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The Paris Club reaches consensus on a debt cancellation for Somalia under HIPC

 

THE PARIS CLUB REACHES CONSENSUS ON A DEBT CANCELLATION FOR SOMALIA UNDER THE ENHANCED HEAVILY INDEBTED POOR COUNTRIES INITIATIVE

 

The representatives of the Paris Club creditor countries met with representatives of the Government of the Federal Republic of Somalia on 13 March 2024 and reached consensus on a debt cancellation for the Federal Republic of Somalia following its Completion Point under the Enhanced Heavily Indebted Poor Countries (Enhanced HIPC) Initiative approval by the Executive Boards of the IMF and the World Bank in December 2023.

In order to contribute to restoring the debt sustainability of the Federal Republic of Somalia, Paris Club creditors committed to cancel USD 1.2 billion in nominal terms under the Enhanced HIPC Initiative framework. Creditors welcomed and supported the commitment of the Federal Republic of Somalia to seek a treatment at least as favourable from all its other official bilateral and external commercial creditors.

In addition, Paris Club creditors confirmed their willingness to grant additional debt cancellation on a voluntary and bilateral basis for an amount of USD 815 million.

The Paris Club consensus and the expected additional bilateral efforts would result in a reduction of more than USD 2.0 billion, representing 99% of the debt of the Federal Republic of Somalia owed to Paris Club members as of January 2023.

Paris Club creditors welcomed the Federal Republic of Somalia’s determination to continue to implement a comprehensive poverty reduction strategy and an ambitious economic reform program to create the foundations for sustainable, inclusive economic growth.

The Federal Republic of Somalia committed to use the fiscal space provided by this debt treatment for priority expenditure areas (health, education and basic infrastructure) identified in the country’s poverty reduction strategy.

Background notes

1. The Paris Club was formed in 1956. It is an informal group of official creditors whose role is to find coordinated and sustainable solutions to the payment difficulties experienced by borrower countries.

2. The members of the Paris Club which participated in the reorganization of the Federal Republic of Somalia’s debt were representatives of the Governments of Belgium, Denmark, France, Germany, Italy, Japan, the Netherlands, Norway, the Russian Federation, Spain, the United Kingdom and the United States of America.

Observers at the meeting were representatives of the Governments of Australia, Austria, Brazil, Canada, Finland, Ireland, Israel, Sweden and Switzerland, as well as of the International Monetary Fund (IMF), the International Development Association (IDA), the African Development Bank, the European Commission and the Organisation for Economic Cooperation and Development (OECD). Saudi Arabia also observed this meeting.

3. The delegation of the Federal Republic of Somalia was headed by H.E. Bihi Iman Egeh, Minister of Finance. The meeting was chaired by Mr. Bertrand Dumont, Chairman of the Paris Club and Director General of the Treasury and Mr. William Roos, Co Chairman of the Paris Club, Assistant Secretary at the Directorate-General of the Treasury of the French Ministry of Economy, Finance and Industrial and Digital Sovereignty.

4. Launched in 1996, the Heavily Indebted Poor Countries (HIPC) initiative is a global effort to alleviate the debt burden of the world’s poorest nations. As of January 2024, 36 out of 39 eligible countries had received USD 120 billion of debt relief from Paris Club creditors, other official creditors, commercial creditors and multilateral creditors under the initiative. Somalia will be the 37th country to receive a debt cancellation from the Paris Club under the HIPC Initiative.

Technical notes

1. The Federal Republic of Somalia’s economic program is supported by a 3-year arrangement under the Extended Credit Facility approved by the Executive Board of the IMF on 19 December 2023.

2. The Federal Republic of Somalia’s public external debt was estimated to be USD 3.8 billion as of end-2022 (sources: IMF and IDA documents). The debt owed to Paris Club creditors was estimated to be USD 2.0 billion as of 1st January 2023 (source: Paris Club).

3. IDA-administered EU loans are included in this treatment.

Credit AdobeStock©Susanne

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Consensus sur l’annulation de la dette de la Somalie dans le cadre de l’initiative PPTE

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PDF icon 20240313-_pr_somalia_13_march_2024.pdf

Event date: 

Wednesday, 13 March, 2024 - 17:15

The Paris Club welcomes the agreement to provide Ethiopia with a debt standstill

 

THE PARIS CLUB WELCOMES THE AGREEMENT TO PROVIDE ETHIOPIA WITH A DEBT STANDSTILL

 

The Paris Club commends the agreements between the Ethiopian authorities and its official bilateral creditors for a time-bound suspension of debt service due from 1 January 2023 to 31 December 2024.

Complementary to the bilateral agreement between China and Ethiopia, an agreement between the other official bilateral creditors and Ethiopia was coordinated through the official creditor committee (OCC) of Ethiopia under the Common Framework, which is co-chaired by France and China. The terms for this OCC coordinated agreement to suspend debt service due over 2023 and 2024, and which are broadly comparable to those implemented during the Debt Service Suspension Initiative (DSSI), were agreed with Ethiopia’s authorities on 23 November 2023.

This debt standstill from Ethiopia’s official bilateral creditors will provide time-limited liquidity relief ahead of discussions on a wider debt treatment. Those discussions will gain momentum as soon as the Ethiopian authorities and the IMF have agreed the parameters for an IMF programme. In the context of a wider debt treatment, the efforts made by official bilateral creditors over the debt standstill period will be taken into account under the principles of Comparability of Treatment.

The Paris Club strongly welcomes this important achievement and acknowledges all parties’ collaborative efforts.

 

Background notes

1. The Paris Club was formed in 1956. It is an informal group of official creditors whose role is to find coordinated and sustainable solutions to the payment difficulties experienced by borrower countries. The 22 permanent members of the Paris Club consist of: Australia, Austria, Belgium, Brazil, Canada, Denmark, Finland, France, Germany, Ireland, Israel, Italy, Japan, Korea, the Netherlands, Norway, Russian Federation, Spain, Sweden, Switzerland, the United Kingdom and the United States of America. South Africa is a prospective member since 2022.  

2. The members of the Paris Club participating in the official creditor committee are representatives of countries with eligible claims on Ethiopia: Austria, Denmark, France, Israel, Italy, Japan, Korea, Sweden and Switzerland. Non-Paris Club members of the official creditor committee are China, India, Saudi Arabia and Turkey.

3. The debt standstill provided by all OCC members (bar one who will apply its own terms) will suspend debt service repayments due over 2023 and 2024. Suspended payments will be repaid after a two-year grace period, and over a three-year period from 2027 to 2029.

 

Annex Term Sheet

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The Paris Club welcomes the agreement to provide Ethiopia with a debt standstill

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PDF icon pr20231130_ethiopia_-_debt_standstill_2023-2024-vf.pdf

Event date: 

Thursday, 30 November, 2023 - 11:30

Agreement in principle between the Official Creditor Committee and Sri Lanka

STATEMENT

AGREEMENT IN PRINCIPLE BETWEEN THE OFFICIAL CREDITOR COMMITTEE AND SRI LANKA ON A DEBT RESTRUCTURING

November 29, 2023

 

Following the launch event in April 2023, 17 countries formally formed, on May 9, an Official Creditor Committee (OCC) co-chaired by India, Japan and France (as chair of the Paris Club) to respond to the Sri Lankan authorities’ request for a debt treatment. The committee includes India and Hungary in addition to Paris Club creditors. Since then, the OCC has engaged extensively with the Sri Lankan authorities, the IMF, the World Bank as well as China, and Sri Lanka’s private creditors.

The OCC and Sri Lanka agreed on the main parameters of a debt treatment consistent with those of the Extended Fund Facility (EFF) arrangement between Sri Lanka and the IMF. This agreement will allow the IMF staff to present to the IMF Executive Board the first review of Sri Lanka’s EFF arrangement and open the way for approval of the second disbursement under the arrangement. The OCC commends the Sri Lankan authorities for their continuous efforts in implementing the reforms necessary for their country’s return to a sustainable path.

The OCC stands ready and looks forward to formalizing this agreement in the coming weeks in a Memorandum of Understanding with the Sri Lankan authorities. The OCC expects other bilateral creditors to consent to sharing, in a transparent manner, the information necessary for the OCC to evaluate comparability of treatment regarding their own bilateral agreement. The OCC also expects that the Sri Lankan authorities will continue to engage with their private creditors to find as soon as possible an agreement on terms at least as favourable as the terms offered by the OCC.

These engagements will ensure that the overall debt treatment granted to Sri Lanka is consistent with the IMF program parameters.


Background notes

1. The Paris Club was formed in 1956. It is an informal group of official creditors whose role is to find coordinated and sustainable solutions to the payment difficulties experienced by borrower countries. The members of the Paris Club which are part of the Official Creditor Committee are representatives of countries with eligible claims on Sri Lanka: Australia, Austria, Belgium, Canada, Denmark, France, Germany, Japan, Korea, the Netherlands, Russia, Spain, Sweden, the United Kingdom, the United States of America.

2. Representatives of the International Monetary Fund and the Word Bank as well as China attend the OCC meetings. Other observers include the Asian Development Bank, Saudi Arabia and Iran.

 

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Agreement in principle between the Official Creditor Committee and Sri Lanka

Attachments: 

PDF icon 2023-11-29-pr_statement_sri_lanka.pdf

Event date: 

Wednesday, 29 November, 2023 - 10:15

Annual meeting of the Paris Club with representatives of the private sector

 

OFFICIAL AND PRIVATE CREDITORS DISCUSSED ONGOING DEBT RESTRUCTURING PROCESSES, COORDINATION BETWEEN THE PUBLIC AND THE PRIVATE SECTOR
AND CLIMATE AND ESG CONSIDERATIONS IN DEBT SUSTAINABILITY AND RESTRUCTURING

 

The 20th Annual Meeting of the Paris Club and the Institute of International Finance (IIF) was held on 27 September 2023 at the French Ministry of Economy, Finance and Industrial and Digital Sovereignty. Delegates discussed a range of issues including ongoing debt restructuring processes in countries eligible and not eligible to the G20-Paris Club Common Framework for debt treatment and key topics under consideration by the Global Sovereign Debt Roundtable (GSDR), including comparability of treatment, domestic debt restructuring, and enhancing coordination between public and private creditors. Participants also considered Multilateral Development Bank’s incentives and tools to mobilize private financing, and discussed climate and ESG (Environmental, Social and Governance) factors relevant to debtor countries, including climate-resilient debt clauses (CRDCs) and improving investor relations practices.

The meeting convened all 23 Paris Club members[1], as well as two ad hoc participants, China and India. It also gathered representatives from the IMF, the World Bank, and more than sixty organizations from the private sector. Since 2001, this annual meeting has provided a unique opportunity to foster dialogue and cooperation among all creditors, both official and private, while also providing insights into recent developments and longer-term trends in the field of sovereign debt policy.

The series of shocks experienced since 2020, coupled with the tightening of global financing conditions has exacerbated debt vulnerabilities in numerous emerging and developing countries. Creditor coordination has become more challenging due to the increasingly complex debt landscape. Additionally, environmental and social considerations have gained prominence, as there is a growing urgency to mobilize both public and private financing to support sustainable development and fund the climate transition.

In light of this context, participants engaged in discussions on how to facilitate orderly and timely sovereign debt restructurings to help restore debt sustainability for debtor countries, notably through enhanced creditor coordination and information sharing. Participants welcomed the IMF and World Bank guidance notes on information sharing and emphasized the important role of the GSDR to facilitate conversations among a large group of stakeholders on the Sovereign Debt Restructuring Architecture. They also look forward to the forthcoming GSDR “progress report” at the 2023 IMF-World Bank Annual Meetings in Marrakech which could inform the work of the G20 and Paris Club. Additionally, participants explored the use of innovative financing instruments to address climate-shock related financial vulnerabilities, which could provide temporary debt service relief for countries affected by natural disasters.



[1] Including South Africa who joined the Paris Club as a prospective member in 2022

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Annual meeting of the Paris Club with representatives of the private sector

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Event date: 

Thursday, 28 September, 2023 - 19:15

Publication of the 2022 annual report

 

The Paris Club is pleased to release its annual report. Presented at the Paris Forum, this 2022 annual report highlights its main contributions over the year. The report is published on the Paris Club’s website and hard copies are handed out to interested parties, including creditor and borrower countries, journalists, academics, NGOs etc. This practice is part of the Paris Club's commitment to greater transparency.

The year 2022 was impacted by significant shocks. Persistent inflationary pressures and tighter financial conditions exacerbated fiscal and financial imbalances in numerous countries, thereby intensifying pre-existing vulnerabilities. The impact of the deteriorating international environment on the economic and financial conditions of the most vulnerable nations has resulted in an increase in activity for the Paris Club.

In this challenging environment, the Paris Club successfully concluded two negotiations in 2022. Suriname and the Club reached a debt restructuring agreement in June 2022, following discussions that began in 2021, when the country faced severe economic difficulties due to the COVID-19 crisis. The second agreement was achieved with Argentina in October, putting an end to a three-year long arrears’ situation.

In addition to a significant rise in vulnerabilities, the sovereign debt landscape has witnessed notable changes in the past few decades – due, among other things, to Heavily Indebted Poor Countries (HIPC) initiative massive debt cancellations and all-time low interest rates in the late 2000s. These developments have compelled the Paris Club to enhance its coordination efforts with other creditors, both public and private. As has been the case for several years, coordination efforts constituted a substantial part of the Club's activities in 2022. This includes the implementation of the Common Framework, such as the agreement with Chad and negotiations with Ethiopia, Ghana, and Zambia. Additionally, outside of this framework, significant work has been undertaken in recent months to find a coordinated solution to the difficulties faced by Sri Lanka.

The Club's fundamental mission in debt management is complemented by an ongoing process of monitoring and reflection. This process aims improve mutual understanding of key concepts, facilitate the implementation of innovative approaches and promote data sharing. In 2022, Paris Club creditors, partners and the Secretariat have undertaken various initiatives: the development of Climate Resilient Debt Clauses (CRDCs), the introduction of Majority Voting Provisions (MVPs) in syndicated loan contracts, data sharing with the World Bank and stocktaking exercise on data shared by public creditors with the international financial institutions.

Background notes

1. The Paris Club was formed in 1956. It is an informal group of official creditors whose role is to find coordinated and sustainable solutions to the payment difficulties experienced by borrower countries.

2. The 22 members of the Paris Club are: Australia, Austria, Belgium, Brazil, Canada, Denmark, Finland, France, Germany, Ireland, Israel, Italy, Japan, Korea, the Netherlands, Norway, Russian Federation, Spain, Sweden, Switzerland, the United Kingdom and the United States of America. South Africa has been a prospective member since 2022.

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Publication of the 2022 annual report of the Paris Club

Attachments: 

PDF icon 20230712_pr_annual_report_2022.pdf
PDF icon annual_report-rapport_annuel-clubdeparis-2022.pdf

Event date: 

Wednesday, 12 July, 2023 - 11:45

The Paris Club releases comprehensive data on its claims as of 31 December 2022

 

Since 2008, the Paris Club has published annually the amount of its claims on foreign countries.

These claims are held either by the Paris Club creditors directly, or through their appropriate institutions (including export credit or development agencies) on behalf of the member states.

The table published on the Paris Club website presents the total amount of claims as of 31 December 2021 held by Paris Club members on each borrower country, with a split into Official Development Assistance (ODA) claims and non-Official Development Assistance (NODA) claims.

At this date, the total of claims held by the Paris Club, excluding late interest, amounts to USD 324.3 billion of which USD 187.7 billion are ODA claims and USD 136.6 billion are NODA claims.

Some amounts on which Paris Club creditors decided to provide debt relief may still appear in this table for technical reasons, especially delays in the signing of bilateral agreements implementing Paris Club agreements.

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PDF icon parisclub_claims_as_of_31_12_2022_vf.pdf

Event date: 

Wednesday, 12 July, 2023 - 11:30

How the Paris Club works and has evolved over the past 70 years

 

THE PARIS CLUB IN THREE VIDEOS

30 June 2023

 

HOW THE PARIS CLUB WORKS AND HAS EVOLVED OVER THE PAST 70 YEARS

 

For nearly 70 years, the Paris Club has played a crucial role in supporting countries facing challenges in repaying their debt. These informative videos shed light on the invaluable contributions of this informal group of sovereign creditors within the international financial architecture.

The first video provides a comprehensive overview of how the Paris Club functions, emphasizing its primary missions and the guiding principles that underpin its operations. You can watch it at: https://youtu.be/vVwkm9Sx8o8.

In the second video, the focus shifts towards three pivotal moments in the Club’s recent history. It explores how the landscape of sovereign debt evolved following the implementation of the Heavily Indebted Poor Countries (HIPC) initiative, ultimately leading to the establishment of the Common Framework between the Paris Club and the G20 in 2020: https://youtu.be/O5x8Yclq3FE.

Lastly, the third video delves into the intricacies of a debt treatment negotiated by the Paris Club and implemented by its member creditors: https://youtu.be/s1_RA-zIZF4.

Background notes

1. The Paris Club was formed in 1956. It is an informal group of official creditors whose role is to find coordinated and sustainable solutions to the payment difficulties experienced by borrower countries.

2. The members of the Paris Club are the governments of Germany, Australia, Austria, Belgium, Brazil, Canada, Denmark, Spain, the United States of America, the Russian Federation, Finland, France, Ireland, Israel, Italy, Japan, Norway, the Netherlands, the Republic of Korea, the United Kingdom, Sweden, and Switzerland. Additionally, South Africa has been a prospective member since 2022.

English

News Type: 

Press release

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How the Paris Club works and has evolved over the past 70 years

Attachments: 

PDF icon publication_videos_website_ven.pdf

Event date: 

Friday, 30 June, 2023 - 09:15

The Paris Club welcomes Zambia's debt restructuring agreement

 

THE PARIS CLUB WELCOMES ZAMBIA’S DEBT RESTRUCTURING AGREEMENT

UNDER THE G20-PARIS CLUB COMMON FRAMEWORK

 

On 1st February 2021, Zambia formally requested a treatment of its debt from the Paris Club in application of the Common Framework for debt treatment beyond the Debt Service Suspension Initiative. The authorities and the IMF Staff Reached a Staff-Level Agreement on an Extended Credit Facility Arrangement on 6th December 2021.

On 16th June 2022, 16 countries formally formed the official creditor committee (OCC) under the Common Framework, co-chaired by France, as chair of the Paris Club, China, as a member of the G20, and vice-chaired by South Africa, to discuss the Zambian authorities’ request for a debt treatment. This committee provided its financing assurances on 18th July 2022, in the presence of the IMF and the World Bank. This allowed the IMF Executive Board to approve a SDR 978.2 million (about US$1.3 billion) 38-month Extended Credit Facility (ECF) Arrangement on 31st August 2022.

Since then, the OCC has engaged extensively with Zambia authorities, the IMF, the World Bank and Zambia’s bondholders. On Friday 16th June 2023, the OCC agreed on the parameters of a quantified debt treatment consistent with the IMF programme parameters. On Thursday 22nd, June, in the context of the New Global Financial Pact Summit in Paris, China and France, on behalf of the OCC presented to Zambia that proposal, and Zambia expressed its agreement. This achievement will allow IMF staff to present to the IMF Executive Board the first review of Zambia’s ECF arrangement and open the way for approval of the second disbursement under the programme.

In the coming weeks, Paris Club creditors together with other members of the OCC and Zambian authorities stand ready to formalise this agreement in a memorandum of understanding and Zambia will continue to engage with its private creditors to find an agreement on terms at least as favourable as soon as possible. It will ensure that the overall debt treatment will be consistent with the IMF programme parameters.

Paris Club members engaged heavily in the success of these negotiations. The Paris Club commends this second agreement under the Common Framework, following Chad in November 2022, and thanks all its counterparts for the work undertaken together and the result achieved. The Paris Club looks forward to finalising with other official creditors the debt treatment for Ghana and remains committed to work on the debt treatment for Ethiopia under the Common Framework.

Background notes

1. The Paris Club was formed in 1956. It is an informal group of official creditors whose role is to find coordinated and sustainable solutions to the payment difficulties experienced by borrower countries.

2. The members of the Paris Club which participate to the official creditor committee are representatives of countries with eligible claims on Zambia: Belgium, Denmark, France, Israel, Italy, Japan, the Netherlands, Russia, South Africa, Sweden, Switzerland, the United Kingdom and the United States of America. Other members of the committee are China, India and Saudi Arabia.
 

 

 

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Press release

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Zambia's debt restructuring agreement under the CF

Attachments: 

PDF icon 2023-06-23_statement_-_paris_club-zambia.pdf

Event date: 

Friday, 23 June, 2023 - 19:45

10TH ANNUAL CONFERENCE OF THE PARIS FORUM

 

PARIS FORUM: THE 10th ANNUAL CONFERENCE OF THE PARIS CLUB ADDRESSES PUBLIC DEBT RESTRUCTURING COORDINATION IN A CHALLENGING ENVIRONMENT

 

The 10th edition of the Paris Club annual meeting, known as the Paris Forum, was held on 21 June 2023, at the Ministry for Economy, Finance and Industrial and Digital Sovereignty, with the support of the G20 India’s Presidency. This edition, titled Coordinating Sovereign Debt Restructurings in a Complex Environment, gathered over 200 participants representing 80 countries and institutions.

The Forum aims to facilitate open and transparent discussions on debt challenges and share potential solutions to prevent and address debt crises in developing countries. It gathers practitioners and specialists in the field. This year, the Forum took place against the backdrop of the Presidential Summit for a New Global Financing Pact, with the specific objective of emphasizing sovereign debt issues as the foundation for broader discussions on global financing challenges.

The Forum also took place in a challenging environment, as many developing countries grapple with high levels of vulnerability. According to the IMF and the World Bank's Debt Sustainability Framework for Low-Income Countries, 36 countries are currently at high risk of debt distress or in a situation of debt distress. This marks a notable rise compared to the 21 countries recorded a decade ago.

In addition to Paris Club creditors, the 10th edition of the Forum brought together non-member creditor countries including India, China, and Saudi Arabia. The event also saw the participation of around twenty borrowing countries, represented by a dozen ministers, as well as academics, NGOs, and representatives from around twenty private sector organisations. The 2023 edition of the Paris Forum covered a diverse range of topics, encompassing macro-level discussions, including creditor coordination – both within and outside of the Common Framework – and the ways to improve it. These discussions are crucial given the current sovereign debt landscape. The Forum also addressed pressing challenges, such as the nexus between debt sustainability and resilience against climate change. Furthermore, technical aspects, including domestic debt restructuring and debt data transparency, were thoroughly discussed.

The Paris Club remains steadfast in its commitment to promoting sustainable debt practices and coordinated solutions in cases where debt treatments become necessary. This commitment will persist within various relevant fora, primarily within creditor committees, which are responsible for negotiating restructurings. As part of its unwavering commitment, the Paris Club will also continue to actively contribute to the work of the G20's International Financial Architecture Working Group.

Background notes

1. The Paris Club was formed in 1956. It is an informal group of official creditors whose role is to find coordinated and sustainable solutions to the payment difficulties experienced by borrower countries.

2. The 22 members of the Paris Club are: Australia, Austria, Belgium, Brazil, Canada, Denmark, Finland, France, Germany, Ireland, Israel, Italy, Japan, Korea, the Netherlands, Norway, Russian Federation, Spain, Sweden, Switzerland, the United Kingdom and the United States of America. South Africa has been a prospective member since 2022.

10TH PARIS FORUM

Credit @PBagein

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10ème édition du Forum de Paris

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PDF icon 20230623-pr_forum_de_paris.pdf
PDF icon 20230619-_paris_forum_final_agenda.pdf
PDF icon final_list_of_participants-parisforum_21_06_2023.pdf

Event date: 

Wednesday, 21 June, 2023 - 15:15

Joint statement of the Creditor Committee for Ghana under the Common Framework

 

Joint statement of the Creditor Committee for Ghana under the Common Framework for Debt Treatments beyond the DSSI

Statement

12 May 2023

 

The creditor committee for Ghana formed by countries with eligible claims on Ghana (hereinafter “the creditor committee”) has been formally established on 12 May 2023, co-chaired by China and France.

The creditor committee examined the macroeconomic and financial situation of Ghana, including its long-term debt sustainability, and its formal request for a debt treatment under the “Common Framework for Debt Treatments beyond the DSSI” endorsed under the Saudi G20 Presidency in November 2020, which was also endorsed by the Paris Club.

The creditor committee supports Ghana’s envisaged IMF upper credit tranche (UCT) program and its swift adoption by the IMF Executive Board to address Ghana’s urgent financing needs. The creditor committee encourages Multilateral Development Banks (MDBs) to maximize their support for Ghana to meet its long-term financial needs.

Consistent with their national laws and internal procedures, creditor committee members are committed to negotiate with the Republic of Ghana terms of a restructuring of their claims to be finalized in a Memorandum of Understanding (MoU), in accordance with the “Common Framework for Debt Treatments beyond the DSSI”.

The creditor committee stresses that the Ghanaian authorities are expected to seek from all private creditors and other official bilateral creditors debt treatments on terms at least as favorable as those being considered by the creditor committee, in line with the comparability of treatment principle. Consequently, the creditor committee urges private creditors and other official bilateral creditors to commit without delay to negotiate with Ghana such debt treatments that are crucial to ensure the full effectiveness of the debt treatment for Ghana under the Common Framework.

Background notes

1. The members of the creditor committee are representatives of countries with eligible claims on Ghana.

2. Observers at the meeting were representatives of the International Monetary Fund and the World Bank Group.
 

 

English

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Joint statement of the Creditor Committee for Ghana under the Common Framework

Attachments: 

PDF icon 20230512_joint_statement_creditor_committee_for_ghana_under_the_cf.pdf

Event date: 

Friday, 12 May, 2023 - 15:15

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