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— We must focus eligibility for this program on those economies in 

 transition that are undergoing restructuring programs sanctioned and 

 endorsed by the G 7 and/or the International Monetary Fund (IMF) . 

 Under this program, countries that have negotiated rescheduling of 

 their debt and are fulfilling those obligations should also be 

 considered eligible for intermediate credits. 



A country would be deemed "creditworthy" under this GSM 103 program if 

 it is in compliance with an approved restructuring program determined 

 by the IMF and with rescheduling terms established by the Paris Club 

 of official creditors (if applicable). 



Just as commercial banks finance longer term restructuring for 

 companies, intermediate term official credit guarantees can help 

 economies in transition successfully build sustainable private market 

 systems. 



This program would encourage the right direction of reforms and it 

 would fit into the general program that the U.S. advocates to help 

 countries to develop commercially viable economies. 



Fourth, our cooperator program needs to be revitalized and refocused 

 in order to leverage our resources and maximize our penetration of 

 markets throughout the developing world and emerging economies. 



