SDRs are used by IMF member nations to pay each other their IMF loans.
Oh, and as for the putative IMF bailout of Italy, well an IMF spokesman says no talks have taken place.
The IMF sent a lower-ranking official to Brussels in his place who had no latitude to deviate from the IMF's deadline.
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His legislation would direct the U.S. Executive Director of the IMF to propose elimination of this policy to the IMF Executive Board.
The first is the IMF: whenever the economy has veered off course, the IMF has been called in to drag it back.
"The authorities... indicated that they plan to treat as precautionary any IMF and EC support that could be made available, " the IMF added.
Reports said the group may authorize more funds for the IMF, so the IMF can support the EU financial and debt crisis recovery.
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Although not implemented under IMF auspices, several of the methods typically utilized by the IMF have been tried at the urging of Western creditors.
During her spell as managing director of the IMF, Ms Lagarde has often spoken warmly of Japan and its record in bolstering the IMF's resources.
There were rumours that Spain had already gone to the IMF, after the Spanish deputy prime minister went to meet the IMF's managing director Christine Lagarde.
There is speculation in Italy that Mario Monti might turn to the IMF for help, to bargain for a loan facility in exchange for an IMF-imposed reform programme.
The nation received an IMF-led bailout in 2008, but Prime Minister Viktor Orban ended the 2008 IMF deal, which had been agreed under the previous government, last year.
And if the IMF refuses to keep lending to Greece, the euro zone could take on the burden on its own, ignoring the IMF, as it once did for Latvia.
The new agreement with the IMF also said the Indonesian government would take the initiative as to the contents of future draft letters of intent rather than the IMF as before.
With the prospect of an IMF agreement receding, analysts say a bridge finance package might be put together by the IMF with other donors to tide Cairo over until after the elections.
Publicly, the IMF continues to insist that it remains keen to pursue negotiations with the government in Buenos Aires in an effort to reach an agreement which would unlock further IMF assistance.
But the IMF admitted it, too, failed to see the problems that lay ahead for a country which - till the meltdown - was often seen as an exemplar of IMF-mandated economic reform.
Even now, many Argentines cannot understand why the IMF did not do more to help, and there is genuine puzzlement as to the IMF's continuing refusal to reach a deal with the government.
We should preempt the IMF and directly urge troubled countries like Brazil to adopt pro-growth policies--stable money, low taxes, property rights, ease in the setting up of new businesses--until the IMF gets the message.
So is it safe to say that an option to boost IMF resources is off the table at this G20 summit, and rather leaders are talking about technical aspects of IMF, how IMF can help Europeans?
In truth, whoever is head of the IMF has to be a diplomat and has to maintain good relations with the world's finance ministers in order to persuade them to stump up the funds the IMF needs.
Doyle, a former IMF division head for Israel and non-eurozone nations Sweden and Denmark, was widely respected within the organization, according to IMF insiders who did not wish to be named due to the sensitivity of the issue.
To prevent a catastrophic deflation as speculators turned in their pesos, Cavallo arranged for stopgap loans from the IMF (Argentina was tossed into a temporary recession because the IMF demanded major tax boosts as a condition for the bridge-loan financing).
Mehmet Simsek, the finance minister, wanted to retain the IMF at the time, but Mr Babacan, who is now deputy prime minister, points out that none of Turkey's previous IMF programmes was ever completed (even Mr Dervis's was interrupted by the 2002 election).
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Barring such an IMF debt roll-over, Russia would likely be forced to add sovereign bonds floated in Europe and the U.S. to their growing list of defaults. 3 More importantly, defaulting on IMF debt would effectively eviscerate what little remains of Russia's creditworthiness.
There was no offer of additional financial help from the G7 countries, though, and Argentina has been left in no doubt that it needs to do more before it can count on IMF help: the G7 countries are, after all, the IMF's principal paymasters.
Asked how the government could guarantee that no extra UK money for the IMF would bail out the eurozone, Mr Hoban said all contributions go towards its "general resources" and of 53 IMF programmes worldwide at the moment, only three were in the eurozone.
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Additional money for the IMF can be provided in an ad hoc and bilateral manner, but the deeper problem remains--the IMF's resources are now too small and probably need to be increased about 10 times for the organization to play a proper stabilizing role.
For these countries Mr Ghosh and his co-authors advocate debt restructuring in advance of monetary easing. (The IMF has also recommended a swift entry to the euro.) But otherwise, their macroeconomic prescriptions are very IMF 1.0: if a parity is to be defended, high rates will be needed.
"The world has a new economic bloc that ... is the driver of current global growth, and we see that it is underrepresented in the governance structure in the IMF and maybe this is a challenge the IMF itself has to face over the new few years, " Pimentel said.
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