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Tanzania is a member of the International Monetary Fund (IMF) with a current quota of US$551.35 million (397.8 million SDR), [1] and is a part of the South Africa and Nigeria led constituency with a totaling voting share of 2.97%. [2] The IMF has been involved in Tanzania's economy since the 1970s.
Nigeria joined the IMF on March 30, 1961. [1] Nigeria is Africa's most populous country, with 222.182 million citizens. [1] The nation's IMF quota stands at 2454.5 million (SDR) along with its special drawing rights amounting to 3702.34 million (SDR). [1] As of July 2023, Nigeria experienced a 3.2 GDP change. [2]
The government structure was weak enough to allow a meaningful seepage of power and funds so that aid was not delivered and initiatives could not be passed and enforced. The infrastructure of state was thoroughly underdeveloped, meaning that IMF resources could not be distributed throughout the state.
Africa is also among the places most vulnerable to the effects of climate change, with critics calling on the World Bank and IMF to increasingly factor climate resiliency into its decision-making.
The IMF estimates that the total cost of providing debt relief to the 40 countries currently eligible for the HIPC program would be around $71 billion (in 2007 dollars). [2] Half of the funding is provided by the IMF, World Bank, and other multilateral organizations, while the other half is provided by the creditor countries.
The statement follows an IMF visit to South Africa in early July to conduct a "post-financing assessment" after its $4.3 billion loan to the country in 2020 to help it fight the impact of the ...
In 2005, Zimbabwe made a mystery loan repayment of US$120 million to the International Monetary Fund due to expulsion threat from IMF. [3] [4] [5]Zimbabwe in 2005 was economically torn down, in the midst of serious economic crisis; collapsing currency, de-investment, hunger and droughts, shortages of critical food supplies among others.
Nevertheless, the 1970s global monetary shocks and the drop in value of basic commodities in international markets induced the Ivorian government to borrow extensively. Ivory Coast's growing problem with foreign deficit eventually led to the intervention of France, and later on the IMF, to stabilize the economy. [ 4 ]