Strict implementation of exceptional access limits - that is, clear rules of the game for the Fund's own activities - would reduce the uncertainty associated with Fund lending and create incentives for creditors and lenders to negotiate when negative economic shocks render debt levels unsustainable.
The Fund could facilitate these negotiations by offering its good offices to promote a timely, orderly restructuring of private claims. The Fund's effectiveness in this capacity depends critically, however, on its perceived independence. It will not be viewed as a disinterested adjudicator if it is also a major creditor.