Mexico experienced its first debt crisis in 1982—the peso lost half its value in a week, and the state was unable to meet payments on $20 billion in loans. Along with Argentina, Brazil, and many other countries, Mexico was forced into debt rescheduling (at lower interest rates, with payments over longer time periods) supervised by the IMF. When the IMF and the World Bank intervened, they imposed “structural adjustment” conditions (that is, what a country had to agree to do as a condition for receiving a loan) on the borrowing countries, using a series of policy measures first put into place during the mid-1970s but formalized in 1979 and 1980. By the mid-1980s three-quarters of Latin American countries and two-thirds of African countries were under some kind of IMF or World Bank supervision.