An Evaluation Of The International Monetary Fund (i.m.t) Loan Policy On Developing Economy (a Case Study Of Nigeria) 1990 –1999

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AN EVALUATION OF THE INTERNATIONAL MONETARY FUND (I.M.T) LOAN POLICY ON DEVELOPING ECONOMY (A CASE STUDY OF NIGERIA) 1990 –1999

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 diffter 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 econominc 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.


TABLE OF CONTENTS

Title page                                                                                ii

Approval page                                                                        iii

Dedication                                                                               iv

Acknowledgement                                                                             v

Abstract                                                                                  vi

Table of content                                                                      viii

CHAPTER ONE

1.0            Introduction                                                                            1

1.1     Statement of problem                                                    5

1.2            Objectives of the study                                                  6

1.3            Research questions                                                                  7

1.4            Research hypothesis                                                      7

1.5            Significance of the study                                                         8

1.6            Scope of the study                                                                   9

1.7            Definition of term                                                          10

Reference                                                                       12

CHAPTER TWO        

2.0            Review Of Related Literature                                         13

2.1        Organization and structure of fund                                13

2.2        I.M.F debate in Nigeria                                                  26

2.3        An approval of the I.M.F Loan in Nigeria                     42

    Reference                                                                              45

CHAPTER THREE

3.0            Research Design And Methodology                               47

3.1     Introduction                                                                            47

3.2     research method                                                             47              

      Research population analytical techniques.                          49

Reference                                                                       52

CHAPTER FOUR

4.0            DATA PRESENTATION AND ANALYSIS                53

4.1     Test of Hypothesis                                                                  63

CHAPTER FIVE                  

5.0            Summary of findings, conclusion and recommendation70

5.1     Findings                                                                         70

5.2            Recommendation                                                           70

5.3            Conclusion                                                                     71

5.4            Additional Conclusion                                                   72

Bibliography                                                                  73

Questionnaire                                                                74                                                              

 

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.  Most economics were destroyed and the

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