Starcic: change of credit policy of the IMF prejudice the interests of creditors

Starcic: change of credit policy of the IMF prejudice the interests of creditors


MOSCOW, 2 Nov. The change in the credit policy of the IMF creates risks of harm to the interests of many sovereign creditors, and would lead to a discussion in the Board of Directors of the Fund, said Deputy Finance Minister of Russia Sergey Storchak.

“The debate at the level of the Board of Directors will be conducted in the month of November. Risks that will materially damage the interests of many other sovereign creditors and not only the Russian Federation, are real,” Storchak told journalists, answering the question, what is his position regarding the new credit policy of the IMF when the Fund started lending to countries that are unable to negotiate with their sovereign creditors.

“The relationship between the sovereign creditor and private creditors is not a relationship episode. It is this relationship that will be permanent, especially considering the fact that curtailed interbank lending to sovereign borrowers”, — said the Deputy Minister of Finance of the Russian Federation.

The USA together with other Western countries are preparing to change its policy of IMF lending to allow the Fund to continue financing of Ukraine in case of Russian default on the loan, reported earlier edition of the Wall Stret Journal. The IMF representative Jerry rice later said that changing the rules of the IMF on the issue continue funding the borrower if it defaults on certain sovereign debt is part of a program of reform of the Fund from 2014, it does not concern any specific country.