africa: severe doubts over new debt mechanism

On Wednesday, 22nd January, 2003, the IMF convened, at its headquarters in Washington, a formidable array of bankers, lawyers, judges, academics and NGOs to discuss and debate its proposals for what will effectively be a new international insolvency framework for sovereign debtors. The IMF's proposal is known as the Sovereign Debt Restructuring Mechanism (SDRM). Jubilee Research says the mechanism will not return countries to viability and will entrench a role for the IMF in international law.