At IMF, US bows to pressure to forgive debt
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WASHINGTON With public pledges and in private conversations, Britain managed to smoke out the United States and win its commitment to the full forgiveness of the debts of the poorest countries during the annual meetings of the World Bank and the
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The head of the International Monetary Fund has urged Argentina to agree soon to pay private lenders at least part of the $100 billion in debt the country stopped paying in January 2002.
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The large US current account deficit is a matter of concern, and policy changes are needed to address existing global imbalances, International Monetary Fund Managing Director Rodrigo de Rato said.
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The IMF has said it will negotiate with Argentina after  the country's debt swap, that was delayed until 17 January.
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More than a quarter of Iraq's foreign debt burden could be forgiven under a US-German proposal.
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WHITE HOUSE President Bush is pledging to &quot;take on&quot; the nation&#39;s huge deficits -- in hopes of shoring up the sagging US dollar.
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Pressure mounted on Sunday on a clutch of mainly developing countries to sign off on debt relief for Liberia held up over how to finance the International Monetary Fund's portion of the deal.
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The United States on Friday completely forgave $4.1 billion in debt Iraq owed it and urged other nations not part of an international debt relief agreement to follow suit.
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Squabbling over voting clout soured  the International Monetary Fund's annual meeting on Sunday as  countries lined up to find fault with a plan crafted to reflect  a shifting balance of power in the world economy.
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Argentina submitted on Monday to the US Securities and Exchange Commission its offer to restructure $100 billion in defaulted debt, clearing the way for a world-record debt swap, Economy Ministry spokesman
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Russia has agreed to a deal to wipe out up to 80 percent of the debt owed by Iraq to the Paris Club creditor nations, a US official said at the conclusion of a Group of 20 meeting.
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Financial leaders from the world's richest nations stood ready to discuss a global policy response to the credit crisis, which has unleashed economic downdrafts and market turbulence that knows no borders.
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Facing a global economy on the mend but threatened by surging oil prices and other factors, IMF and World Bank policymakers opened two days of meetings Saturday to discuss ways to keep the recovery on track.
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President George W. Bush, facing pressure to trim a record US budget deficit, will combine a push to restructure Social Security with a call for spending discipline as he wraps up a two-day economic summit.
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Rich nations pledged an agreement soon on forgiving the debt burden weighing on poor nations in Africa, Latin America and Asia but remained divided on reducing billions of dollars of Iraqi debt.
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The world's wealthiest nations, including the United States, support a temporary suspension of billions of dollars in debt repayments by tsunami-devastated countries to give them a necessary "breath of oxygen" for recovery and reconstruction, a French official said Wednesday.
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The US has written off on Friday all of its $4.1bn in Iraqi debt and called on other nations to follow suit. At a ceremony in Washington to mark the move, US Secretary of State Colin Powell hailed the move