We can’t deny that it’s a real possibility, when a country needs a loan just to survive, it ends up depending heavily on it.
But if the loan is for expansion or development, then the pressure and responsibility aren’t as heavy. In that case, the country has more freedom to choose where to borrow, since their reputation and standing are strong. They’ll likely be able to select lenders offering lower interest rates or better terms, even the unwritten ones that often come with international deals.
Look at how the whole thing works, I am a Nigerian and I understand to a large extent how this politics of loan is been done and how my people have been affected, for the third world countries that has a democratic process that is obscured, the lender understand the fact that the leaders that are coming to seek for the loan are not actually going to use the loan for the purpose it was applied for, so the lender is a bit clever by half, he will give out the loan with stringent repayment policies that will suit his interest too, knowing fully well the the borrower is not going to use the loan for the interest of the people, so the lender wants to use that opportunity to cash out big by setting up a repayment plan that has a higher interest rate, funny enough, this leaders will supposedly read the terms of repayment but would still go ahead to agree to it. So hence as a country you defaulted what you signed, that is where IMF and World Bank will come in with sanctions. If not check country like Singapore, Malaysia, and some Asian countries that do go for this loans most times too, they always make sure they utilize this loans for benefit of their people.