Publication of the first annual report of the Paris Club

For the first time since it was set up more than 50 years ago, the Paris Club has decided to publish an annual report on its activities. The year 2007 issue is available on the Paris Club website. This report enhances significantly the information and transparency on Paris Club work and functioning, following the creation of a website in 2001.

The 2007 annual report confirms three major trends in Paris Club's activities:

1) the pursuance of debt relief efforts in the framework of the Heavily Indebted Poor Countries (HIPC) Initiative: six agreements with debtor countries benefiting from this initiative were concluded in 2007, covering approximately USD 448 million of debt, of which USD 413 million was cancelled

2) the dynamism of early repayment operations, with four agreements concluded in 2007, of which the first two buybacks at market value, an innovative option introduced in 2004 in the framework of the methodological reflection of the Paris Club

3) the growing involvement of the Paris Club in the international debate on debt issues. Mustering nineteen of the world's main public creditors, the Paris Club also has a role to play as a forum to express the views of creditors on the main debt-related challenges facing developing countries.

The Paris Club will publish a report on its activities each year.

Notes

1. The Paris Club was formed in 1956. It is an informal group of creditor governments from major industrialized countries.

2. The members of the Paris Club are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Japan, the Netherlands, Norway, Russian Federation, Spain, Sweden, Switzerland, the United Kingdom and the United States of America.

3. The Paris Club annual report will comprise two main chapters:

 - one chapter on Paris Club activity regarding debt treatment during the previous year, including both a comprehensive quantitative description and detailed presentations of some representative examples of negotiations;

 - one chapter on general issues discussed in the framework of the Paris Club: methodological issues and, mainly, topical subjects regarding international debt.

In addition to these two main chapters, the annual report will include detailed annexes, especially on the presentation, functioning and history of the Paris Club as well as the presentation of the HIPC initiative and the Evian approach.