History Facts
Facts | Events
| The World Bank: Esterblished July 1, 1944 during a conference of 44 countries in Bretton Woods, New Hampshire. The World Bank is made up of one hundred and eighty four (184) member countries of which Nigeria is a member. The Bank and the International Monetary Fund (IMF) introduced Poverty Reduction Strategy Paper (PRSP) as a condition for lending to developing countries, in order to ensure that the living standards of the poor are lifted by public expenditure. Nigeria entered the process but eventually ended with the National Economic Empowerment and Development Strategy (NEEDS). |
| International Monetary Fund: The International Monetary Fund (IMF) was established by an international treaty in 1945, to help promote the health of the world economy. The Headquarters is in Washington, D.C. It is governed by its almost global membership of 184 countries. The IMF is the central institution of the international monetary system, the system of international payments and exchange rates among national curries that enables business to take place between countries. It aims to prevent crises in the system by encouraging countries to adopt policies a fund that can be tapped by members needing temporary financing to address balance payments problems |
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