IMF urges more effort from emirate

* username: rupertbu

The International Monetary Fund yesterday urged Dubai to improve its handling of the debt restructuring of a major conglomerate and advised the emirate to reorganise the rest of its state-linked companies.

Dubai World, a troubled state-owned holding company, is restructuring $22bn of loans and bonds to local and international banks. But it has been criticised by bankers and investors for its lack of communication and transparency.

In a so-called Public Information Notice, the IMF "stressed the importance of a speedy, orderly, co-operative and predictable approach to debt restructuring . . . The process should seek to enhance transparency and information disclosure and ensure comparability of treatment among creditors."