{
  "title": "Press Release: IMF Extends Argentina's SRF Repayment by One Year",
  "publication": "IMF News, January 16, 2002",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr0202",
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  "summary": "The Executive Board of the International Monetary Fund (IMF) approved Argentina's request to extend by one year the repayment of SDR 741 million (about US$933 million).",
  "publishDate": "2002-01-16",
  "sections": [
    {
      "heading": "Executive Board decision",
      "content": "- The Executive Board of the International Monetary Fund (IMF) approved Argentina's request to extend by one year the repayment of SDR 741 million (about US$933 million).\n- Original repayment date under the Supplemental Reserve Facility (SRF): January 17, 2002.\n- Extended repayment date (end of extension): January 17, 2003.\n- Press Release designation in source: Press Release No. Press Release No.<a name=\"P1674\"</a02/2."
    },
    {
      "heading": "SRF background and mechanics",
      "content": "- The IMF approved financing for Argentina under the SRF as part of a stand-by credit on January 12, 2001 (see Press Release No. 01/3).\n- Repayment of an SRF is normally expected in two installments made at one year and at 1½ years after the SRF disbursement; in Argentina's case the first installment would have been on January 17, 2002.\n- A borrower may request an extension of up to one year of the expected repayment period under the SRF.\n- An extension can be granted if repayment would cause undue hardship and provided the borrower is taking actions to strengthen its balance of payments.1\n- At the end of the extension, the country is obligated to repay the SRF on the specified extended date."
    },
    {
      "heading": "Conditions and criteria for extension",
      "content": "- Grounds for granting an extension:\n  - Repayment would cause undue hardship.\n  - The borrower is taking actions to strengthen its balance of payments.\n- Reference note in source: 1 See Press Release 97/59."
    },
    {
      "heading": "Statement from IMF Managing Director",
      "content": "- Horst Köhler commented on the Board's decision:\n  - \"The decision of the Board shows the Fund's desire to help Argentina overcome its difficult economic and social situation.\"\n  - The Board welcomed the Argentine authorities' commitment to work closely with the IMF and develop a comprehensive strategy to restore sustained growth.\n  - The IMF stands ready, in cooperation with the World Bank and the Inter-American Development Bank, to assist in the development of such a strategy.\n  - The Fund will focus in core areas such as the exchange rate regime, the banking system, the fiscal policy framework and monetary policy regime."
    },
    {
      "heading": "Key statistics, dates, and references",
      "content": "- SDR 741 million (about US$933 million)\n- January 12, 2001 (SRF approved as part of a stand-by credit)\n- January 17, 2002 (original SRF repayment date)\n- January 17, 2003 (end of the one-year extension; repayment obligation)\n- Press Release references: Press Release No. 01/3; Press Release 97/59\n\nSource: IMF Press Release No. Press Release No.02/2 — \"Press Release: IMF Extends Argentina's SRF Repayment by One Year\", January 16, 2002.\n\n---\n\n\n References\n\n- Argentina and the IMF\n- Press Releases\n- PRESS CENTER\n- Press Release No. 01/3\n- Press Release 97/59\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr0202"
    }
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    "Published: January 16, 2002",
    "The Executive Board of the International Monetary Fund (IMF) approved Argentina's request to extend by one year the repayment of SDR 741 million (about US$933 million).",
    "Original repayment date under the Supplemental Reserve Facility (SRF): January 17, 2002.",
    "Extended repayment date (end of extension): January 17, 2003.",
    "Press Release designation in source: Press Release No. Press Release No.<a name=\"P16_74\"></a>02/2.",
    "The IMF approved financing for Argentina under the SRF as part of a stand-by credit on January 12, 2001 (see Press Release No. 01/3).",
    "Repayment of an SRF is normally expected in two installments made at one year and at 1½ years after the SRF disbursement; in Argentina's case the first installment would have been on January 17, 2002.",
    "A borrower may request an extension of up to one year of the expected repayment period under the SRF.",
    "An extension can be granted if repayment would cause undue hardship and provided the borrower is taking actions to strengthen its balance of payments.1",
    "At the end of the extension, the country is obligated to repay the SRF on the specified extended date.",
    "Grounds for granting an extension:",
    "Reference note in source: 1 See Press Release 97/59.",
    "Horst Köhler commented on the Board's decision:",
    "SDR 741 million (about US$933 million)",
    "January 12, 2001 (SRF approved as part of a stand-by credit)",
    "January 17, 2002 (original SRF repayment date)",
    "January 17, 2003 (end of the one-year extension; repayment obligation)",
    "Press Release references: Press Release No. 01/3; Press Release 97/59",
    "[Argentina and the IMF](http://www.imf.org/external/country/ARG/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[Press Release No. 01/3](https://www.imf.org/external/np/sec/pr/2001/pr0103.htm)",
    "[Press Release 97/59](https://www.imf.org/external/np/sec/pr/1997/pr9759.htm)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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