AN EVALUATION OF THE INTERNATIONAL MONETARY FUND (I.M.T) LOAN POLICY ON DEVELOPING ECONOMY
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ABSTRACT
The trust of this paper is the evaluation of the I.M.F loan policy on developing nations with Nigeria as a case study. The paper begins by giving a brief stored perspective of fund. The structure, it’s operating procedure and its lending policies. The study also tries to know why the implementation of funds loan usually goes with adverse effect on the economy of the developing nations. It further tries to know whether the western countries are using the fund as an instrument for controlling the economy of the developing nations. The study as can be seen will be of a great interest to both the developing nations and their financial accommodators. By using a set of questionnaire, a number of selected bankers and research centers were used for the study in order to find out their opinion on the issue at hand. Analysis of the data using percentage and Chi – square were used in analyzing questions and testing of the hypothesis. This reveals that IMF is not meeting up with it’s objectives, especially in the areas of helping out countries that are in financial difficulties by making the funds resources temporary available to them and equate safeguard this providing them with opportunity to correct mere adjustments in their balance of payment. The funds only does this by providing these funds under harsh condition which if adopted by the developing nations normally compound their economic problems. Secondly, the conditionalities given by the fund on their loans differ between the developed nations and the developing nations. Thirdly, the loading condition of the fund to the developing nations are usually unfavourable to them. Lastly, the study also revealed that the developed nations are using the fund to control the economy of the developing nations. From the research findings, specific and generalized suggestions are made for the gradual and systematic solution to the problem. These include.
1. Relaxation of the harsh conditionalities being given to developing countries by IMF as the fund was mainly established having in mind the need to help out countries that are in economic difficulties without special concession to any country or group of countries.
2. Mere lowering of the funds interest rate on borrowed funds thereby attracting countries experiencing economic difficulties to borrow from the fund.
3. the fund should be acting in depending of any nation be it developed or not.
CHAPTER ONE
1.0 INTRODUCTION
International monetary fund is the most important international financial institution established by the world powers at the end of second world war. it is an intergovernmental plan supporting the structure of the world’s economic and financial order. As a voluntary and co-operative institution, it attracts to its membership nations that are prepared, in spirit of enlightened self interest to relinquish some measure of national sovereignty by abjuring factices injurious to the economic well being of their fellow member nations. The effect of the world war 11 was devastating in most European countries and allied countries.
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