Public Information Notice: IMF Board Discusses Economic Policy Issues Arising in the Context of a Sovereign Debt Restructuring
April 2, 2003

The Design of the Sovereign Debt Restructuring Mechanism—Further Considerations
November 27, 2002

Sovereign Debt Restructurings and the Domestic Economy - Experience in Four Recent Cases
February 21, 2003 (pdf file)

More Information on Sovereign Debt Restructuring

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

The IMF and the Private Sector—A Factsheet





Crisis Resolution in the Context of Sovereign Debt Restructuring: A Summary of Considerations

Prepared by the Policy Development and Review Department
(In Consultation with other Departments)


January 28, 2003

Use the free Adobe Acrobat Reader to view the full text of 381kb pdf file.

Contents

I. Introduction
II. Policy Issues in Restoring Sustainability
  A. The Economic Implications of Debt Restructurings
  B. Implications for Policies
C. Defining the Adjustment Path
D. Dealing with Banking Crises
E. Dealing with Capital Outflows
III. The Overall Coordinating Framework for Sovereign Debt Restructuring
IV. Role of Fund Financing
V. Issues for Discussion

Boxes

1.

Recent Sovereign Debt Restructurings
2. Experience with Banking Crises in Selected Sovereign Restructuring Cases
3. Exchange Controls in Sovereign Restructurings
4. Spillovers into the Corporate Sector
5. Coordination Issues in Sovereign Debt Restructuring
6. The Role of the Fund in the Debt Restructuring Process
Figure
1. Coordinating Framework for Sovereign Debt Restructuring