Official and private creditors jointly assessed the sovereign debt landscape and discussed how to strengthen the sovereign debt architecture while preserving the stability of capital flows.

PARIS, September 15, 2026 — The 23rd Annual Meeting of the Paris Club(1)  and the Institute of International Finance (IIF)(2)  was held on September 9, 2026, at the French Ministry of Economy, Finance, and Industrial, Energy, and Digital Sovereignty. The meeting brought together the 22 Paris Club members, as well as four ad hoc participants, China, Hungary, India and South Africa. It also gathered representatives from the IMF, the World Bank, and some sixty private sector organizations. Since 2001, this annual meeting has provided a unique opportunity to promote dialogue and cooperation among all creditors, both official and private.

The participants jointly analysed the impact of the international context on sovereign debt, in an environment characterised by persistently high financing costs for emerging markets and developing economies. Both the rise in debt service levels and the remarkable resilience of economies to shocks were highlighted. Stakeholders underlined the disparities, between countries seeing an improvement in their economic situation, including as a result of a debt restructuring, and countries facing significant liquidity pressures. The private sector emphasised that greater transparency regarding debt data could contribute to reinforcing investor confidence and demand for sovereign securities.

Ways to strengthen the sovereign debt restructuring framework have been identified: shortening timeframes, improving coordination within each creditor group and between creditor groups, and enhancing information-sharing at each key stage of the restructuring process. These priorities build on recent progress made in particular by the Paris Club, the G20 and its Common Framework, the Global Sovereign Debt Roundtable (GSDR), and the London Coalition. The update of the IIF’s Principles for Stable Capital Flows and Fair Debt Restructuring, scheduled for 2027, will provide a further opportunity to consolidate these advances. Participants clearly converged on the objective of making debt restructurings faster, more orderly and fairer.

Finally, the discussion focused on the stability of capital flows and the resilience of emerging markets and developing economies. The IMF and World Bank’s three-pillar approach, the transparency of debt data and financial innovations can play a key role in this regard.

(1) The Paris Club is an informal group of official creditors whose role is to find coordinated and sustainable solutions to the payment difficulties experienced by debtor countries. | Home - clubdeparis

(2) The Institute of International Finance (IIF) is the global association of the financial industry, with about 400 members from more than 60 countries. | Institute of International Finance | IIF