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WAEC Economics 2006 Question 49

Question 49

International Economic Organisations

One of the functions of the International Monetary Fund (IMF) is to

  1. A.devalue the currency of member states
  2. B.reduce drastically the size of deficit financing of member states
  3. C.give financial assistance to member states that have temporary balance of payment difficulties
  4. D.discourage the rapid industrialization process in the less developed nations of the world.
Show the answer and explanation

Answer: C (give financial assistance to member states that have temporary balance of payment difficulties)

Explanation

The IMF lends to members facing short-term balance of payments problems.