Nigeria Pulled Out of the IMF Program in 2002 Because

question 11

Multiple Choice

Nigeria pulled out of the IMF program in 2002 because:

• A)the economic and political elite of Nigeria wanted an independent economy unregulated by the whims and fancies of the IMF.
• B)the developed countries of the world pressed for its ouster on charges of massive violation of human rights by the Nigerian military dictatorship.
• C)it failed to meet the economic reform requirements, specifically failing to meet spending and exchange rate targets.
• D)it refused to accord the MFN status to the rest of the members of the IMF as it did to South Africa which was a violation of IMF statutes.
• E)it insisted on additional loans from the IMF even though it was defaulting on the repayment of the earlier loans.

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Definitions:

Monochromat

A person who is sensitive to black and white only and hence color–blind.

Sensitization

An increase in responsiveness to a stimulus following its repeated presentation, often leading to the enhancement of a response.

Basilar Membrane

A membrane in the cochlea of the inner ear; it plays a crucial role in the sense of hearing by vibrating in response to sound waves.

Auditory Nerve

The cranial nerve responsible for transmitting sound information from the cochlea of the inner ear to the brain.