[stop-imf] Argentina's debt moves worry IMF - Repayment Schedule Delayed

[Robert Weissman]

    *IMF Executive Board Extends Argentina's Repayment Expectations*

Argentina
<http://www.harolddoan.com/modules.php?name=3DNews&new_topic=3D19>May 18 20=
05

Press Release - International Monetary Fund

The Executive Board of the International Monetary Fund (IMF) today
approved a one-year extension of Argentina's repayment expectations to
the IMF arising between May 20, 2005 and April 28, 2006 in a total
amount equivalent to SDR 1.68 billion (about US$2.50 billion). The
repayments will fall due on an obligations basis exactly one year after
the dates on which these repayment expectations arise.

The IMF policy on repayment expectations allows for extensions where the
member's external position is not sufficiently strong for it to repay
early without undue hardship or risk. The decision to approve an
extension of repayment expectations is based on these technical
considerations, and is not based on an assessment of the authorities'
economic program. Many Executive Directors were looking forward to the
opportunity to discuss Argentina's economic policies in the context of
the upcoming Article IV Consultation Board discussion, which will be
held soon.

---------------------------

Financial Times

Argentina's debt moves worry IMF
By Andrew Balls in Washington
Published: May 19 2005 03:00 | Last updated: May 19 2005 03:00

Argentina will not be required to pre-pay the International Monetary
Fund $2.5bn (=801.9bn, =A31.3bn) in loans that become due in the next year,
but executive directors on Wednesday voiced concern about the country's
debt restructuring.


European countries - including Italy, Germany and the UK - and Japan's
directors criticised the behaviour of the Buenos Aires government, which
achieved a 76 per cent take-up for its restructuring offer on $100bn of
defaulted debt. Argentina is off track with its IMF programme, meaning
its repayments to the fund are not being rolled over.