«According to the needs of the governments of the richest companies, the IMF, the IMF has allowed crisis countries to borrow to avoid default in their repayments. In the downward spiral of debt, developing countries have had no recourse but to take on new debts to pay off old debts. Before granting them new loans at higher interest rates, the future leaders asked the IMF to intervene with the guarantee of additional repayment and requested a signed agreement with these countries. The IMF has therefore agreed to resume the flow of the «financial pump», provided that the countries concerned first use this money to repay banks and other private lenders, while they restructure their economies at the discretion of the IMF: these are the famous conditionalities listed in the structural adjustment programmes. The IMF and its ultra-liberal experts have taken control of the economic policies of sovereign countries. A new form of colonization was thus introduced. It was not even necessary to establish an administrative or military presence; Debt alone has maintained this new form of submission.  The Bretton Woods exchange rate system prevailed until 1971, when the U.S. government suspended the convertibility of U.S. dollars (and other governments` dollar reserves) to gold.
This is called the Nixon shock.  Changes to IMF agreements that reflect these changes were ratified by the 1976 Jamaican Agreements. Subsequently, in the 1970s, large commercial banks began lending to governments because they were oversigned in cash by oil exporters. Loans from «money centres» led the IMF to change its role in the 1980s after a global recession triggered a crisis that brought the IMF back into global financial management.  2. The Fund is a specialized organization created by mutual agreement among its member governments and with broad international responsibility within the meaning of its statutes in the economic and related areas covered by Article 57 of the Charter of the United Nations. Due to the nature of its international responsibilities and the provisions of its statutes, the Fund is and is an independent international organization. 2. The Fund agrees to support the Security Council by providing information in accordance with Article V of this agreement. IMF membership is divided in terms of income: some countries provide financial resources, while others use them. The «creditors» of industrialized countries and «borrowers» from developing countries are both members of the IMF. Developed countries provide financial resources, but rarely enter into IMF loan agreements; They`re the creditors.
On the other hand, developing countries use credit services, but make little contribution to the pool available for loans because their quotas are lower; They`re the borrowers. This creates tensions on governance issues, because these two groups, creditors and borrowers, have fundamentally different interests.  2 As used here, the «WTO agreements» refer to the Marrakesh Agreement establishing the World Trade Organization [the WTO Charter] and the main multilateral agreements related to it, Apr.