The money is broken, I believe is what you’re saying. So then the issuers of the debt have a cheat code where they can issue the Monopoly money and dictate the terms.
This is all true even if we abolish the IMF. If Bukele wanted a loan in gold, to eliminate the inflation risk, and there was a market for it, I bet he would take it.
But the “cleanest dirty shirt” is loaned at the IMF because of deep political corruption since the first time they couldn’t keep us on the gold standard without changing the exchange rate.
The book “fraudcoin: 1000 years with inflation as a policy” is a great historical playbook for the need for hard money that can’t be debased.
