- Title: DUBAI: THE INTERNATIONAL MONETARY FUND MEETING IN DUBAI.
- Date: 22nd September 2003
- Summary: (U6) DUBAI, UNITED ARAB EMIRATES (SEPTEMBER 22, 2003) (REUTERS - ACCESS ALL) 1. GV: EXTERIOR CONVENTION CENTRE. 0.04 2. CU: BANNERS READING 'DUBAI 2003' 0.08 3. WS/EXTERIOR: CONVENTION CENTRE WITH BANNERS OUTSIDE. 0.13 4. WS: DELEGATES WALKING IN CORRIDOR. 0.18 5. CU: MEETING ROOM BOARD FOR THE DEVELOPMENT COMMISSION SESSION. 0.22 6. VARIOUS: PHOTO OP INTERNATIONAL MONETARY FUND DEVELOPMENT COMMITTEE. (8 SHOTS) 0.58 7. WS: MORE OF DELEGATES WALKING IN CORRIDOR. 1.01 8. CU: SLIDE READING ' ARGENTINA'S RESTRUCTURING GUIDELINES' 1.06 9. MV: PHOT OP OF ARGENTINE FINANCE MINISTER ROBERTO LAVAGNA AT HEAD OF PRESS CONFERENCE. 1.11 10. SCU: (SOUNDBITE) (Spanish) ARGENTINE FINANCE MINISTER ROBERTO LAVAGNA SAYING: "We are here today to try, and I want to be emphatic about this, in good faith and in a joint effort, to look for solutions. With this we're fulfilling the compromise we assumed at the start of the negotiations, in the sense that, as soon as we reached a long standing agreement with the international financial organisations, we would immediately proceed to a more substantial stage, a negotiation aimed to restructure the private debt." 1.57 11. VARIOUS: SEVERAL VIEWS OF SLIDES ILLUSTRATING THE DEBT ISSUE WITH THE DELEGATES LISTENING. (6 SHOTS) 2.21 12. MV: ARGENTINE FINANCE MINISTER ROBERTO LAVAGNA ON PLATFORM WITH OTHERS. 2.26 13. WS: U.S TREASURY SECRETARY JOHN SNOW AND TURKISH MINISTER OF STATE IN CHARGE OF ECONOMY ALI BABACAN SEATED. 2.30 14. SCU: (SOUNDBITE) (English) U. S TREASURY SECRETARY JOHN SNOW SAYING: "It's very much in the interest of the United States that Turkey maintained economic stability and continue its ambitious economic and political reform process. This U.S assistance aims to re-enforce, as in its purpose, re-enforcing, the Turkish government's good-sound economic policies". 2.57 15. MV: SNOW AND BABACAN SITTING ON PLATFORM. 3.01 16. SCU: (SOUNDBITE )(Turkish)TURKISH MINISTER OF STATE IN CHARGE OF ECONOMY ALI BABACAN SAYING: "This financial agreement that we have signed today will further enhance the economic prospect and facilitate the recovery process". 3.10 17. M.V: MEDIA. 3.13 18. MV: US TREASURY SECRETARY JOHN SNOW AND TURKISH MINISTER OF STATE IN CHARGE OF ECONOMY ALI BABACAN SIGNING AGREEMENT. 3.23 19. SCU: MEDIA. 3.26 20. MV: US TREASURY SECRETARY JOHN SNOW AND TURKISH MINISTER OF STATE IN CHARGE OF ECONOMY ALI BABACAN STANDING UP AND SHAKING HANDS AFTER SIGNING AGREEMENT. 3.37 21. CU: SHAKING OF HANDS. 3.39 22. WS: IRAQI DISCUSSION PANEL. 3.43 23. MV/WS: DELEGATES AT THE IRAQI DISCUSSION PANEL. (2 SHOTS) 3.52 24. SCU: (SOUNDBITE) (English) CHAIRMAN OF IRAQI GOVERNING COUNCIL DELEGATION DR ADIL MAHDI SAYING: "Ladies and Gentlemen, in cooperation with the coalition provisional administration, we have taken steps to restore normal commercial and economic... 4.35 25. WS: IRAQI DISCUSSION PANEL. 4.40 26. SCU: (SOUNDBITE) (Arabic) CHAIRMAN OF IRAQI GOVERNING COUNCIL DELEGATION DR ADIL MAHDI SAYING: "We in the governing council do not recognise Israel and the same applies for the ministry of finance " 4.44 27. SCU: IRAQI DISCUSSION PANEL IN SESSION. 4.49 Initials Script is copyright Reuters Limited. All rights reserved
- Embargoed: 7th October 2003 13:00
- Location: DUBAI,UNITED ARAB EMIRATES
- Country: Dubai
- Reuters ID: LVAJD9G65RXKY2EHCN9V865WC62
- Story Text: Delegates from the International monetary fund
continued their meetings on Monday and discussed issues
like Argentina's debt and a new economic plan for Iraq.
Argentina drew the ire of private bondholders on
Monday (September 22) by asking them to accept a stinging
75 percent cut in the face value of $94 billion in debt on
which it defaulted nearly two years ago. It presented its
case to the International Monetary Fund (IMF) which
continued its meetings in Dubai on Monday.
Striking a debt restructuring deal with its creditors
is essential for Argentina, which is struggling to recover
from an economic slump deeper than the 1930s U.S. Great
But bondholders were scathing about the proposed
terms, which were harsher than expected, even though
Argentina framed them as a "point of departure" for
A group of German investors said the offer was not
realistic, while a representative of Italian bondholders
rejected the proposal as "unreasonable and not an option".
"We are here today to try, and I want to be emphatic
about this, in good faith and in a joint effort, to look
for solutions. With this we're fulfilling the compromise we
assumed at the start of the negotiations, in the sense
that, as soon as we reached a long standing agreement with
the international financial organisations, we would
immediately proceed to a more substantial stage, a
negotiation aimed to restructure the private debt,"
Argentina's finance minister Roberto Lavagna said.
Last week, a New York judge gave the Argentine
government 45 days to get the restructuring under way
before creditors can start laying their hands on assets. He
said Argentina could not expect to be shielded indefinitely
from litigation if it did not show concrete signs of
progress on the restructuring.
Under the complex plan, Argentina will offer investors
a menu of three different types of new bonds in exchange
for 152 existing issues denominated in seven currencies.
In another part of the conference, the United States
and Turkey on Monday finalised an $8.5 billion loan pact to
bolster the Turkish economy and offset costs incurred
during the U.S.-led war against Iraq.
U.S. Treasury Secretary John Snow, who negotiated with
Turkish officials in the early hours of Monday morning to
seal the deal, said the pact would not compel Turkey to
send peacekeeping troops to Iraq.
"It's very much in the interest of the United States
that Turkey maintained economic stability and continue its
ambitious economic and political reform process. This U.S
assistance aims to re-enforce, as in its purpose,
re-enforcing, the Turkish Government's good-sound economic
policies," Snow said.
The agreement does, however, require the country to
cooperate with the United States in Iraq.
The U.S. loan is to have a 10-year maturity and to be
paid out in four equal disbursements over about 1-1/2
Snow left no doubt he hoped the agreement would help
mend ties between the two NATO allies frayed after Turkey
refused in March to let U.S. forces invade neighbouring
Iraq from its soil.
Turkey also has a $16-billion loan programme with the
International Monetary Fund. The U.S. Treasury has
previously said Turkey must stay on track with its IMF
programme to get U.S. loans but the statement on Monday
made no reference to the IMF.
The loan pact was a long time coming. President George
W. Bush offered the money to Turkey in March despite its
decision not to let U.S. troops use Turkish soil as a
launch pad into Iraq, but talks bogged down for months.
Earlier during the IMF meeting, a group of seven
finance chiefs on Saturday agreed to restructure Iraq's
debt by the end of 2004 and Marek Belka, head of the
U.S.-led body raising money for Iraq's rebuilding, said on
Monday most of the country's debt would need to be
Iraq owes some $130 billion to sovereign creditors and
Russia is the largest with around $8 billion owed.
"In cooperation with the coalition provisional
administration, we have taken steps to restore normal
commercial and economic activities. Sanctions have been
removed, imports and exports are now free, goods are now
abundant in Iraqi markets and banks have started
functioning again. As for October 15th we shall have a
unified currency replacing the dual currency which we
believe will contain speculations and control inflation,"
Adil Mahdi, chairman of the Iraqi governing council
delegation said on Monday.
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