ABSTRACT
The World Bank already has an office dealing with the environmental impact of its activities. Could or would the IMF perhaps also introduce a kind of environmental impact assessment procedure for some of its monetary policies. If there is some new round of debt restructuring involving all three groups of lenders, it is quite justified and understandable that commercial banks ask questions about the privileged position of international institutions. The division of functions and of exposure between the three groups involves a number of problems and requires some new thinking concerning the debt restructuring process. The relative importance of the three groups of lenders varies in respect of different debtor countries. The Fund's objective is to further the welfare of its members and it is on these grounds that preferential treatment for the Fund in debt restructuring is justified. The less centralized procedures for commercial bank debt restructuring and the well established procedure of the Paris Club.
