The IMF and the Private Sector—A Factsheet

Investor Relations Programs: Report of the Capital Markets Consultative Group (CMCG) Working Group on Creditor-Debtor Relations
June 15, 2001

Involving the Private Sector in the Resolution of Financial Crises— The Treatment of the Claims of Private Sector and Paris Club Creditors-Preliminary Considerations

Prepared by the Policy Development and Review Department in consultation with other Departments

June 27, 2001

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Contents Page
  1. Introduction

  2. General Considerations
    1. Fund Policies Concerning the Financing of Arrangements
    2. The Involvement of Paris Club Creditors in the Resolution of Financial Crises

  3. Developments in Capital Markets Since the Resolution of the 1980s Debt Crisis

  4. Issues Concerning the Assessment of Comparability
    1. Treatment of Private Sector Stock-of-Debt Operations vs. Paris Club
    2. Flow Restructuring
    3. Cutoff Date
    4. Basis for Comparing Impact of Debt Restructurings on Maturities
    5. Payments to Creditors During the Program Period
    6. Credit for Previous Operations
    7. Debt Reduction and Reverse Comparability
    8. De Minimis
    9. Comparability with a Range of Private Sector Instruments

Text Boxes

  1. Paris Club Debt Reschedulings for Middle-Income Countries
  2. Impact of the Design of Financing Packages on the Composition of New Private Capital Flows


  1. Comparability of Treatment-Paris Club Presentation
  2. Executive Board Seminar on the Treatment of the Claims of Private Sector and Paris Club Creditors-Broad Areas of Agreement