Assisting members to solve temporary balance of payments problems is the reasons for the establishment...
ECONOMICS
WAEC 2023
Assisting members to solve temporary balance of payments problems is the reasons for the establishment of the
- A. International Monetary Fund
- B. Economic Commission for Africa
- C. World Bank
- D. African Development Bank
Correct Answer: A. International Monetary Fund
Explanation
The IMF is an international organization that was founded in 1944. Its main goal is to promote international monetary cooperation and facilitate international trade. The IMF does this by providing loans to countries that are experiencing balance of payments problems.
A balance of payments problem occurs when a country's imports exceed its exports. This can lead to a shortage of foreign currency, which can make it difficult for the country to pay for imports. The IMF can provide loans to countries with balance of payments problems to help them to cover their import shortfalls and stabilize their currencie
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