Give five aims for establishing each of the following: (a) Economic Community of West African States (ECOWAS). (b) International Monetary Fund (IMF).

Answer Details

(a) Five aims for establishing ECOWAS (Economic Community of West African States)

1. To promote free trade among member states: ECOWAS aims to remove trade barriers such as tariffs and quotas so that goods can move freely within the sub-region.
2. To promote economic cooperation and integration: It seeks to unite the economies of member states for faster development.
3. To ensure free movement of persons, goods and capital: Citizens of member states can move, live and do business across borders without unnecessary restrictions.
4. To raise the standard of living of member states' citizens: Through joint development projects and trade, it aims to improve incomes and welfare.
5. To promote joint development of infrastructure and cooperation in areas such as transport, communication, industry and agriculture: Member states pool resources to develop common facilities.

(Maintaining peace, stability and security in the sub-region is also acceptable.)

(b) Five aims for establishing the IMF (International Monetary Fund)

1. To promote international monetary cooperation: The IMF provides a forum for member countries to consult on monetary matters.
2. To promote exchange-rate stability: It works to maintain orderly exchange arrangements and avoid competitive devaluation of currencies.
3. To grant loans to member countries with balance-of-payments problems: It provides financial assistance to help members correct deficits without resorting to harmful measures.
4. To promote the expansion and balanced growth of international trade: By stabilising currencies, it encourages the growth of world trade.
5. To provide technical and financial advice to member countries: It advises members on sound economic and monetary policies.

(Assisting in the establishment of a multilateral system of payments is also acceptable.)