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¶ … Nigeria and the impact of the International Monetary Fund (IMF) and World Bank, and the impacts of those institutions in the country. The IMF is "an organization of 188 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty" (IMF, 2013). The IMF works primarily with governments and financial institutions, including with central banks. The IMF has also become involved in cutting fuel subsidies, which then increases the price of fuel in the economy. This is intended as a measure to stop smuggling and bring market forces to bear but it also reduces the ability of many to get out of poverty as more of their budgets will be spent on fuel (Engdahl, 2012). The IMF has also become involved in guiding fiscal and monetary policy in many nations, Nigeria included. For example, it has recently warned the Nigerian government to adjust its budgets to account for a decline in oil industry revenues, noting that these declining revenues were likely to create greater difficult in reducing poverty (Ugwumadu, 2013). The IMF also makes assessments of economic infrastructure in order to provide better advice (UPI, 2013).
The World Bank plays a more direct role in health care. Its mandate is to "end extreme poverty...
The World Bank provides financial and technical assistance to countries around the world. It provides low-interest loans, knowledge sharing and grants to developing countries (World Bank, 2013). The World Bank is involved in a number of projects in Nigeria, including infrastructure projects to improve agriculture, minimize the impacts of climate change and improve health care. One of the health care projects is to improve health care financing, a strategy that the Bank claims has improved family health outcomes in the three states in which it has been implemented.
Outcomes
It is not easy to determine what the impact of the IMF and World Bank in Nigeria is. The World Bank's infrastructure projects do seem like they should be useful, but there is cause to question that. For example, the World Bank tinkers with health care financing when the problem is that many Nigerians cannot afford health care. Increasing the supply is fine but one must wonder what the point is if increasing the ability of Nigerians to pay does not improve. Access to health care is not something that is likely to be improved through changes to the financing, however, the World Bank wants to spin its efforts.
The IMF has been heavily criticized for its work. For example,…
Works Cited
Abiola, A. & Olofin, O. (2008). Foreign aid, food supply, and poverty reduction in Nigeria. MPRA Paper. Retrieved December 7, 2013 from http://mpra.ub.uni-muenchen.de/16263/
Canada. (2013). Nigeria. Foreign Affairs Trade and Development Canada. Retrieved December 7, 2013 from http://www.acdi-cida.gc.ca/Nigeria-e
Engdahl, W. (2012). Geopolitical stakes in Nigeria: Curious role of the IMF. RT.com Retrieved December 7, 2013 from http://rt.com/news/
IMF (2013). About the IMF. International Monetary Fund. Retrieved December 7, 2013 from http://www.imf.org/external/about.htm
Ugwumadu, J. (2013). IMG warns Nigeria on budgetary impact of declining oil revenues. Public Finance International Retrieved December 7, 2013 from http://www.publicfinanceinternational.org/news/2013/12/imf-warns-nigeria-on-budgetary-impact-of-declining-oil-revenues/
UPI. (2013). IMG: Nigeria's oil economy doing well. UPI Retrieved December 7, 2013 from http://www.upi.com/Business_News/Energy-Resources/2013/10/09/IMF-Nigerias-oil-economy-doing-well/UPI-23481381321244/
World Bank. (2013). About. World Bank.org Retrieved December 7, 2013 from http://www.worldbank.org/en/about
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