Management Preface to the Board Paper


Public Information Notice: IMF Board Discusses Possible Features of A Sovereign Debt Restructuring Mechanism
January 7, 2002

Sovereign Debt Restructuring: Messy or Messier? , speech by Anne O. Krueger, First Deputy Managing Director, IMF
January 4, 2002

Sovereign Debt Restructuring Mechanism - One Year Later, speech by Anne O. Krueger, First Deputy Managing Director, IMF
December 10, 2002

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

Strengthening the International Financial Architecture: Sovereign Debt Restructuring Mechanism (SDRM)—A Factsheet

The IMF and the Private Sector—A Factsheet

More Information on Sovereign Debt Restructuring


The Design of the Sovereign Debt Restructuring Mechanism—Further Considerations

Prepared by the Legal and Policy Development and Review Departments (In consultation with the International Capital Markets and Research Departments)

November 27, 2002

Use the free Adobe Acrobat Reader to view the full text of the 451 k pdf file.

Contents

Introduction

I. The Rationale for the SDRM

II. Principles Guiding The Design of the Mechanism

III. Executive Summary of Key Recommended Design Features

IV. Scope of claims covered by the mechanism

  1. Identity of the Debtor
  2. Nature of the Claim
  3. Identity of the Creditor Holding the Claim

V. Activation

VI Consequences of Activation

  1. Provision of Information, Registration and Verification
  2. Stay on Enforcement
  3. Contractual Provisions
  4. Other Consequences

VII. Creditor Participation: Organization, Voting and Decisions

  1. Creditor Organization: The Role of Creditors' Committees
  2. Voting Thresholds
  3. Priority financing
  4. Restructuring Agreement

VIII. Sanctions

IX. Termination

X. The Sovereign Debt Dispute Resolution Forum (SDDRF)

  1. Establishment of the SDDRF
  2. Appointments to the SDDRF
  3. Organization of the SDDRF
  4. Powers of the SDDRF
  5. Accountability and Transparency of the SDDRF

XI. The Amendment and its Consistency with Domestic Legal Systems

  1. Amending the Fund's Articles
  2. Consistency with Domestic Legal Systems

XII. General Conclusion

XIII. Issues for Discussion

Appendix. Sovereign Debt Restructuring Mechanism—Timeline