Toronto Terms

Toronto Terms

A form of debt relief for heavily indebted poor countries in which the present value of payments is reduced by up to one-third. The Toronto terms were introduced by the Paris Club in 1988. This form of debt relief is a type of concessional restructuring.
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The restoration of external viability will require exceptional measures which, in the case of several low-income countries, need to go beyond the bilateral debt relief provided for under the existing Toronto Terms offered by the Paris Club of official creditors.
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