Anyone who has some knowledge of IMF works understands that the interest rates that they charge are far lower than the global benchmark across the financial institutions. IMF doesn't think that El Salvador can pull themselves out of poverty by using Bitcoin, or similar investments. They are meant for the development of their country, and purchasing Bitcoins doesn't help with that at all.
IMF would love to have countries to pay off their loans ASAP, because both sides stands to benefit. They aren't loan sharks and this is a conspiracy that is clearly disproven.
It is true that IMF offers lower interest rates than regular banks aiming to help countries grow rather than make profit so calling them loan sharks isn't accurate.
However saying there is no conspiracy at all might be too simple as IMF mostly requires countries to follow certain economic rules that can be tough on their people and poor countries do not always have other options.
For instance IMF is wary of El Salvador Bitcoin choice because they prefer stable investments for development like building roads or schools as compare to these digital currencies. So while IMF wants to help its methods and expectations can clash with new ideas like using Bitcoin and El Salvador is facing this and my country Pakistan is facing now after announcing 2000MW electricity for Bitcoin Mining.
The IMF has repeatedly prohibited El Salvador from taking dollars from government funds and investing them in Bitcoin. Despite repeated prohibitions, El Salvador continues to invest in Bitcoin. However, it is not possible to justify the extent to which El Salvador's restrictions on obtaining loans are reasonable. However, the IMF may not provide loans if the country continues to make such investments from its reserves due to non-compliance with the loan conditions. However, in the case of Pakistan, the issue is different because in that case, Pakistan may get a loan to build a 2000 megawatt power project for mining and El Salvador's strategic investment in Bitcoin are not the same thing. However, if the IMF includes this issue in their terms and conditions, then Pakistan, like El Salvador, will have a difficult time getting a loan.