As IMF invades

Many have read the news last year about protestors gathering in the hundreds protesting against the IMF. However many people in our school don’t understand why the Turkish people will go to extreme measures to protest against the IMF.
What is the IMF? The International Monetary Fund (IMF) is an organization with the purpose of stabilizing exchange rates and assists in stabilizing the economy of countries by lending money.
The Turkish people rioted against this “noble” organization because the IMF supports the implementation of the “Structural Adjustment Programs” (SAP) and “austerity programs”. The SAP is said to increase poverty and it mandates the country to sell up as much of their national assets mostly to western corporations at heavily discounted prices. The “austerity programs” advocates increasing taxes even though the economy is weak. The IMF has the notorious “Goldenberg Scandal” and the expelling in Latin America as a stain in its records. It is no wonder that the proud Turkish people are rioting against the IMF.
However Turkey is one of the rare successes in the last decade. After the collapse in 2001 Turkey was able to achieve a remarkable economic stabilization and highest economic growth in its history. The influx of international investment increased also. All this is attributed to partly the help of the IMF.
For the IMF, Turkey is a success story which it can market. For Turkey, the IMF is a valuable help which can solve its lack of funds in external financing. For both Turkey and the IMF being able to solidify a mutually beneficial relationship is critical. If Turkey ever leaves the IMF numerous countries will follow suit and Turkey will also lose the opportunity to solve its lack of external financing.