No, the terrible situation is created by gross corruption, mismanagement, and unbelievable incompetence in those countries.
I live in a similar country (Nigeria)…We Africans are the source of our own problems because we choose not to utilize our resources well and plunder the few we extract, not some boogeyman IMF that also gave loans to some countries that are prosperous today.
The usual setup is that an extremely corrupt goverment leader takes out a loan that gives enough money for him to be reelected and put a bit away for himself.
In return he increases income taxes, devalues the money and sets up the country for exporting luxury goods that are needed for 1st world countries (but local people would have no chance of buying) why destroying their own agriculture, so that they have to import inferior mass manufactured products from rich countries. On the long term the countries have to give back 10-20 times the original loan that is gone in a few years.
It's a cycle. Corrupt leaders run things to the ground while enriching themselves, necessitating external loans to be used to 'rescue' the situation. Guess who's in charge of administering the loans, the same corrupt leaders.
I live in a similar country (Nigeria)…We Africans are the source of our own problems because we choose not to utilize our resources well and plunder the few we extract, not some boogeyman IMF that also gave loans to some countries that are prosperous today.