Paris Club


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Paris Club

An informal group consisting of 19 wealthy countries in the developed world. Financial government official meet every six weeks to discuss debt relief in the developing world. The IMF typically recommends a country to the Paris Club when other forms of restructuring have not worked. Potential solutions proposed by the Paris Club range from payment rescheduling to debt cancellation. See also: Highly-indebted poor country.
References in periodicals archive ?
Among Paris club, Pakistan would repay $307 million to Japan, $131 million to France and $90 million to United States.
Bobboyi made this known when he issued a comprehensive list of states that have so far accessed the Paris Club counterpart fund disbursement to states made available to the News Agency of Nigeria (NAN) in Abuja on Tuesday.
And Lagarde said, "It's clear that any debt restructuring programs going forward in the years to come will be more complicated than debt restructuring programs that were conducted 10 years ago, simply because of the multiplicity of lenders, and the fact that not all public debt is offered by members of the Paris Club." id="5caf8ce8c2d10Debt drags down economiesMalpass acknowledged that lending can help economies grow "but if it's not done in a transparent way, with good outcome from the build-up of debt, then you end up having it be a drag on economies.
A little more than one-fifth of this external debt is owed to official bilateral creditors, mainly developed countries that are members of the Paris Club group.
Since July 2013, Pakistan has so far returned $2.536 billion to Paris Club members.
It is also worthy to note that the Paris Club refunds was used prudently to pay salary and Bayelsans commended Government for it.
Egypt paid back $670 million of debt to the Paris Club of creditor countries this month, the central bank governor said on Tuesday.
Yemen's external debt to member countries of the Paris Club also declined to $1.560 billion, with a decrease of $30 million.
The central bank of Egypt has repaid debt to the Paris Club.
Cuba and the Paris Club of wealthy creditor nations are working to resume talks over billions of dollars of official debt in a new sign the communist government is interested in rejoining the global economy, reports Reuters (April 22, 2014):
The Paris Club of creditors said the agreement will allow Argentina to clear over five years arrears that stood at $9.7 billion at the end of April.
HAVANA Tue Apr 22, 2014(Reuters) - Cuba and the Paris Club of wealthy creditor nations are working to resume talks over billions of dollars of official debt in a new sign the communist government is interested in rejoining the global economy.