Review of the Fund's Strategy on Overdue Financial Obligations

Prepared by the Treasurer's, Policy Development and Review,
and Legal Departments (In consultation with other departments)

September 5, 2001

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Contents

Executive Summary

1. Introduction

2. Review of Overdue Financial Obligations
   1. Recent Developments
   2. Progress Under the Strengthened Cooperative Strategy
   3. Overdue Currency Valuation Adjustment Obligations

3. Policy Issues
   1. Payments to the Fund in Arrears Cases
   2. Strengthened Procedures on PRGF Arrears
   3. Publication of Information on Overdue Financial Obligations

4. Publication of Information on Missed Repurchase Expectations

5. Proposed Decisions

Text Tables

1. Overdue Financial Obligations to the Fund
2. Arrears to the Fund, the World Bank Group, and the African Development Bank Group
3. Remedial Measures Applied to Countries in Protracted Arrears to the Fund

Charts

1. Overdue Financial Obligations by Type
2. Overdue Financial Obligations by Country
3. Overdue Financial Obligations to the Fund by Duration

Boxes

1. Conditionality and Terms of Rights Accumulation Programs
2. Fund- and Staff-Monitored Programs
3. Special Charges and Additional Interest on Overdue Obligations
4. Payments to the Fund by Arrears Cases
5. Policy on Repurchase Expectations
6. Repurchase Expectations—Agreed Publication Measures

Appendix Tables

4. Overdue Financial Obligations to the Fund by Duration, 1981-2001
5. Overdue Financial Obligations to the Fund by Type, 1981-2001
6. Number of Members Incurring Late Payments to the Fund, 1991-2001
7. Countries with Protracted Overdue Financial Obligations to the Fund

Annexes

1. Recent Developments in the Major Protracted Arrears Cases
2. Overdue Financial Obligations to the Fund
3. Measures for Prevention/Deterrence of Overdue Financial Obligations to the Fund—Strengthened Timetable of Procedures