In the case of the IMF is currently like a “global loan shark” as stated by the Global Exchange. The IMF along with the World Bank and the World Trade Organization may have caused more harm then done any good. The IMF and World Bank’s Structural Adjustment Policies (SAPs) require the borrowing countries to repay their debts by reducing their expenditure on education and health; get rid of basic food and transportation subsidies and devalue local currencies in order to make exports cheaper. This increases poverty and gives the opportunity to multinational companies to exploit the local employees. As stated by Global Exchange a recent IMF loan to Argentina, requires them to curtail the salaries of doctors and teachers and reduce social security
taxpayer's money by financing insolvent countries and their corrupt governments. In case of the financial crises such as the one Mexico in 1995 and the ones in South Korea, Indonesia, Thailand, Brazil, and Russia in 1997, the IMF intervened as the lender of last resort. However, the IMF bailouts in the Asian financial crisis did not improve the situation but made it worse and affected other countries as well. In South Korea, the IMF gave rise to a recession by increasing the interest rates as a result it caused more bankruptcies and unemployment. (Cardim de Carvalho 2000-2001). The IMF offered debt relief to Greece in 2015 during the Greece crisis after the Greek parliament agreed on the bailout. Greece was to receive loans up to 86 billion euros in the next three years in exchange of tax increases and reduction in expenditure. (Greece crisis: IMF calls for Greek debt relief after bailout approved 2015; Murphy 2015). IMF loans and bailouts creates the way for natural resource exploitation on a surprising level. The IMF does not consider the environmental effects its lending policies can have on a country. Increasing exports in order to earn hard currency to pay off loans has resulted in an unsustainable liquidation of natural resources. The Ivory Coast's dependence on cocoa