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SS3: COMMERCE - 2ND TERM

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The International monetary fund was set up after the second world war in order to encourage the development of foreign trade. It began operation in 1947 with headquarters in the United States of America.

International Monetary Fund was established as a result of a proposal adopted at an International Conference held at Bretton Woods in 1944. INF was established to encourage a balance of payment equilibrium and to stabilize the exchange rates among member countries. It has 13 member countries. Some of the member countries with their unit of currency are;

  1. Nigeria – Naira
  2. Ghana – Cedis
  3. America – Dollars
  4. Britain – Pounds
  5. The Gambia- Dolas
  6. Liberia – Dollars
  7. Benin Republic- CFA
  8. Sierra Leone- Leone

Objectives of IMF

  1. To establish and stabilize the exchange rate among member nations
  2. To make funds available to members to finance the balance of payment deficit
  3. To make recommendations to members concerning economic policies to be adopted.
  4. To encourage the development of international trade
  5. To promote co-operation among member countries on financial matters
  6. To facilitate settlement of debts in foreign transactions

Evaluation Questions

  1. Trace the history of Lake Chad Basin Commission
  2. State five objectives of LCBC
  3. List the countries that constitute its membership
  4. Enumerate four achievements of this Commission
  5. Explain two challenges facing this Commission

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