Second, there is nothing inherently wrong with the IMF providing financing which, if it occurred in the private sector, would be called "debtor in possession" financing. In those circumstances, the IMF can expect to be treated as a "preferred creditor," standing at the head of the line with respect to subsequent debt servicing.
Even now our commitment and resolve is being tested as we endeavor to stamp out long-standing market malpractices. Rating agencies have criticized us on some practices that we are now trying to correct. These practices have also prevented us from developing a deeper capital market. The complexity of the financial reform agenda has required the financial regulators to cooperate more closely.