In application of the term sheet of the Debt service suspension Initiative (DSSI) and its addendum also endorsed by the G20, the Paris Club recognized that the Republic of Niger is eligible to benefit from the final extension of the initiative. Therefore, the representatives of the Paris Club Creditor Countries have accepted to provide to the Republic of Niger an extension of the time-bound suspension of debt service due from 1^st July to 31^st December 2021.

The Government of the Republic of Niger 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 Niger 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 and its addendum. This initiative will also contribute to help the Republic of Niger to improve debt transparency and debt management.

Paris Club creditors will continue to closely coordinate with non-Paris Club G20 creditors and other stakeholders in the ongoing implementation of the DSSI and its extension, so as to provide maximum support to beneficiary countries.

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 Niger’s debt are the governments of Belgium and France.

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

Credit AdobeStock_186243824 ©homocosmicos

As of today, 32 eligible countries have requested to benefit from the final extension of the Debt Service Suspension Initiative (DSSI) by the Paris Club. Of these requesting countries, 19 have already signed an agreement with the Paris Club to implement the final extension of the DSSI from July 1 through December 31, 2021. These countries are: Angola, Burkina Faso, Cabo Verde, Cameroon, Congo (Republic of the), Djibouti, Dominica, Fiji, Kenya, Kyrgyz Republic, Maldives, Mali, Mauritania, Mozambique, Nepal, Pakistan, Saint Vincent and the Grenadines, Samoa and Zambia.

Portugal, which is not a Paris Club member, signed jointly with Paris Club creditors the agreement implementing the final extension of the DSSI with Cabo Verde.

For these 19 beneficiary countries, the total amount deferred by Paris Club creditors thanks to the final extension of the DSSI is approximately USD 1 billion (Cf. Appendix). To date, Paris Club creditors have deferred a total of USD 4.5 billion for 42 countries since May 2020. By implementing the DSSI, Paris Club creditors have made a significant contribution to support low-income countries during the Covid-19 crisis.

Paris Club creditors will continue to coordinate closely with non-Paris Club G20 members and other stakeholders in the ongoing implementation of the final extension of the DSSI, so as to provide maximum support to beneficiary countries. Paris Club members remind eligible countries that they are expected to send formal requests to all their official bilateral creditors, and Paris Club members encourage all other official bilateral creditors and their institutions to implement this initiative fully and in a transparent manner. They also reiterate their call on private creditors to participate on a voluntary basis in the initiative on comparable terms when requested by eligible countries.

In view of the expiration of the DSSI at the end of 2021, Paris Club creditors recall their strong commitment to the ongoing implementation of the Common Framework for all requesting countries with debt vulnerabilities. To date, three countries have made formal request for the Common Framework (Chad, Ethiopia and Zambia). Paris Club creditors welcome the ongoing work of the creditor committees for Chad and Ethiopia. Paris Club members urge Chad’s private creditors and other official bilateral creditors to commit without delay to negotiate a debt treatment on terms at least as favorable. Furthermore, Paris Club creditors stand ready to proceed without delay on the request from Zambia for a debt treatment within a creditor committee, and look forward to timely progress on the conclusion of an upper credit tranche (UCT) program between the Zambian authorities and the IMF.

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

In application of the term sheet of the Debt service suspension Initiative (DSSI) and its addendum also endorsed by the G20, the Paris Club recognized that the Republic of Fiji is eligible to benefit from the final extension of the initiative. Therefore, the representatives of the Paris Club Creditor Countries have accepted to provide to the Republic of Fiji an extension of the time-bound suspension of debt service due from 1^st July to 31^st December 2021.

The Government of the Republic of Fiji 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 Fiji 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 and its addendum. This initiative will also contribute to help the Republic of Fiji to improve debt transparency and debt management.

Paris Club creditors will continue to closely coordinate with non-Paris Club G20 creditors and other stakeholders in the ongoing implementation of the DSSI and its extension, so as to provide maximum support to beneficiary countries.

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 Republic of Fiji’s debt is the government of Japan.

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

Credit AdobeStock_240063799R ©Ignacio

In application of the term sheet of the Debt service suspension Initiative (DSSI) and its addendum also endorsed by the G20, the Paris Club recognized that the United Republic of Tanzania is eligible to benefit from the extension of the initiative. Therefore, the representatives of the Paris Club Creditor Countries have accepted to provide to the United Republic of Tanzania an extension of the time-bound suspension of debt service due from 1^st January to 30^th June 2021.

The Government of the United Republic of Tanzania 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 United Republic of Tanzania 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 and its addendum. This initiative will also contribute to help the United Republic of Tanzania to improve debt transparency and debt management.

Paris Club creditors will continue to closely coordinate with non-Paris Club G20 creditors and other stakeholders in the ongoing implementation of the DSSI and its extension, so as to provide maximum support to beneficiary countries.

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 United Republic of Tanzania’s debt are the governments of France, 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, Italy, the Netherlands, Norway, Spain, Sweden, Switzerland, the United Kingdom and the United States of America.

Credit AdobeStock_212786987 ©chriss73

In application of the term sheet of the Debt service suspension Initiative (DSSI) and its addendum also endorsed by the G20, the Paris Club recognized that the Republic of Cabo Verde is eligible to benefit from the final extension of the initiative.

Therefore, the representatives of the Paris Club Creditor Countries as well as the representative of Portugal have accepted to provide to The Republic of Cabo Verdean extension of the time-bound suspension of debt service due from 1^st July to 31^st December 2021.

The Government of the Republic of Cabo Verde 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 Cabo Verde 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 and its addendum. This initiative will also contribute to help the Republic of Cabo Verdeto improve debt transparency and debt management.

Paris Club creditors will continue to closely coordinate with non-Paris Club G20 creditors and other stakeholders in the ongoing implementation of the DSSI and its extension, so as to provide maximum support to beneficiary countries.

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 Cabo Verde’s debt are the governments of Belgium, France, Japan, the Russian Federation and Spain.

Portugal participates also in the reorganization of the debt of the borrower country.

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

Credit AdobeStock_100067631 ©Samuel B.