The Role of IMF in the International and National Political Economy of Nigeria and Cameroon
The financial system in the international scale has been very impressive in the struggle to develop the economy of the world. With the integration of the economy of the world through Foreign Direct Investment (FDI) to interfere in the activities of an economy has been imperative among others (Havnewk, 1997). Overtime the idea that richer countries taking series of initiatives that will enhance poorer ones in order for them to grow necessitated the creation of the International Financial Systems (Havnewk, 1997). Although the economies within some of the region started to grow by themselves in order to protect their strength and economy of their state.
IMF is one of the International Financial Institutions that were created by the decision of the United Nations held in Bretton Woods New Hampshire, United States (Havnewk, 1997). The IMF was formed for the promotion of international monetary corporation through an institution that provides the mechanism for collaboration and consultation on the problem arising in the international monetary system. It is also created for the facilitation of expand and balanced growth of trade amongst countries and to contribute to maintenance and promotion of high level of real income, employment and the development of productive resources of all its members as the major objective of the its economic policy (Havnewk, 1997). Finally, the IMF gives good confidence to it members by making the general resources of the institution to be available temporarily to the countries that are on adequate level of safeguards which gives them the opportunity to make corrections on mal-adjustments that occurs in their balance of payments without having to resort to the destruction of international and natural prosperities and many more (Havnewk, 1997).
Nigeria is the largest and the most populous countries in the whole of Africa with over 160 million populations. It comprise of more than 250 ethnic groups and possess a land mass that cover more than 900,000 million square miles (Dare, 2001). The country experienced 39 years of dictatorship government till 1999 since after the period it was colonized. In the world today the word Nigeria can almost be taken for corruption. The country has also been known for extreme level of poverty. However, the new regime of government is in the task to try to break the stereotype by implementation of series of ambitious projects that will put an end to corruption and integrate the country into the global economy (Dare, 2001).
Since the elections in 1999, Nigeria has experienced the longest regime of democratic leadership. Although, there have been series of significant efforts kin order that corruption is eradicated in the country, Nigeria still continues in the struggle to end issues like money laundering and many other fraudulent behaviors (Engdahl, 2012). Still yet the country self imposed reforms of the...