IMF conditionalities:

A member country that applies for IMF loan is expected to meet certain stipulated conditions, known collectively as "IMF conditionalities", before such facility is granted. The conditions stipulated for some developing member countries to be met to qualify them for the use of the Fund's financial resources have included devaluation of currency, removal of government subsidy on some products, reduction of public expenditure, trade liberalization, strengthening of the operational efficiency of revenue collection agencies, and reduction of grants and subventions to government parastatals.

The benefits derived by developing member countries, including West African countries, from their membership of the IMF include:

i. The signing of agreement with the Fund for stand-by facilities worth millions of dollars which boosted their credit worthiness in international trade.

ii. The use of SDRs allocation to solve their balance of payments and reserve problems.

iii. Manpower development efforts of member countries have been complemented by the Fund through training courses provided on economic and financial management.

iv. The Fund, on a regular basis, conducts studies on member countries economies and recommends necessary reform measures to improve growth performance.