1999 International Monetary Fund

June 14, 1999

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IMF Policy on Lending into
Arrears to Private Creditors

Prepared by the Policy Development and Review
and Legal Departments, International Monetary Fund

Available in PDF (30 K)


Some material contained in this advance copy of IMF Policy on Lending into Arrears to Private Creditors may be amended or augmented in the course of publication. The published version of this paper may be combined with other papers. It will be the document of record.

Contents

Preface

Summing Up by the Acting Chairman, Executive Board Meeting, June 14, 1999

Part I. Introduction

Part II. Issues Relating to Bonded Debt

Part III.   Considerations on the Criteria for "Lending into Arrears"
Arrears on Sovereign Bonds
Arrears on Nonsovereign Debt to Private Creditors Arising
    From the Imposition of Exchange Controls

Part IV. Conclusions