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International Monetary Fund. Strategy, Policy, & and Review Department

Debt peaked at around 160 percent of GDP in 2010, and had been considered unsustainable since 2006. The sharp downturn coinciding with the global financial crisis created a large financing gap forcing a debt restructuring and exceptional access to Fund resources. The programmed mix of financing and adjustment was reasonable-the fiscal adjustment was large and frontloaded, as was the financing from the Fund and through the restructuring.

International Monetary Fund. Strategy, Policy, & and Review Department