Serbia became the latest country to retire its debt to the IMF earlier than anticipated. The National Bank of Serbia paid out 15 March the final $230 million of debt that was not due for full repayment until 2010. The IMF’s credit outstanding is now just over $12 billion, 70 per cent of which is owed by Turkey. Rumours are circulating in Ankara that the government will end its IMF programme in advance of the November election. The government apparently canvassed the opinion of Turkish bankers on such a move. The Turkish prime minister has already committed to reduce Turkey’s IMF debt by about 30 per cent by year end.
Renewed calls for a substantial SDR allocation raise urgency of reforming the inequitable global reserve ‘non-system’.
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