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Yeah, the all so powerful IMF that can be thwarted by the incredibly difficult task of…checks notes…. not taking loans from them… The IMF (or its donor nation
by addicted 2y ago
Yeah, the all so powerful IMF that can be thwarted by the incredibly difficult task of…checks notes….
not taking loans from them…
The IMF (or its donor nations) aren’t forcing anyone to take loans from them. Countries do that because the IMF offers much cheaper rates they can get anywhere else and is willing to forgive those loans far more easily than any other entity.
In return it expects certain good governance changes that are stated upfront as conditions to receive the loans you could very well get from anywhere else in the world.
Don’t like what they consider good governance? Don’t take a loan from them. Go get in the private market or the variety of nations willing to lend at far more onerous terms.
- hammock 2y agoWhen a country takes an IMF loan, it’s often the political elites—not the general population—who make the decision. And in many cases, these elites personally benefit from the deal, even if it devastates their nation in the long run For example, in Argentina (2001), President Fernando de la Rúa followed the IMF’s austerity policies despite mass protests. The economy collapsed, and he fled the country via helicopter. But the elites who benefited from privatization kept their wealth while everyday citizens suffered
- sitkack 2y agoRead a book!
- sitkack 2y agoSeriously this is the most BS flag I have ever gotten. I am ashamed of you hacker news points having people. The IMF is the pinnacle of western imperialism.