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Annual report 2019 and progress on the implementation of the DSSI

 

The 2019 annual report of the Paris Club is now available on the Paris Club website.

This report presents the activity of the Paris Club in 2019, which allowed to strengthen  coordination between official bilateral creditors, whether they are members of the Paris Club, ad hoc participants in its meetings or non-Paris Club members (being G20 members or not). The Paris Club notably welcomed India as an ad hoc participant.

The year 2019 was marked by the meeting of the Paris Forum which took place on May 7, 2019 in Paris, with the support of the Japanese Presidency of the G20. This high-level meeting brought together more than sixty international leaders, including thirty ministers and governors of the Central Bank, leaders of international organizations and international financial institutions, as well as representatives of civil society and from the private sector. Participants of the Paris Forum discussed how to ensure sustainable financing for development, via the identification of more sustainable financing practices, investment in quality infrastructure and the implementation of policies to mitigate risks associated with volatile capital flows.

More recently, coordination between Creditors members of the Paris Club and non-members was deepened with the announcement on April 15, 2020 of an initiative to suspend debt service (DSSI). This joint initiative between the G20 and the Paris Club constitutes a historic breakthrough.

As of today, 32 eligible countries have officially requested from the Paris Club the benefit of this Initiative. Among those 32 countries, 18 (Burkina Faso, Cameroon, Chad, Comoros, Dominica, Ethiopia, Grenada, Guinea, Ivory Coast, Kyrgyzstan, Mali, Mauritania, Myanmar, Nepal, Niger, Pakistan, Republic of Congo and Togo) have already signed a Memorandum of Understanding with the Paris Club. For those 18 countries, the total amount of maturities initially due in 2020 thus deferred is around USD 1.3 billion to date, plus the deferment of pre-existing arrears.

Paris Club creditors will continue to closely coordinate with non-Paris Club G20 members and other stakeholders in the implementation phase of this initiative.

Background notes

1. The Paris Club was formed in 1956. It is an informal group of creditor governments that main role is to coordinate official creditors during debt restructuring.

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.

3. The publication of an annual report, since 2008, is an example of Paris Club creditors’ commitment to enhance the transparency of the Club’s work and functioning.

4. The 2019 Paris Club annual report comprises five main chapters:

-- a chapter on the Paris Club’s outreach activity,

-- a chapter on the sustainable debt for sustainable growth and for the sound financing for development, at the core of the May 7th, 2019, Paris Forum

-- a chapter on the Paris Club's engagement with the private sector to promote greater debt transparency and debt sustainability,

-- a chapter on the implementation of the G20 Operational Guidelines on Sustainable Financing,

-- a chapter on the contractual approach and its progress and challenges ahead.

In addition to these five main chapters, the annual report includes a presentation of the role of the Paris Club as well as its current claims on sovereign borrowers.

 

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Annual report 2019 and DSSI progress

Event date: 

Tuesday, 30 June, 2020 - 12:15

Guinea benefits from the debt service suspension initiative

 

In application of the term sheet of the Debt service suspension Initiative (DSSI) also endorsed by the G20, the Paris Club recognized that the Republic of Guinea is eligible to benefit from the initiative. Therefore, the representatives of the Paris Club Creditor Countries have accepted to provide to the Republic of Guinea a time-bound suspension of debt service due from 1st May to 31st December 2020.

The Government of the Republic of Guinea is committed to devote the resources freed by this initiative to increase spending in order to mitigate the health, economic and social impact of the COVID19-crisis. The Government of the Republic of Guinea is also committed to seek from all its other bilateral official creditors a debt service treatment that is in line with the agreed term sheet.

This initiative will also contribute to help the Republic of Guinea to improve debt transparency and debt management.

Paris Club creditors will continue to closely coordinate with other stakeholders in the implementation phase of this initiative, in particular when considering a possible extension of the suspension period.

 

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 in the reorganization of the Republic of Guinea’s debt are the governments of Brazil, France and the Russian Federation.

Observers to the agreement are representatives of the governments of Australia, Austria, Belgium, Canada, Denmark, Finland, Germany, Ireland, Israel, Italy, Japan, the Netherlands, Norway, the Republic of Korea, Spain, Sweden, Switzerland, the United Kingdom and the United States of America.

 

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Guinea benefits from the debt service suspension initiative

Event date: 

Wednesday, 24 June, 2020 - 12:45

Kyrgyzstan benefits from the debt service suspension initiative

 

In application of the term sheet of the Debt service suspension Initiative (DSSI) also endorsed by the G20, the Paris Club recognized that the Kyrgyz Republic is eligible to benefit from the initiative. Therefore, the representatives of the Paris Club Creditor Countries have accepted to provide to the Kyrgyz Republic a time-bound suspension of debt service due from 1st May to 31st December 2020.

The Government of the Kyrgyz Republic is committed to devote the resources freed by this initiative to increase spending in order to mitigate the health, economic and social impact of the COVID19-crisis. The Government of the Kyrgyz Republic is also committed to seek from all its other bilateral official creditors a debt service treatment that is in line with the agreed term sheet.

This initiative will also contribute to help the Kyrgyz Republic to improve debt transparency and debt management.

Paris Club creditors will continue to closely coordinate with other stakeholders in the implementation phase of this initiative, in particular when considering a possible extension of the suspension period.

 

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 in the reorganization of the Kyrgyz Republic’s debt are the governments of Denmark, France, Germany, Japan and the Republic of Korea.

Observers to the agreement are representatives of the governments of Australia, Austria, Belgium, Brazil, Canada, Finland, Ireland, Israel, Italy, the Netherlands, Norway, the Russian Federation, Spain, Sweden, Switzerland, the United Kingdom and the United States of America.

 

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Kyrgyzstan benefits from the debt service suspension initiative

Event date: 

Tuesday, 16 June, 2020 - 15:15

Togo benefits from the debt service suspension initiative

 

In application of the term sheet of the Debt service suspension Initiative (DSSI) also endorsed by the G20, the Paris Club recognized that the Togolese Republic is eligible to benefit from the initiative. Therefore, the representatives of the Paris Club Creditor Countries have accepted to provide to the Togolese Republic a time-bound suspension of debt service due from 1st May to 31st December 2020.

The Government of the Togolese Republic is committed to devote the resources freed by this initiative to increase spending in order to mitigate the health, economic and social impact of the COVID19-crisis. The Government of the Togolese Republic is also committed to seek from all its other bilateral official creditors a debt service treatment that is in line with the agreed term sheet.

This initiative will also contribute to help the Togolese Republic to improve debt transparency and debt management.

Paris Club creditors will continue to closely coordinate with other stakeholders in the implementation phase of this initiative, in particular when considering a possible extension of the suspension period.

 

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 member of the Paris Club which participates in the reorganization of the Togolese Republic’s debt is the government of France.

Observers to the agreement are representatives of the governments of Australia, Austria, Belgium, Brazil, Canada, Denmark, Finland, Germany, Ireland, Israel, Italy, Japan, the Netherlands, Norway, Spain, Sweden, Switzerland, the Republic of Korea, the Russian Federation, the United Kingdom and the United States of America.

 

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Togo benefits from the debt service suspension initiative

Event date: 

Monday, 15 June, 2020 - 17:00

The Union of the Comoros benefits from the debt service suspension initiative

 

In application of the term sheet of the Debt service suspension Initiative (DSSI) also endorsed by the G20, the Paris Club recognized that the Union of the Comoros is eligible to benefit from the initiative. Therefore, the representatives of the Paris Club Creditor Countries have accepted to provide to the Union of the Comoros a time-bound suspension of debt service due from 1st May to 31st December 2020.

The Government of the Union of the Comoros is committed to devote the resources freed by this initiative to increase spending in order to mitigate the health, economic and social impact of the COVID19-crisis. The Government of the Union of the Comoros is also committed to seek from all its other bilateral official creditors a debt service treatment that is in line with the agreed term sheet.

This initiative will also contribute to help the Union of the Comoros to improve debt transparency and debt management.

Paris Club creditors will continue to closely coordinate with other stakeholders in the implementation phase of this initiative, in particular when considering a possible extension of the suspension period.

 

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 member of the Paris Club which participates in the reorganization of the Union of the Comoros’ debt is the government of France.

Observers to the agreement are representatives of the governments of Australia, Austria, Belgium, Brazil, Canada, Denmark, Finland, Germany, Ireland, Israel, Italy, Japan, the Netherlands, Norway, Spain, Sweden, Switzerland, the Republic of Korea, the Russian Federation, the United Kingdom and the United States of America.

 

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L'Union des Comores bénéficie de l’initiative de suspension du service de la dette

Event date: 

Monday, 15 June, 2020 - 16:45

Ivory Coast benefits from the debt service suspension initiative

 

In application of the term sheet of the Debt service suspension Initiative (DSSI) also endorsed by the G20, the Paris Club recognized that the Republic of Ivory Coast is eligible to benefit from the initiative. Therefore, the representatives of the Paris Club Creditor Countries have accepted to provide to the Republic of Ivory Coast a time-bound suspension of debt service due from 1st May to 31st December 2020.

The Government of the Republic of Ivory Coast is committed to devote the resources freed by this initiative to increase spending in order to mitigate the health, economic and social impact of the COVID19-crisis. The Government of the Republic of Ivory Coast is also committed to seek from all its other bilateral official creditors a debt service treatment that is in line with the agreed term sheet.

This initiative will also contribute to help the Republic of Ivory Coast to improve debt transparency and debt management.

Paris Club creditors will continue to closely coordinate with other stakeholders in the implementation phase of this initiative, in particular when considering a possible extension of the suspension period.

 

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 in the reorganization of the Republic of Ivory Coast’s debt are the governments of Canada, France, Germany, Japan, the Republic of Korea and the United States of America.

Observers to the agreement are representatives of the governments of Australia, Austria, Belgium, Brazil, Denmark, Finland, Ireland, Israel, Italy, the Netherlands, Norway, the Russian Federation, Spain, Sweden, Switzerland and the United Kingdom.

 

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Press release

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Ivory Coast benefits from the debt service suspension initiative

Event date: 

Thursday, 11 June, 2020 - 12:15

Myanmar benefits from the debt service suspension initiative

 

In application of the term sheet of the Debt service suspension Initiative (DSSI) also endorsed by the G20, the Paris Club recognized that the Republic of the Union of Myanmar is eligible to benefit from the initiative. Therefore, the representatives of the Paris Club Creditor Countries have accepted to provide to the Republic of the Union of Myanmar a time-bound suspension of debt service due from 1st May to 31st December 2020.

The Government of the Republic of the Union of Myanmar is committed to devote the resources freed by this initiative to increase spending in order to mitigate the health, economic and social impact of the COVID19-crisis. The Government of the Republic of the Union of Myanmar is also committed to seek from all its other bilateral official creditors a debt service treatment that is in line with the agreed term sheet.

This initiative will also contribute to help the Republic of the Union of Myanmar to improve debt transparency and debt management.

Paris Club creditors will continue to closely coordinate with other stakeholders in the implementation phase of this initiative, in particular when considering a possible extension of the suspension period.

 

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 in the reorganization of the Republic of the Union of Myanmar’s debt are the governments of Austria, Finland, France, Germany, Japan, the Netherlands, the Republic of Korea and the United Kingdom.

Observers to the agreement are representatives of the governments of Australia, Belgium, Brazil, Canada, Denmark, Ireland, Israel, Italy, Norway, the Russian Federation, Spain, Sweden, Switzerland and the United States of America.

 

Credit AdobeStock©Photo Gallery

English

News Type: 

Press release

Subtitle: 

Slideshow image: 

Myanmar benefits from the debt service suspension initiative

Event date: 

Wednesday, 10 June, 2020 - 18:15

Ethiopia benefits from the debt service suspension initiative

 

In application of the term sheet of the Debt service suspension Initiative (DSSI) also endorsed by the G20, the Paris Club recognized that the Federal Democratic Republic of Ethiopia is eligible to benefit from the initiative. Therefore, the representatives of the Paris Club Creditor Countries have accepted to provide to the Federal Democratic Republic of Ethiopia a time-bound suspension of debt service due from 1st May to 31st December 2020.

The Government of the Federal Democratic Republic of Ethiopia is committed to devote the resources freed by this initiative to increase spending in order to mitigate the health, economic and social impact of the COVID19-crisis. The Government of the Federal Democratic Republic of Ethiopia is also committed to seek from all its other bilateral official creditors a debt service treatment that is in line with the agreed term sheet.

This initiative will also contribute to help the Federal Democratic Republic of Ethiopia to improve debt transparency and debt management.

Paris Club creditors will continue to closely coordinate with other stakeholders in the implementation phase of this initiative, in particular when considering a possible extension of the suspension period.

As of today, 30 eligible countries have officially requested from the Paris Club to benefit from the implementation of the DSSI. Among these countries, 12 countries have signed a Memorandum of Understanding with the Paris Club. For these 12 countries, the total amount of 2020 maturities thus deferred to date is around USD 1.1 billion, plus the deferment of pre-existing arrears.

 

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 in the reorganization of the Federal Democratic Republic of Ethiopia’s debt are the governments of France, Italy, Japan, the Republic of Korea and the Russian Federation.

Observers to the agreement are representatives of the governments of Australia, Austria, Belgium, Brazil, Canada, Denmark, Finland, Germany, Ireland, Israel, the Netherlands, Norway, Spain Sweden, Switzerland, the United Kingdom and the United States of America.

 

Credit AdobeStock©fivepointsix

English

News Type: 

Press release

Subtitle: 

Slideshow image: 

Ethiopia benefits from the debt service suspension initiative

Event date: 

Tuesday, 9 June, 2020 - 23:00

Chad benefits from the debt service suspension initiative

 

In application of the term sheet of the Debt service suspension Initiative (DSSI) also endorsed by the G20, the Paris Club recognized that the Republic of Chad is eligible to benefit from the initiative. Therefore, the representatives of the Paris Club Creditor Countries have accepted to provide to the Republic of Chad a time-bound suspension of debt service due from 1st May to 31st December 2020.

The Government of the Republic of Chad is committed to devote the resources freed by this initiative to increase spending in order to mitigate the health, economic and social impact of the COVID19-crisis. The Government of the Republic of Chad is also committed to seek from all its other bilateral official creditors a debt service treatment that is in line with the agreed term sheet.

This initiative will also contribute to help the Republic of Chad to improve debt transparency and debt management.

Paris Club creditors will continue to closely coordinate with other stakeholders in the implementation phase of this initiative, in particular when considering a possible extension of the suspension period.

As of today, 30 eligible countries have officially requested from the Paris Club to benefit from the implementation of the DSSI. Among these countries, 12 countries have signed a Memorandum of Understanding with the Paris Club. For these 12 countries, the total amount of 2020 maturities thus deferred to date is around USD 1.1 billion, plus the deferment of pre-existing arrears.

 

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 in the reorganization of the Republic of Chad’s debt are the governments of France and the Russian Federation.

Observers to the agreement are representatives of the governments of Australia, Austria, Belgium, Brazil, Canada, Denmark, Finland, Germany, Ireland, Israel, Italy, Japan, the Netherlands, Norway, the Republic of Korea, Spain, Sweden, Switzerland, the United Kingdom and the United States of America.

 

Credit AdobeStock©Salma

English

News Type: 

Press release

Subtitle: 

Slideshow image: 

Chad benefits from the debt service suspension initiative

Event date: 

Tuesday, 9 June, 2020 - 22:45

Pakistan benefits from the debt service suspension initiative

 

In application of the term sheet of the Debt service suspension Initiative (DSSI) also endorsed by the G20, the Paris Club recognized that the Islamic Republic of Pakistan is eligible to benefit from the initiative. Therefore, the representatives of the Paris Club Creditor Countries have accepted to provide to the Islamic Republic of Pakistan a time-bound suspension of debt service due from 1st May to 31st December 2020.

The Government of the Islamic Republic of Pakistan is committed to devote the resources freed by this initiative to increase spending in order to mitigate the health, economic and social impact of the COVID19-crisis. The Government of the Islamic Republic of Pakistan is also committed to seek from all its other bilateral official creditors a debt service treatment that is in line with the agreed term sheet.

This initiative will also contribute to help the Islamic Republic of Pakistan to improve debt transparency and debt management.

Paris Club creditors will continue to closely coordinate with other stakeholders in the implementation phase of this initiative, in particular when considering a possible extension of the suspension period.

As of today, 30 eligible countries have officially requested from the Paris Club to benefit from the implementation of the DSSI. Among these countries, 12 countries have signed a Memorandum of Understanding with the Paris Club. For these 12 countries, the total amount of 2020 maturities thus deferred to date is around USD 1.1 billion, plus the deferment of pre-existing arrears.

 

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 in the reorganization of the Islamic Republic of Pakistan’s debt are the governments of Austria, Belgium, Canada, Finland, France, Germany, Italy, Japan, the Netherlands, Norway, the Republic of Korea, the Russian Federation, Spain, Sweden, Switzerland, the United Kingdom and the United States of America.

Observers to the agreement are representatives of the governments of Australia, Brazil, Denmark, Ireland and Israel.

 

Credit AdobeStock©SakhanPhotography

English

News Type: 

Press release

Subtitle: 

Slideshow image: 

Le Pakistan bénéficie de l’initiative de suspension du service de la dette

Event date: 

Tuesday, 9 June, 2020 - 22:30

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