International Monetary Fund is an instrument and a product of development in the world. Just after the Second World War, leading politicians and administrators felt there was the need for the organization of a body that would see to the organization of the International monetary system on an agreed basis. Different people including a world’s […]
filed under: Multilateral Institutions
International Bank for Reconstruction and Development (IBRD)
The International Bank for Reconstruction and Development (IBRD) is also called the World Bank. Like the International Monetary Fund (IMF), the establishment of the IBRD, resulted from the Bretton wood agreement of 1944. The bank’s initial objective was granting of loan to member countries for the reconstruction of the economies destroyed by the Second World […]
Organization of Petroleum Exporting Countries (OPEC)
The Organization of Petroleum Exporting Countries (OPEC) was established in 1960 in Baghdad, the capital of Iraq by five Arab countries, which are Iraq, Saudi Arabia, Venezuela and Kuwait. The organization now has more members from almost all the continents and Nigeria joined in 1971. The objectives of OPEC include: Maintaining a steady income for […]
United Nations Conference on Trade and Development (UNCTAD)
The United Nations Conference on Trade and Development (UNCTAD) was established in 1964 following a protest by some developing nations who were poorer members of the United Nations. The conference was formed to establish measures that will promote and improve the international trade of the developing nations. Exports were to be promoted and preferential duties […]
West African Clearing house (WACH)
The Governors of Central Banks of five counties in Lagos, Nigeria and the eventual ratifications founded the West African Clearing house (WACH) in March 1975 following an agreement by the governments of those countries. The Countries are Nigeria, Ghana, Liberia, Gambia and Sierra Leone. The membership of the organization has now increased to more than […]
International Economic Organization
It is a clear and distinct fact that no country is self-sufficient. Nations depend on one another for survival. The inter dependence of countries has been aided by international division of labor, the emergence of international trade and industrial revolutions. Apart from having political interactions with other countries through international political organizations such as African […]