Report of the Managing Director to the International Monetary and Financial Committee on a Statutory Sovereign Debt Restructuring Mechanism

Report of the Managing Director to the International Monetary and Financial Committee on a Statutory Sovereign Debt Restructuring Mechanism

Published Jan 2003

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Details of 2003 IMF debt restructuring proposals

This short proposal document responds to the request of the International Monetary and Financial Committee (the IMFC) that the Fund develop, for consideration at the IMFC's meeting in April 2003, a concrete proposal for a statutory sovereign debt restructuring mechanism to be considered by the membership.

The report outlines proposed objectives, features and scope of the Sovereign Debt Restructuring Mechanism (SDRM) broadly supported by the IMF Board. However it notes that not all Executive Directors agree on the desirability of a statutory sovereign debt restructuring mechanism and that at the time of writing there did not appear to be the requisite support among the Fund membership to establish the SDRM through an amendment of the Fund's Articles.

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