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Why did socialist governments take out IMF loans in the 1980s? (lemmygrad.ml)

submitted 6 months ago by [email protected] to c/[email protected]

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I noticed that several socialist countries took out loans from the IMF (Yugoslavia, Poland, Romania) even though there was an understanding that the IMF is a predatory organisation. I assume it is connected to the wave of liberalisation in the 1980s, but would be interested in a more concrete breakdown of the logic and context behind it, or articles/links on the topic.

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[–] [email protected] 12 points 6 months ago* (last edited 6 months ago)

oil shock coupled with no oil for yugoslavia, and (maybe) eec agreements in the 70s. (you can glimpse something here, last tables of import/exports (import outpace exports 2-3 times by the 1977, leading to a problem of no dollars -> go to imf -> need more dollars to pay imf -> ohnoes )