The IMF admits that privatization of schools has seen extreme deterioration in school quality and attendance that will likely hamper the country's human capacity for many years to come. Only 8% of teachers in private (fee paying) schools (now 89% of all schools) have professional qualifications, compared to 47% in public (state) schools. Since school privatisation began in 1985, secondary (high) school enrollment dropped from 28% to 15%.
The IMF favours large, expensive projects regardless of their appropriateness to local conditions. The IMF pays little heed to the social and environmental impact of the projects it finances, and that it often works through unelected dictatorships that channel benefits to themselves rather than those who need them, leaving their populations to foot the bill later.
The IMF lends money to countries on the condition that they implement a Structural Adjustment Program (SAP - also known as an Austerity Plan). Typically, a government is told to eliminate price controls or subsidies, devalue its currency or eliminate labour regulations like minimum wage laws. These are all actions whose costs are born by the poorer sections of a population whose usable incomes are cut.
