I concur with Mr. Otieno that the Statutory Approach, such as the Sovereign Debt Restructuring Mechanism (SDRM) which was proposed for the IMF in 2001 has many advantages. The SFRM would have been a form of international bankruptcy regime.
In principle it would meet the needs of developing countries for a comprehensive mechanism for restructuring their debt in an orderly manner if the need arises. I think the concerns expressed by some opponents of the SDRM, that it will encourage moral hazard among  BIS central bankers’ speeches  1  debtors, are overblown.