 168ft above the ground. You’re taken around the edge of the building by a guide, who encourages you to do the below.


5) Bike riding on the Cliffs of Moher
The cliffs of Moher can be found in County Clare, Ireland. They are 120 meters above the ocean and are a major tourist attraction. Of course bike riding such as below is not recommended!


6) Insanity, Las Vegas
This very aptly named ride can be found on top of the Stratosphere in Las Vegas. It’s at a height of over 900ft, and spins you round at an angle of 70 degrees so you’re looking straight over the view of downtown Vegas.


7) Willis Tower (formally Sears Tower), glass floor, Chicago
The tower is 103 floors up and the glass floors are 1,353 feet off the ground, so why wouldn’t you want to feel the sensation of standing on mid air? Entering the building will set you back around $20, the glass ledge is optional.


8) Sky walking on Mount Nimbus, Canada
Mount Nimbus can be found in Canada’s Purcell Mountains and is in such a remote location that it can only be reached by helicopter. The route, which is popular amongst only the most extreme of climbers, takes around 2 and a half hours. In order to reach the top climbers must brave the below suspension bridge, makes me hold onto my seat just looking at it!


9) Portaledge Camping at Yosemite
It wasn’t until I started writing this post that I realised portaledge camping even existed! For those not in the know, portaledge camping is when hardcore climbers set up camp on the cliff face with tents/ ledges, as in the picture below. Yosemite is a national park in California in case you were interested in giving it a go; personally just looking at the image is enough adrenaline for me.


10) Swing at the end of the world, Baños Ecuador
You can try out the swing at the end of the world if you’re hiking up the path to Bellavista, on the edge of Baños. The swing is available for anyone who has a craving to dangle over the edge of the hilltop with just swing bars for support.


Source: https://www.travelrepublic.co.uk

What is the weirdest place in the world?

How did successful people like Elon Musk, Bill Gates, Max Levchin, Steve Jobs, Peter Thiel, Vinod Khosla, Oliver Emberton, Gayle Laakmann…

Answer by Oliver Emberton:

I'll give you the unpopular answer:

All those people were accomplishing improbable things long before the world had given them permission.

Steve Jobs once called up the CEO of multinational mega-corp HP and talked himself into a summer job. He was 12. Steve later travels to India for spiritual enlightenment, drops out of college and founds Apple by age 21.

Bill Gates started a business aged 15, developing software that monitored traffic patterns, and made $20,000. He graduates scoring 1590 out of 1600 on the college SAT test, and founds Microsoft aged 22.

Elon Musk wrote a video game called Blastar aged 12, selling it for around $500. Being born in South Africa, at age 15, he decided he needed to live in the US. He flew solo to Canada with no home or job, and survived doing hard labour on farms and cleaning out boilers, working his way into University aged 19 and earning two degrees in economics and physics.

Richard Branson started his first two businesses at age 16 from the crypt of a church. By age 22 he set up a music label and recording studio, where his first signed artist Mike Oldfield recorded the hit song Tubular Bells.

Before he was 21, Peter Thiel was a US Chess Master, one of the highest ranked under-21 players in the country. He also had time to found The Stanford Review aged 19.

I sure as hell don't deserve to be in the same list (well – not yet) – but I was programming aged 8, wrote my own operating system aged 16, and founded my business aged 21. I'm willing to bet that the other people you listed that I don't know had their own share of unconventional accomplishments.

It's a popular myth that you can't tell if something is going to be successful early. Certainly early success doesn't guarantee late success, and sometimes – very rarely – success can come from nowhere. But actually, most things that end well start off well. You might have looked at Elon Musk aged 18 and seen a penniless kid cleaning goop out of pipes, but his internal fortitude had already accomplished more than most would live to imagine. He was already a success – it just took a little time for reality to catch up.

So you want to know what to do between age 10 and 22? Accomplish things. Don't wait for the world. You want it to be the one doing the catching up.

How did successful people like Elon Musk, Bill Gates, Max Levchin, Steve Jobs, Peter Thiel, Vinod Khosla, Oliver Emberton, Gayle Laakmann…