IMF and poor countries

Reading Stiglitz made me think about IMF and how they work with poor countries. He had much to question about IMF's policies and criticised IMF for working for the lender's (banks and such from developed nations) benefit rather than the poor countries' benefit. He talked about how IMF lends aid when a country has a crisis yet the money is mostly spent to repay the debt that the country owe the lenders in the developed nations. So the money does not stay in the poor nations. He also questioned some of the IMF's policies and how they have worsened some countries financial situation, more specifically countries in Southeast Asia and some Latin American countries.

It was interesting to read about Argentine where they had fallen into a crisis and decided to follow their own fiscial policy that differs from IMFs and Argentine achieved high rate of economic growth following their own policy. Upon reading this, I had to wonder what's the use of IMF if it doesn't work?

I've been reading this book written by Robert Klitgaard, a former advisor of the World Bank, called Toropical Gangsters in which he gives a first-hand account of political reform in Equitorial Guinea during the 1980s. In the book, he writes about this common feeling the ministers of equitorial Guinea have towards IMF, the World Bank and other foreign aid in general. He calls it "us against them" feeling in that they just feel wronged and feel they are not helped by the aid IMF or the World Bank can offer. Equitorial Guinea receives IMF's fund towards the end of this book(towards the end of 80s that is) and we know that this fund has failed to improve the situation in Equtiroal Guniea.

After reading these, I'm having it hard to have any faith in IMF.