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    The seal of the International Monetary Fund is seen at the headquarters building in Washington, DC on July 5, 2015

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

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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.

    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.

    Related:

    Russia Can Not Block IMF Reform Allowing Aid to Ukraine in Case of Default
    IMF Mulls Reforms to Allow Lending to States in Default
    Greek Debt Default Not Tabled at Talks Between IMF, Greek Finance Chief
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    International Monetary Fund, loan, default
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