There are two issues with regard to the role of the private sector. The first is the pace at which countries that have received debt relief begin borrowing from the market.
So long as a country is in an IMF program, the Fund has been able to exert some – though not necessarily a decisive – influence on the rate of government borrowing from the private sector. If the country has exited from an IMF program, it is left to market and internal fiscal discipline to control its rate of borrowing.