The accelerated inflation and large payment imbalances that have plagued the world economy in recent years have created new challenges for economic policy. Institutions such as the International Monetary Fund have found themselves operating in a global environment different from that for which they were originally designed, and developing countries have found their aspirations threatened by large increases in their payment deficits. There have been wide disagreements about the most suitable policy responses by developing countries to these problems and about the appropriateness of the stabilization programs favored by the IMF. This book argues that the strong opposition to International Monetary Fund macroeconomics stabilization policies in Africa indicate how difficult and painful it is to put an over-indebted economy on its feet within a short period of time. Contents: Introduction; The Historical Foundation and Theoretical Considerations of the International Monetary Fund: Third World Perspective; The Historical Impact of British Colonial Rule in Nigeria; the Post-Colonial Economy of Nigeria and the National Development Plan; The Origin and Development of the Economic Crisis in Nigeria; the History and Evolution of the IMF, Its Operation and Policy Conditionalities; The IMF, the World Bank and the Sudanese Economy; The International Monetary Fund and the Zambian Debt Problems; African Economic Crisis and the International Monetary Fund Response; The Buhari's Foreign Exchange Regulation: An Alternative to International Monetary Fund Policy Prescriptions; Babangida's Government and the Nature of the International Monetary Fund Involvement in Nigeria; As We See It: Concluding Assessments and Recommendations; Appendix; Bibliography; Index. International Monetary Fund Policy.
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About the Author
Fredoline O. Anunobi is Associate Professor in the Department of Social Sciences at Zavier University of New Orleans.