Which institution played a key role in India's economic reforms by providing loans and policy guidance?
World Bank+IMF
During the 1991 balance of payments crisis, India sought emergency financial help from the Bretton Woods institutions.
The IMF gave stabilisation loans and the World Bank gave structural adjustment loans, both linked to policy guidance on liberalisation, privatisation and globalisation.
SAARC, WTO, BRICS Bank, ADB, UNDP and UNESCO did not play this lending-and-conditionality role in the 1991 reforms.
Hence, World Bank+IMF.
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