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 Nepal 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 Nepal an extension of the time-bound suspension of debt service due from 1^st July to 31^st December 2021.

The Government of Nepal 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 Nepal 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 Nepal 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 Nepal’s debt are the governments of Belgium, France, Japan and the Republic of Korea.

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

Credit AdobeStock_103348966 ©baisa

Following an informal meeting of the IMF Executive Directors held on 29 July 2021, Paris Club members met virtually on 2 September 2021, in presence of representatives of the IMF and the World Bank staff, to provide financing assurances in order to support the approval by the IMF Executive Board of the envisaged Extended Fund Facility (EFF) arrangement for Suriname.

Paris Club members examined the macroeconomic and financial situation of Suriname, including its long-term debt sustainability, and the need for a debt treatment, in order to both fill the financing gap and to ensure Suriname’s debt sustainability in line with the envisaged IMF program.

The representatives of the Republic of Suriname had the opportunity to present to Paris Club members the economic and financial situation of Suriname. They also presented their reform program that will be supported by an IMF arrangement requiring a debt treatment to restore debt sustainability, as well as the prior actions already implemented.

In that context, Paris Club creditors provided financing assurances to support the approval by the IMF Executive Board of the envisaged EFF arrangement, following the staff-level agreement reached between the IMF and the Republic of Suriname on 29 April 2021.  

To support the implementation of the envisaged IMF supported program and the Surinamese authorities’ efforts, Paris Club creditors expressed their full commitment to negotiate with the Republic of Suriname terms of a restructuring of their eligible claims, in accordance with their principles, including the comparability of treatment.  

Paris Club creditors look forward to the other official bilateral creditors providing financing assurances as soon as possible to allow the IMF Executive Board to approve the envisaged program. In line with their long-lasting practice, Paris Club creditors reiterate their readiness to coordinate with other willing official bilateral creditors.

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. Paris Club creditors of Suriname are France, Israel, Italy, the Netherlands and Sweden. Observers at the meeting were representatives of the Governments of Austria, Belgium, Brazil, Canada, Denmark, Finland, Germany, Ireland, Japan, Norway, the Republic of Korea, the Russian Federation, Spain, Switzerland, the United Kingdom and the United States of America, as well as representatives of the International Monetary Fund and the World Bank Group.

3. The delegation of Suriname was headed by HE Albert RAMDIN, Minister of Foreign Affairs, International Business and International Corporation and HE Excellency Armand ACHAIBERSING, Minister of Finance and Planning. The meeting was chaired by Mr. William ROOS, Co-Chairman of the Paris Club and Assistant Secretary at the Directorate-General of the Treasury of the French Ministry of Economy and Finance.

Credit AdobeStock_159166076R@Matyas Rehak

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 Mozambique 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 Mozambique 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 Mozambique 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 Mozambique 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 Mozambique 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 Mozambique’s debt are the governments of Belgium, Brazil, France, Japan, the Republic of Korea, the Russian Federation and Spain.

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

Credit AdobeStock_329128093 ©eunikas

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 Kenya 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 Kenya 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 Kenya 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 Kenya 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 Kenya 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 Kenya’s debt are the governments of Belgium, Canada, Denmark, France, Germany, Italy, Japan, the Republic of Korea, Spain and the United States of America.

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

Credit AdobeStock_226731299 ©mbrand85

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 Congo 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 Congo 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 Congo 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 Congo 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 Congo 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 Congo’ debt are the governments of Belgium, Brazil, France and the Russian Federation.

Observers to the agreement are representatives of the governments of Australia, Austria, 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_206589923 ©Fabian