“The IMF was insisting on a program,” said Mark Espat, a former Belizean politician, now a consultant, who advised the country on its debt-for-nature swap. The IMF acts as a lender of last resort to debt-stricken countries, but its strict conditions make many governments balk. For Belize, that would have meant higher taxes, job losses and lower spending on social and conservation projects, Espat added.