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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

; (iii) regretted that the Fifteenth Review had not been completed by December 15, 2015, as mandated by the Articles of Agreement and as requested in Board of Governors Resolution No. 70–1, and resolved to continue the Fifteenth Review under Article III, Section 2(a) and called on the Executive Board to work expeditiously on the Fifteenth Review in line with previous Executive Board understandings, and with the aim of completing the Fifteenth Review by the 2017 Annual Meetings; and (iv) requested that the Executive Board report to the Board of Governors on progress

International Monetary Fund
In the report, the Executive Board proposes that the Board of Governors adopt a Resolution: (i) noting the Report of the Executive Board and expressing regret that the timetable for completing the Fifteenth Review established under Resolution No. 71-2 is no longer within reach; (ii) calling on the Executive Board to work on the Fifteenth Review expeditiously in line with existing Executive Board understandings and the guidance provided by the IMFC on October 8, 2016 with the aim of completing the Fifteenth Review by the 2019 Spring Meetings and no later than the 2019 Annual Meetings; (iii) requesting that the Executive Board report on progress on the Fifteenth Review to the Board of Governors semiannually, with a first report by the 2017 Annual Meetings; and (iv) urging the remaining members who have not yet consented to their quota increases under the Fourteenth General Review of Quotas to do so without further delay and urging the members who have consented to their quota increases to make their quota payments in a timely manner.
International Monetary Fund
In February 2016, the Board of Governors adopted Resolution No. 71-2 on the Fifteenth General Review of Quotas (hereafter the “Fifteenth Review”), which (i) welcomed the entry into force of the Seventh Amendment on the Reform of the Executive Board, allowing the quota increases under the Fourteenth Review to become effective; (ii) urged the members who had not yet consented to their Fourteenth Review quota increases to do so without further delay and urged the members who had consented to their quota increases to make their quota payments in a timely manner; (iii) regretted that the Fifteenth Review had not been completed by December 15, 2015, as mandated by the Articles of Agreement and as requested in Board of Governors Resolution No. 70 1, and resolved to continue the Fifteenth Review under Article III, Section 2(a) and called on the Executive Board to work expeditiously on the Fifteenth Review in line with previous Executive Board understandings, and with the aim of completing the Fifteenth Review by the 2017 Annual Meetings; and (iv) requested that the Executive Board report to the Board of Governors on progress on the Fifteenth Review by the 2016 Annual Meetings and the 2017 Spring Meetings. This report responds to that request.
International Monetary Fund

manner; (iii) regretted that the Fifteenth Review had not been completed by December 15, 2015, as mandated by the Articles of Agreement and as requested in Board of Governors Resolution No. 70-1, and resolved to continue the Fifteenth Review under Article III, Section 2(a) and called on the Executive Board to work expeditiously on the Fifteenth Review in line with previous Executive Board understandings, and with the aim of completing the Fifteenth Review by the 2017 Annual Meetings; and (iv) requested that the Executive Board report to the Board of Governors on

International Monetary Fund. Finance Dept. and International Monetary Fund. Statistics Dept.

I. Introduction 1. The Board of Governors has called on the Executive Board to work expeditiously on the Fifteenth General Review of Quotas (hereafter the 15 th Review) in line with existing Executive Board understandings and guidance provided by the International Monetary and Financial Committee (IMFC) on October 8, 2016. 1 As set out in the Board of Governors’ Resolution, this work should be completed by the Spring Meetings of 2019, and no later than the Annual Meetings of 2019. At its October 8 meeting, the IMFC reaffirmed its commitment to a strong

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Governors that the initiation of its work on the Fifteenth Review had been delayed in order to facilitate the implementation of the 2010 Reforms. 3 The Board of Governors expressed its deep regret that the Fourteenth Review and the Board Reform Amendment had not become effective and, in February 2015, called for the completion of the Fifteenth Review in line with previous Executive Board understandings, and by December 15, 2015 as mandated under the Articles of Agreement. 4 3. On December 15, 2015, the Executive Board notified the Board of Governors that the work on

International Monetary Fund

1. In December 2016, the Board of Governors adopted Resolution No. 72–1 on the Fifteenth General Review of Quotas (hereafter the “Fifteenth Review”), which, inter alia, (i) called on the Executive Board to work expeditiously on the Fifteenth Review in line with existing Executive Board understandings and the guidance provided by the International Monetary and Financial Committee (IMFC) on October 8, 2016, and with the aim of completing the Fifteenth Review by the 2019 Spring Meetings and no later than the 2019 Annual Meetings; and (ii) requested that the

completion of the Fifteenth General Review of Quotas (hereinafter the “Fifteenth Review”) to January 2014; WHEREAS the Board of Governors called in Resolution No. 70–1 for the completion of the Fifteenth Review in line with previous Executive Board understandings, and by December 15, 2015 as mandated by the Articles of Agreement; WHEREAS the Executive Board reported to the Board of Governors on December 15, 2015 that work on the Fifteenth Review was delayed in light of the delay in the implementation of the quota and governance reforms agreed in 2010 and that, as a

expeditiously on the Fifteenth Review in line with previous Executive Board understandings and with the aim of completing the Fifteenth Review by the 2017 Annual Meetings; WHEREAS the Executive Board had reported to the Board of Governors on October 3, 2016 on its work on the Fifteenth Review, recognizing that, in light of significant divergences of views that exist on many key issues for the Fifteenth Review, further reflection was needed on how best to take the work forward; WHEREAS the International Monetary and Financial Committee reaffirmed on October 8, 2016 its