Sovereign Debt Restructuring Mechanism (SDRM) Conference — Washington, DC, January 22, 2003

IMF Seminars, January 1, 1901

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Sovereign Debt Restructuring Mechanism (SDRM) Conference — Washington, DC, January 22, 2003

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Bibliographic details

• Published: January 1, 1901

Event purpose and context

• The International Monetary Fund hosted a conference on the Sovereign Debt Restructuring Mechanism (SDRM) on Wednesday, January 22, 2003 in Washington, DC.
• The conference invited representatives from the financial sector, the official community, civil society and academia to exchange views on specific design features of the SDRM.
• The IMF staff prepared a new paper describing the design features of the proposal, informed by dialogue with private sector participants, workout specialists, and academics.
• The conference was a step toward responding to the request from the International Monetary and Financial Committee that the IMF develop a concrete proposal for an SDRM for consideration at its next meeting in the Spring.

Logistics and opening

• Location: Meeting Halls A and B, International Monetary Fund, Washington, DC.
• Registration: 8:00 a.m.
• Welcome and Introductory Remarks: 8:40 a.m. — Mr. Horst Köhler (Managing Director, IMF).
• Keynote address: 9:00 a.m. — Mr. R. Glenn Hubbard (Chairman of the U.S. President's Council of Economic Advisers).

Agenda and sessions

• 9:30 a.m. - 10:45 a.m. — Session 1: What is the Problem?
  • Chair: Mr. J. Onno de Beaufort Wijnholds (Permanent Representative of the European Central Bank at the IMF).
  • Speakers and topics:
  • Mr. Kenneth Rogoff (Economic Counselor and Director, Research Department, IMF) — Emerging Market Debt. What is the Problem?
  • Mr. Randal Quarles (Assistant Secretary of the U.S. Treasury for International Affairs).
  • Mr. Thomas Palley (Director, Open Society Institute) — Sovereign Debt Restructuring: What is the Problem? (PDF 71 kb).
  • Mr. Patrick Bolton (Professor, Princeton University).
• 10:45 a.m. — Coffee.
• 11:00 a.m. - 1:00 p.m. — Session 2: The Context and Content of the SDRM
  • Chair: Mr. Gerd Häusler (Counselor and Director, International Capital Markets Department, IMF).
  • Speakers:
  • Mr. Timothy Geithner (Director, Policy Development and Review Department, IMF).
  • Mr. Matthew Fisher (Assistant Director, Policy Development and Review Department, IMF).
  • Mr. Sean Hagan (Assistant General Counsel, IMF).
  • Mr. Mark Siegel (Managing Director, David L. Babson & Company Inc.).
  • Mr. Richard Gitlin (President, Gitlin & Company).
  • Mr. Agustín Carstens (Deputy Minister of Finance and Public Credit, Mexico).
• Lunch hosted by Mr. Horst Köhler (by invitation only) — IMF Gallery.
• 2:00 p.m. - 3:45 p.m. — Session 3: The Role of Creditors and the Fund under the SDRM; implications for the impact on capital markets
  • Chair: Mr. François Gianviti (General Counsel, IMF).
  • Speakers:
  • Mr. Donald Bernstein (Partner, Davis, Polk & Wardwell).
  • Mr. Mark Allen (Deputy Director, Policy Development and Review Department, IMF).
  • Mr. Andrew Yianni (Partner, Clifford Chance).
  • Mr. Lee Buchheit (Partner, Cleary, Gottlieb, Steen and Hamilton).
• 4:00 p.m. - 5:30 p.m. — Session 4: Ensuring Integrity in the Process: Verification, Dispute Resolution, and Sanctions
  • Chair: Mr. Jonathan Fried (Senior Assistant Deputy Minister, Finance, Canada).
  • Speakers:
  • Mr. François Gianviti (General Counsel, IMF).
  • Judge Burton R. Lifland (Chief Judge, US Bankruptcy Court, Southern District of New York).
  • Mr. Jernej Sekolec (Secretary, UN Commission on International Trade Law).
• 5:30 p.m. - 7:00 p.m. — Economic Forum: A New Approach to Sovereign Debt Restructuring: An IMF Proposal
  • Chair: Ms. Anne O. Krueger (First Deputy Managing Director, IMF).
  • Panelists:
  • Mr. Jack Boorman (Special Advisor to the Managing Director, IMF).
  • Ms. Stéphane Pallez (Vice-Chairperson Paris Club).
  • Ms. Ann Pettifor (Programme Coordinator, Jubilee Research).
  • Mr. Barry Herman (Chief, Finance & Development Branch, Department of Economic and Social Affairs, UN).
  • Accessibility: Economic Forum was open to the public, Auditorium R-710.

Related IMF material referenced at the event

• Preliminary Agenda.
• Economic Forum: A New Approach to Sovereign Debt Restructuring: An IMF Proposal.
• Public Information Notice: IMF Board Discusses Possible Features of A Sovereign Debt Restructuring Mechanism — January 7, 2002.
• Speech: Sovereign Debt Restructuring: Messy or Messier? — January 4, 2002 — Anne O. Krueger, First Deputy Managing Director, IMF.
• Speech: Sovereign Debt Restructuring Mechanism - One Year Later — December 10, 2002 — Anne O. Krueger, First Deputy Managing Director, IMF.
• Public Information Notice: IMF Board Discusses Possible Features of a New Sovereign Debt Restructuring Mechanism — September 24, 2002.
• Sovereign Debt Restructuring Mechanism—Further Considerations — August 14, 2002.
• Proposals for a Sovereign Debt Restructuring Mechanism (SDRM)—A Factsheet.
• The IMF and the Private Sector—A Factsheet.
• More Information on Sovereign Debt Restructuring.
• IMF Seminars, Conferences, and Workshops.

Content in this bundle

• Palleypdf (PDF)