UPSC CSE Prelims

Correct Option: D (A credit system granted by IMF to its members) Explanation: An IMF member can access its reserve tranche (historically gold tranche), the reserve-position component of its quota, generally without standard programme conditionality. Option-wise Analysis: A. Incorrect - A World Bank lending programme is separate from the IMF reserve tranche. B. Incorrect - Central-bank market operations are not IMF tranche access. C. Incorrect - The WTO regulates trade agreements and does not extend this IMF reserve asset. D. Correct - reserve-tranche access is a drawing right within the IMF quota framework. Review note: “Credit system” is an imprecise description: reserve tranche drawings are typically treated as use of reserve assets rather than an ordinary conditional IMF loan.