It is not. The IMF does not demand collateral for the loans that they then hand over to foreign governments. China does.

https://theconversation.com/mombasa-port-how-kenyas-auditor-...

That article says the exact opposite of what you are claiming. This is the lede paragraph:

"In December 2018, a leaked letter from the Kenyan auditor-general’s office sparked a rumour that Kenya had staked its bustling Mombasa Port as collateral for the Chinese-financed Standard Gauge Railway. Our new research shows why the collateral rumour is wrong."

LLM much?

IMF forces countries to adopt austerity politics[1], causing lower economic activity and often leading to economy shrinkage[2], and forces countries to open their markets to foreign capital, which leads to surplus extraction abroad. Both of those measures lead to impoverishing the country that is taking the loan.

[1] https://www.bu.edu/gdp/2021/04/05/imf-austerity-is-alive-and... and https://academic.oup.com/book/11959?login=false

[2] https://accountinginsights.org/austerity-principles-economic...