When a country is unable to maintain its payments according
　　to existing agreements, creditors may offer to restructure the loan
　　under a multiyear restructuring agreement (MYRA). The net cost of such restructuring (concessionality) is the:
　　a. difference between the face amount of the loans before and after the restructuring.
　　b. difference between the present value of the loans before and
　　after the restructuring.
　　c. reduction in outstanding payments less the amount of fees
　　charged for the restructuring.
　　d. fees charged for the restructuring less the decrease in the
　　amount of payments.
　　答案解析：選B
　　The concessionality of a MYRA is defined as the difference
　　between the present value of the loans before and after the restructuring.(See Book 2, Topic 34)
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