[SanjayMehta]

The IMF has a history of releasing loans to clear interest payments on older loans.

They also force target countries to grow cash crops instead of wheat, for example. This forces the client country to become dependent on food imports, usually from the US.

[rhaway84773]

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]

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]

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]

This you? https://news.ycombinator.com/item?id=35474481 I don't trust anything that comes out of your mouth.

[boeingUH60]

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]

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]

>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).