Many had no choice. The IMF bails out big banks. The IMF bailouts in Asia, like those in Russia and Mexico, directed money to those countries largely for the purpose of paying off loans to foreign banks. Thanks to the IMF, the banks escaped significant losses for imprudent lending decisions. World Bank structural adjustment programs devastate the environment.
Structural adjustment demands an increase in exports and foreign exchange earnings.
World Bank structural adjustment programs harm women. The high interest rates associated with structural adjustment have made credit less accessible, undermining the viability of small women-owned businesses. The export orientation demanded by structural adjustment policies has led to more forest cutting. And World Bank forest sector loans to countries around the world have done nothing to improve the situation. World Bank policies have displaced millions of people around the world.