The GMAT exam
does not test pronoun ambiguity.
Incorrectly used pronouns on the GMAT will actually be
incorrect.
Either
/1/ the intended referent of such a pronoun will appear in a grammatical form that's incompatible with the pronoun (= the wrong one of singular/plural, or not a noun at all)—
or else
/2/ there just won't be a sensible referent at all (as in the case of unnecessary pronouns that are added to some versions of a sentence that works perfectly well without a pronoun).
Also worth repeating: You will often need to combine the given context with your normal, everyday common sense from the real world to determine the proper referents for pronouns.
saketkandoi
Why there is no confusion here of what second "their" refers in correct answer? Their can possibly refer to both major shareholders and "World Bank & IMF"
"The World Bank and the IMF" is the only referent that makes any sense in this context. These organizations have "beneficiaries in the developing world"; in fact, that's the main reason why of multinational NGOs like those two exist.
Remember, you won't be given ambiguous pronouns on this exam. If there are two nouns that could both
grammatically serve as the referent, then you
WILL be able to decide between them on the basis of context + common sense.