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Memorandum to the Executive Directors : operational guidelines and procedures for the use of resources of the debt reduction facility for IDA-only countries (Inglês)

On June 29, 1989, the Executive Directors agreed to recommend to the Board of Governors that 100 million dollars of International Bank for Reconstruction and Development (IBRD) FY1989 net income be transferred to a be administered by International Development Association (IDA) to facilitate commercial debt reduction for IDA-only countries. In response to the Directors' request, this memorandum presents criteria for eligibility and guidelines and procedures to be used by the Association in the use of these resources. Commercial debt referred to means external medium and long term debt owed to commercial creditors by, or with the guarantee of, the debtor government, but not otherwise guaranteed, collateralized or secured by creditor governments, by other third parties, or by assets. Section one gives introduction. Section two summarizes the key issues relating to commercial debt in IDA-only countries and the potential impact of debt reduction financed by the facility or other external sources. Section three sets out the eligibility for and allocation of the facility's resources. Section four indicates the modalities of debt reduction support to be provided by the facility. Section five describes the procedures for Board approval of specific debt reduction operations. The final section summarizes management's recommendations.




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