IMF to Discuss Reform Allowing to Give Loans to Defaulted Debtors - Source

© AFP 2022 / MANDEL NGANThe seal of the International Monetary Fund is seen at the headquarters building in Washington, DC on July 5, 2015
The seal of the International Monetary Fund is seen at the headquarters building in Washington, DC on July 5, 2015 - Sputnik International
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A source said that the International Monetary Fund board of directors will meet in early December to discuss changing the crediting rules to permit the sovereign debt default of the debtor.

Ukrainian President Petro Poroshenko welcomes International Monetary Fund (IMF) Managing Director Christine Lagarde ahead of their meeting in Kiev, Ukraine, September 6, 2015 - Sputnik International
IMF Credibility to Collapse If Ukraine Allowed to Default to Russia
WASHINGTON (Sputnik) – The International Monetary Fund board of directors will meet in early December to discuss changing the crediting rules to permit the sovereign debt default of the debtor, a source said.

"[The meeting]is scheduled for early December," the source told RIA Novosti.

The source did not elaborate on the date, only adding that it was not final and the meeting had previously been postponed.

The IMF has been discussing the reform for over five years, but the acceleration of discussions on the issue is likely to be linked to the possibility of Ukraine defaulting on the Russian debt.

Ukraine’s debt amounts to $70 billion of which some $40 billion the country owes to international money lenders. Of that amount, Ukraine owes Russia $3 billion and is required to pay it back by the end of 2015.

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