## Press Release: IMF Extends Argentina's SRF Repayment by One Year

_IMF News, January 16, 2002_

## Source details

**Canonical URL:** [Press Release: IMF Extends Argentina's SRF Repayment by One Year](https://www.imf.org/en/news/articles/2015/09/14/01/49/pr0202)

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## Bibliographic details
- Published: January 16, 2002

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### Executive Board decision
- 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.

### SRF background and mechanics
- 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.

### Conditions and criteria for extension
- Grounds for granting an extension:
  - Repayment would cause undue hardship.
  - The borrower is taking actions to strengthen its balance of payments.
- Reference note in source: 1 See Press Release 97/59.

### Statement from IMF Managing Director
- Horst Köhler commented on the Board's decision:
  - "The decision of the Board shows the Fund's desire to help Argentina overcome its difficult economic and social situation."
  - The Board welcomed the Argentine authorities' commitment to work closely with the IMF and develop a comprehensive strategy to restore sustained growth.
  - 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.
  - The Fund will focus in core areas such as the exchange rate regime, the banking system, the fiscal policy framework and monetary policy regime.

### Key statistics, dates, and references
- 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

*Source: IMF Press Release No. Press Release No.02/2 — "Press Release: IMF Extends Argentina's SRF Repayment by One Year", January 16, 2002.*

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## References

- [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)

_Source: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr0202_