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Public Information Notice: IMF Board Discusses the Good-Faith Criterion under the Fund Policy on Lending into Arrears to Private Creditors, September 24, 2002
The IMF and the Private Sector—A Factsheet
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Fund Policy on Lending into Arrears to Private Creditors—Further Consideration of the Good Faith Criterion
Prepared by the International Capital
Markets, Policy Development and Review and Legal Departments
July 30, 2002
Available in PDF (501 K) Use the
free Adobe Acrobat Reader to view PDF files
Contents
I.
Introduction |
II.
Background and Rationale for Lending Into Arrears |
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- Pre-1989 policy:
Nontoleration of Arrears
- 1989 Modification
Permitting Lending into Arrears to Commercial Bank Creditors
- The 1998 and 1999
Modifications
- Recent Experience
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III.
Contacts between a Debtor and its Creditors in the Context of
Restructurings |
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- Objectives and
Principles of Dialogue between a Debtor and its Private External
Creditors
- Modalities of Dialogue
between a Debtor and its Creditors in the Context of Elaborating
Restructuring Proposals
- Features and Implications
of an Organized Negotiating Framework
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IV.
Adapting the Good Faith Efforts Clause to Changing Circumstances
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A.
Engagement with Creditors |
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Assessment
of the Possible Approaches
Making the Third Approach Operational |
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B.
Timing of Dialogue with Creditors |
V.
Concluding Observations |
VI.
Issues for Discussion |
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