Glossary

Flow treatments aim to close the debtor country's financing gap identified by the IMF in the framework of its programs. The period of time to which Paris Club agreements refer is usually the one covered by the IMF program that shows a financing gap that can only be covered by debt rescheduling. This period is called the "consolidation period". Only maturities due to Paris Club creditors falling due during this period are treated. However, in some cases, arrears accumulated as of the start of the "consolidation period" are also treated.