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Importance of International Monetary Fund to Developing Countries

The importance of operating the fund is the ease with which they could borrow from IMF in times of financial difficulty. But on the whole, the IMF placed strict conditionalities to be fulfilled before a loan would be given to any country that applies for it. These conditionalities have been complained about and criticised by West African Countries, including Nigeria which is a member of the International Monetary Fund (IMF) as it was not able to meet the harsh conditions imposed by the fund when the nation has a short fall in export earnings from its crude oil and which as a result, plunged the country into a persistent balance of payments deficit situation.

Hence, at the time of writing this post, Nigeria has not benefitted from the International Monetary Fund since its inception in 1944.