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International Monetary Fund. Legal Dept., International Monetary Fund. Monetary and Capital Markets Department, and International Monetary Fund. Strategy, Policy, & Review Department
This paper undertakes a comprehensive review of the Fund’s sovereign arrears policies. Staff assesses that the Fund’s Lending into Arrears to Private Creditors (LIA) policy (established in 1989 and last reviewed in 2002) remains broadly appropriate, while recommending some improvements given the experience gained over the last 20 years. Staff also sees merit in codifying the existing practice guiding the Fund in preemptive debt restructurings into a Fund policy, together with an amendment focusing on debt transparency. Given limited experience with the application of the LIOA policy (established in 2015), staff does not propose any amendments but only one restatement confirming current practice. Given recent developments in the international creditor community, staff proposes refining the Fund’s arrears policies with respect to multilateral creditors. Finally, recent developments raise questions about the perimeter between official bilateral and private claims, with significant implications for the Fund’s arrears policies.
International Monetary Fund. Legal Dept., International Monetary Fund. Monetary and Capital Markets Department, and International Monetary Fund. Strategy, Policy, & Review Department

paper. The team worked under the overall guidance provided by Tobias Adrian, Ceyla Pazarbasioglu, and Rhoda Weeks-Brown. Contents INTRODUCTION ANNEXES I. Consolidated Draft Executive Board Understanding of the Fund’s Arrears Policies and Perimeter II. Consolidated Redlined Draft Executive Board Understanding of the Fund’s Arrears Policies and Perimeter Introduction 1. For illustrative purposes, if all of staff’s proposals contained in the main paper are endorsed by the Executive Board, staff attaches to this supplement a clean (Annex 1) and