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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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.
- 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.
- Mere lowering of the funds interest rate on borrowed funds thereby attracting countries experiencing economic difficulties to borrow from the fund.
- 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
- Introduction 1
1.1 Statement of problem 5
- Objectives of the study 6
- Research questions 7
- Research hypothesis 7
- Significance of the study 8
- Scope of the study 9
- Definition of term 10
Reference 12
CHAPTER TWO
- Review Of Related Literature 13
- Organization and structure of fund 13
- M.F debate in Nigeria 26
- An approval of the I.M.F Loan in Nigeria 42
Reference 45
CHAPTER THREE
- Research Design And Methodology 47
3.1 Introduction 47
3.2 research method 47
- Research population analytical techniques. 49
Reference 52
CHAPTER FOUR
- DATA PRESENTATION AND ANALYSIS 53
4.1 Test of Hypothesis 63
CHAPTER FIVE
- Summary of findings, conclusion and recommendation 70
5.1 Findings 70
- Recommendation 70
- Conclusion 71
- 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 excessive imports and borrowing to prosecute the war allied to the convening of a meeting called the united Nations monetary and financial conference by all the allied that fraught the world war 11 against Germany.
IMF was formed in reaction to the unresolved financial problems instrumental in initiating and protracting the great depression of the 1930’s. Anyanwu (1993).
As a result of the great depression of the 1930’s sudden unpredictable varieties in the exchange values of national currencies and a wide spreed disinclination among governments to allow their national currency to be enchanged for foreign currency. Indeed, agreements on the constitution and function of the IMF to supervise and promote an open stable monetary system was reached by the delegates of 44 countries and a representatives of Denmark at the united Nations and financial conference held at Bretton woods. Hew Hamsphine, U.S.A on 122 July, 1944. Anibueze (1998).
The meeting at Bretton woods, united states of America in 1944 gave birth to two international financial institutions.
- The international Bank for reconstruction and Development (IBRD) which was meant to source and provide funds for reconstruction of economic of member countries and for other development purposes.
- The international monetary fund (IMF) was formed to proffer solutions to the balance of payments problems and other financial problem facing the member countries. Ugwuanyi (1997).
Thus, IMF came unto excistence on 27 December 1945. there are 29 countries that signed the trtides of Agreement. The inaugurat meeting of the governors was held in Savanna, Georgia, USA on 8 March, 1946 and the first meting of the excutive board took place at the funds headquarters in Washington DC on 6 May, 1946. the IMF then started financial operation on 1st March, 1947 and then had 59 members but had 151 members by 1989. as at Dec. 1992, the fund had a membership of 178 countries. Ugwuanyi (1997). Thus, the same way that a banker grants advances to his customers, Basic objectives were stated to which the signatiories of the agreement are committed according to Ejili (1996) the objectives are
- To promate international co-operation by providing the machinery for consultation and collaboration by members on international monetary issues.
- To facilities the balanced growth of international trade and though this,contribute to high levels of employment and real income and the development of productive capacity.
- To promote exchange stability and orderly exchange arrangements and facilitate the avoidance of competitive currency
- To make financial resources available to members, on temporary basis and with adequate safeguards, to permit them to correct payments imbalances without resorting to measure destructive of national and inter national prosperity.
- To foster a multilateral system and transfers for current transactions and seek the elimination of exchange destructions.
- To seek reduction of both the duration and magnitude.
Since after the original drafting of funds article in 1944, it has been amended tuice, in 1978 when changes made to reflect the variety of exchange rate practices and the erosion of the system of fixed exchange rate pertices. According to Ndekwu (1983) the articles required the fund to!
- Ensure that its members obsenced a code of international behaviour with respect to payment restrictions and exchange rates.
- Acts as an international institution providing financial assistance to members experiencing balance of payment difficulties its ability to perform the first function depends on the financing it can make available in its second role.
- STATEMENT OF THE PROBLEM
In most developing nation (Nigeria) today, one of the major problem facing them is usually that of economic crisis which result to them having deficit deficit experiences in them budget and then seeking ways of correcting it. Hence, they usually resort to obtaining loan from IMF .
With the grant of loan, the IMF, acts then as a monitoring agency to profect the interest of the external debt policies of its members, hailing the disbursement where a debtor country defaults on any of the accepted terms or conditionality.
As can be seen, during Nigeria’s second republic when the economy was druindling Nigeria applied for a loan from the institution but was met with its harsh conditionalities which they will fulfil before such loan will be given to them. The country then resorted to a National deba