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Ms. Christina Daseking, Mr. Atish R. Ghosh, Mr. Timothy D. Lane, and Mr. Alun H. Thomas

On January 3, 2002, President Eduardo Duhalde—the fifth president in three weeks—confirmed the debt moratorium (as well as the intention to negotiate with private creditors) and announced the end of the convertibility regime. Three days later, Congress effectively replaced the convertibility regime with a dual exchange rate system based on an official exchange rate of 1.4 pesos per U.S. dollar for public sector and most trade-related transactions (except luxury imports); all other transactions would take place at prevailing market rates. 37 At the same time

International Monetary Fund. External Relations Dept.

The Paris Club agreed on January 12 to a temporary debt moratorium for tsunami nations if requested, and private donations amount to an estimated $1 billion. Among the countries most affected by the tsunami, Sri Lanka will face considerable difficulties in overcoming the disaster on its own and will be dependent on international assistance. In Sri Lanka, the tsunami tore up railways and roads, and destroyed thousands of homes. More than 7,500 fishermen were killed and over 5,600 are still missing. About 80 percent of coastal fishing vessels—nearly 20

Jeremy Bulow, Ms. Carmen Reinhart, Mr. Kenneth Rogoff, and Christoph Trebesch

Bank, and other multi-laterals acted quickly to provide much-needed funding amid the pandemic as government revenues collapsed alongside economic activity, while private capital flows came to a sudden stop (see Chart 1 ). In addition to new loans from multilaterals, Group of Twenty (G20) creditors granted a debt moratorium to the world’s poorest countries. They have encouraged private lenders to follow suit—albeit with little success. Chart 1 Multilateral lifeline Source : Horn, Sebastian, Carmen M. Reinhart, and Christian Trebesch. 2020. “Coping with

International Monetary Fund. Western Hemisphere Dept.

This statement provides information that has become available since the staff report was finalized. This information does not alter the thrust of the staff appraisal. Debt moratorium . Staff informed the authorities about the key aspects of the G20’s COVID-19 Debt Service Relief Initiative that was announced on April 15, 2020. Accordingly, the authorities have begun to consider their participation in the initiative. The amount of resources that the initiative could generate depends on the eligible debt service due between May 1 and December 31, 2020 and