Give five aims for establishing each of the following:
(a) Economic Community of West African States (ECOWAS).
(b) International Monetary Fund (IMF).
Explanation
(a) Aims of ECOWAS are:
(i) Making member countries co-operate in the fields of industry, agriculture, science, commerce, etc.
(ii) Maintaining economic stability in the region.
(iii) Fostering the spirit of friendliness among member states.
(iv) Removing some international trade barriers such as customs duties, etc.
(v) Abolishing obstacles to free entry and exit of persons and goods among member states.
(vi) Promoting common projects in the areas of research and agro-industrial enterprises.
(vii) Harmonising member countries’ monetary policies.
(viii) Having a unifying military and political body to keep peace in the region.
(b) Aims of the International Monetary Fund (IMF) are:
(i) Establishment exchange rates.
(ii) Reducing exchange controls on payments for current transactions.
(iii) Making foreign currency or gold available to any member country to enable it to finance a temporary deficit on the current account of its balance of payment.
(iv) To facilitate settlement of indebtedness.
(v) To Recommendation of economic policies to member countries, e.g. SAP
(vi) To give expert advice; provision of personnel or consultancy services to member states.