The IMF is a lender of last resort. Governments aren't forced to utilize them, and evidence shows that currency devaluation is often a better strategy.

Having unfavorable terms, as you've described, makes the bitter pill of devaluation look a little sweeter.

But in response to your question, I'm not sure how it's not free market. Can you describe specifically what doesn't get covered from the "it's not forced lending" argument?