Multilateral Official Debt Rescheduling
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Multilateral Official Debt Rescheduling
Author: International Monetary Fund
language: en
Publisher: International Monetary Fund
Release Date: 1987-01-01
This paper describes developments in multilateral official debt renegotiations over the 18 months through December 1987. The most important new departure in multilateral official debt renegotiations was the adaptation of policies by Paris Club creditors in response to the protracted problems of the poorest and most heavily indebted countries at the same time that other initiatives were launched for low-income countries, including the proposal for enhancement of the IMF’s structural adjustment facility. Official creditors have generally preserved concessional interest rates in the restructuring of official development assistance (ODA) loans; moreover, for the poorest debtors, some creditors have converted such loans into grants. The question of interest concessions on other categories of debts rescheduled by the Paris Club was raised, inter alia, by the Venice summit but no consensus exists among creditors for changing the current practice. By regularly excluding short-term debt from reschedulings, debtors and creditors have also frequently succeeded in protecting the flow of short-term trade financing, which is often vital to the financing of an IMF-supported program.
Multilateral Official Debt Rescheduling
Author: Mr.Jorge P. Guzmán
language: en
Publisher: International Monetary Fund
Release Date: 1990-09-15
This paper reviews trends in official debt rescheduling and recent experience with debt renegotiations in the face of the persistent problems of heavily indebted developing countries.
Recent Experience With Multilateral Official Debt Rescheduling, 1987
Author: International Monetary Fund
language: en
Publisher: International Monetary Fund
Release Date: 1986-01-01
This paper describes developments in multilateral official debt renegotiations over the 18 months up to the end of June 1986. To facilitate the return to normal market access for countries considered to have made substantial progress in their adjustment efforts, official creditors recently concluded multiyear rescheduling agreements (MYRAs) with both Ecuador and Cote d'Ivoire. Official creditors have also indicated that they were prepared to grant an extended consolidation period for Yugoslavia, although in this case a further meeting would be necessary to agree on the terms for the second stage of the rescheduling. The tendency toward increased differentiation in terms according to the circumstances of the debtor country, already apparent in 1983–1984, has been carried further during the last 18 months. Indeed, the rescheduling agreements concluded during this recent period tend to fall fairly clearly into two very different groups. Official multilateral debt renegotiations deal with the rescheduling of debt service payments on loans extended by, or guaranteed by, the governments or the official agencies of the participating creditor countries.