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IMF's Lipsky on debt defaults

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In the speech 'Learning from experience: Debt defaults and lessons from a decade of crises' given on 10 May John Lipsky of the IMF said in the current relatively benign global environment, not many emerging market countries have needed to borrow from the Fund.

"This is good news," Lipsky said. "But the Fund still needs to be prepared for times when market access for emerging market borrowers could become constrained. On the basis of a review of past experience, Sturzenegger and Zettelmeyer say that IMF liquidity needs to be delivered "in a way that is faster, more effective and more incentives-friendly". I agree. Indeed, the thrust of our discussion with our emerging market members has been on how to design a financing instrument that provides sufficient predictability and flexibility to meet their potentially large needs."

Speech by John Lipsky, first deputy managing director, International Monetary Fund, at IMF Book Forum, Washington D.C. May 10, 2007.

Click here to read the speech

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