Can you share specific IMF horror stories?
Another example is in some African countries. The IMF's loan conditions often required privatization of state - owned enterprises. However, in some cases, these privatizations were not well - regulated. Foreign companies took over vital resources or services at undervalued prices, leaving the local population with little benefit and sometimes even worse services than before.
In Argentina, IMF - related policies in the past have led to currency crises. The IMF's support often came with conditions that affected the country's economic sovereignty. Interest rate hikes to meet IMF requirements led to a slowdown in economic growth, and the continuous devaluation of the peso made it difficult for businesses and ordinary people to plan for the future.
Yes. In Greece, the IMF along with the EU imposed strict austerity measures. This led to a significant reduction in pensions and public sector salaries. Many Greeks faced hardships as they struggled to make ends meet. The high unemployment rate, especially among the youth, soared even higher due to these policies.
