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Here’s a simple question. If the IMF loans are so terrible, why do countries apply for them? And if giving out loans to countries is such an awesome tool for th

Here’s a simple question. If the IMF loans are so terrible, why do countries apply for them? And if giving out loans to countries is such an awesome tool for the IMF, why is it refusing to allow Pakistan to draw down already approved loans?

boeingUH60 3y ago
The comment you're responding to is typical cope from corrupt, inept, and poorly-run countries looking for excuses on why they remain poor. I see this in my country (Nigeria) too...that somehow it's the IMF keeping us poor, not our stupid leaders and an equally stupid populace voting them in.
- coldtea 3y ago
  And the comment above is typical gaslighting from neo-colonialist countries (as often internalized by local people benefiting from the above, or having studied abroad and learned to blame their own) getting the benefits or such deals, "why dont you live within your means" etc (often after centuries of the same countries calling the shots and plundering the means, supporting the most corrupt politicians to get office and punishing said countries when they opted for others, and of course, doing the bribing).
- flangola7 3y ago
  This you? https://news.ycombinator.com/item?id=35474481 https://news.ycombinator.com/item?id=35474481 I don't trust anything that comes out of your mouth.
  - boeingUH60 3y ago
    Yes, that is me ranting about how my race and continent remains undeveloped…but sure, I guess you’re about to accuse me of racism for stating facts, lol
- SanjayMehta 3y ago
  I have no knowledge about Nigeria, so I'll defer to your superior knowledge of their corruption. I suggest you look up the IMF's track record. India had to use the IMF in the early 90s due to decades of "socialism." We are long past that point, forex reserves were close to USD 600 billion last time I checked. So there's no question of "cope."
coldtea 3y ago
>Here’s a simple question. If the IMF loans are so terrible, why do countries apply for them? For the same reason people get loans from the mafia and loan sharks: they are desperate. Also because the political personel is encouraged (with "gifts") to go that way (as the loans come with strings that enable the plundering of the country's resources, which they supervise).

boeingUH60 3y ago

The comment you're responding to is typical cope from corrupt, inept, and poorly-run countries looking for excuses on why they remain poor. I see this in my country (Nigeria) too...that somehow it's the IMF keeping us poor, not our stupid leaders and an equally stupid populace voting them in.

coldtea 3y ago
And the comment above is typical gaslighting from neo-colonialist countries (as often internalized by local people benefiting from the above, or having studied abroad and learned to blame their own) getting the benefits or such deals, "why dont you live within your means" etc (often after centuries of the same countries calling the shots and plundering the means, supporting the most corrupt politicians to get office and punishing said countries when they opted for others, and of course, doing the bribing).
flangola7 3y ago
This you? https://news.ycombinator.com/item?id=35474481 https://news.ycombinator.com/item?id=35474481 I don't trust anything that comes out of your mouth.
- boeingUH60 3y ago
  Yes, that is me ranting about how my race and continent remains undeveloped…but sure, I guess you’re about to accuse me of racism for stating facts, lol
SanjayMehta 3y ago
I have no knowledge about Nigeria, so I'll defer to your superior knowledge of their corruption. I suggest you look up the IMF's track record. India had to use the IMF in the early 90s due to decades of "socialism." We are long past that point, forex reserves were close to USD 600 billion last time I checked. So there's no question of "cope."

coldtea 3y ago

>Here’s a simple question. If the IMF loans are so terrible, why do countries apply for them? For the same reason people get loans from the mafia and loan sharks: they are desperate. Also because the political personel is encouraged (with "gifts") to go that way (as the loans come with strings that enable the plundering of the country's resources, which they supervise).