First the central bank burns its foreign reserves in a futile attempt at protecting the currency, providing a narrow window of opportunity for well-connected people to move their assets into hard currency (the downward exchange rate pressure from this is compensated by some of the foreign-reserve burning). Then massive devaluation happens, and then the IMF comes in.

The devaluation is not part of the IMF package, but it does take place.

The brainless should not be in banking -- Willem Buiter