Was South Korea ever in need of an IMF loan to make the ends meet? And mind you it's development path took decades through a fairly unpleasant dictatorship. Is this really better than IMF aid, do you really advocate that?
As recently as 1997 https://www.imf.org/en/News/Articles/2015/09/28/04/53/sp0121...
As you can see, it worked fairly well, though it involved some painful changes certainly disdained by many people at the time. (The dismantling of Daewoo, for instance).