There is likely corruption throughout these governments too. They're getting loans at the expense of their citizens, often hurting the poorest the most. I'm not saying it's all the WB/IMF's fault, but helpful loans shouldn't carry conditions like these:
- Cutting expenditures, also known as austerity.
- Focusing economic output on direct export and resource extraction,
- Devaluation of currencies,
- Trade liberalisation, or lifting import and export restrictions,
- Increasing the stability of investment (by supplementing foreign direct investment with the opening of domestic stock markets),
- Balancing budgets and not overspending,
- Removing price controls and state subsidies,
- Privatization, or divestiture of all or part of state-owned enterprises,
- Enhancing the rights of foreign investors vis-a-vis national laws,
Source: https://en.wikipedia.org/wiki/International_Monetary_Fund#Co...