25 June 2026 - "Daily Current Affairs" Updates

GS 3 (Economy)

Development Policy Financing (DPF)

News:

The World Bank has approved US$1.5 billion in Development Policy Financing

(DPF) for India to support key policy reforms and sustainable economic

development.

About Development Policy Financing (DPF)

Development Policy Financing (DPF) is a World Bank financing instrument that

provides quick-disbursing financial assistance to countries.

It supports governments in implementing policy and institutional reforms that

promote inclusive growth, poverty reduction, economic resilience, and climate-

resilient development.

Objective

Strengthen governance and institutional capacity.

Improve economic resilience and macroeconomic stability.

Accelerate sustainable and inclusive development through policy reforms.

Key Features

Rapid Financial Support: Funds are released quickly to meet urgent

development financing needs.

Policy-Based Assistance: Financial support is linked to the implementation of

agreed policy and institutional reforms rather than individual projects.

Flexible Financing: Assistance may be provided through:

Loans

Credits

Grants

GS 2 (International Relations)

International Tribunal for the Law of the Sea (ITLOS)

News:

Bimal N. Patel from India has been elected as a Judge of the International

Tribunal for the Law of the Sea (ITLOS) for the 2026–2035 term.

About ITLOS

The International Tribunal for the Law of the Sea (ITLOS) is an independent

judicial body established under the 1982 United Nations Convention on the

Law of the Sea (UNCLOS).

It adjudicates disputes relating to the interpretation and application of

UNCLOS and other international agreements that confer jurisdiction on the

Tribunal.

Headquarters

Hamburg, Germany

Composition

Comprises 21 independent judges.

Judges are elected by secret ballot by the States Parties to UNCLOS.

Each State Party can nominate up to two candidates.

Judges serve a nine-year term and are eligible for re-election.

One-third of the judges retire every three years, ensuring continuity.

Jurisdiction

Settlement of disputes concerning the interpretation and application of

UNCLOS.

Maritime boundary delimitation disputes.

Fisheries and marine environmental protection cases.

GS 2 (International Relations)

New Development Bank (NDB)

News:

The New Development Bank (NDB) has expanded

its membership beyond the founding BRICS nations,

with Uzbekistan joining as a member in 2026.

About the New Development Bank (NDB)

•

The New Development Bank (NDB) is a multilateral development bank

established by the five founding BRICS countries—Brazil, Russia, India, China,

and South Africa.

The decision to establish the Bank was taken during the 6th BRICS Summit held

in Fortaleza, Brazil, in 2014.

The Bank became operational in 2015.

Headquarters

Shanghai, China

Objective

Mobilize financial resources for infrastructure and sustainable development

projects in BRICS countries and other Emerging Market and Developing

Economies (EMDEs).

Promote sustainable economic growth and enhance development cooperation

among member countries.

Capital Structure

Authorized Capital: US$100 billion.

Initial Subscribed Capital: US$50 billion.

The subscribed capital was contributed equally by the five founding BRICS

members.