Selected Decisions and Selected Documents of the IMF, Thirty- Eighth Issue -- Review of the Fund’s Strategy on Overdue Financial Obligations—Flexibility Under the De-Escalation Policy for Members Hit by a Qualifying Catastrophic Disaster

Prepared by the Legal Department of the IMF
As updated as of February 29, 2016

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ARTICLE XXVI
Remedial Measures on Overdue Financial Obligations to the Fund

REVIEW OF THE FUND’S STRATEGY ON OVERDUE FINANCIAL OBLIGATIONS—FLEXIBILITY UNDER THE DE-ESCALATION POLICY FOR MEMBERS HIT BY A QUALIFYING CATASTROPHIC DISASTER

The Fund approves the proposal set forth in paragraph 18 of EBS/10/156. (EBS/10/156, 08/17/10)

Decision No. 14725-(10/84),

August 31, 2010

Attachment

Paragraph 18 of EBS/10/156

  • 18. It is proposed that flexibility also be applied under the de-escalation policy with respect to payments to the Fund by members in protracted arrears that have been hit by a Qualifying Catastrophic Disaster as defined under the PCDR Trust. Specifically, in assessing such members’ cooperation on payments under the de-escalation policy, the Fund would exercise flexibility in accepting significantly reduced payments particularly during the first two years following such a catastrophic disaster. A draft decision regarding this flexibility is proposed in the next section.

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