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Keyword: lendingrules
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The IMF Outfoxes Putin: Policy Change Means Ukraine Can Receive More Loans
Today the Executive Board of the IMF reversed its "policy on not lending into arrears." IMF spokesman Gerry Rice said in a statement that “the IMF’s executive board met today and agreed to change the current policy on non-toleration of arrears to official creditors." Historically, the IMF has refused to lend to any country that has not serviced its debt to any sovereign. The IMF staff started contemplating a rule change in the spring of 2013 because nontraditional creditors, such as China, had started providing developing countries with large loans. The IMF intended to adopt a new policy in the...
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