and you would have a situation like recently in Sri Lanka where they defaulted on loans, and cannot obtain necessary resources like oil to run their economy. I

and you would have a situation like recently in Sri Lanka where they defaulted on loans, and cannot obtain necessary resources like oil to run their economy. IMF loans are bandaids to stop the bleeding, but the cure depends on the disease. If the country does not cure the disease, the bandaid will not help after a while.