i Club de Paris

You are here

Home »

Saint Vincent and the Grenadines benefits from the final extension of the DSSI

 

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 Saint Vincent and the Grenadines 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 Saint Vincent and the Grenadines an extension of the time-bound suspension of debt service due from 1st July to 31st December 2021.

The Government of Saint Vincent and the Grenadines 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 Saint Vincent and the Grenadines 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 Saint Vincent and the Grenadines 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 Saint Vincent and the Grenadines’ debt are the governments of the United Kingdom and the United States of America.

Observers to the agreement are representatives of 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 and Switzerland.

Credit AdobeStock_291788036R ©napa74

English

News Type: 

Press release

Slideshow image: 

Saint Vincent and the Grenadines benefits from the final extension of the DSSI

Attachments: 

PDF icon 20210622_pr_final_extension_dssi_saint_vincent.pdf

Event date: 

Tuesday, 22 June, 2021 - 17:00

4th meeting of the Creditor Committee for Chad under the Common Framework

STATEMENT

 

4th MEETING OF THE CREDITOR COMMITTEE FOR CHAD UNDER THE COMMON FRAMEWORK FOR DEBT TREATMENTS BEYOND THE DSSI

 

The creditor committee for Chad formed by China, France, India and Saudi Arabia and co-chaired by France and Saudi Arabia (hereinafter “the creditor committee”) met virtually on June 10, 2021, in presence of the IMF staff and the World Bank staff.

The creditor committee examined the macroeconomic and financial situation of Chad, 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 last November, which was also endorsed by the Paris Club.

The creditor committee supports Chad’s envisaged IMF upper credit tranche (UCT) program and its swift adoption by the IMF Executive Board to address Chad’s urgent financing needs. The creditor committee encourages Multilateral Development Banks (MDBs) to maximize their support for Chad 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 Chad 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 Chadian 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 Chad such debt treatments that are crucial to ensure the full effectiveness of the debt treatment for Chad under the Common Framework.

 

Background notes

1. The creditor committee for Chad was formed on April 15, 2021, in application of “Common Framework for Debt Treatments beyond the DSSI” endorsed by the G20 and the Paris Club in November 2020.

2. The members of the creditor committee for Chad are representatives of the governments of China, France, India and Saudi Arabia. France and Saudi Arabia co-chair the creditor committee.

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

English

News Type: 

Press release

Slideshow image: 

4th meeting of the Creditor Committee for Chad under the Common Framework

Attachments: 

PDF icon statement_on_chad_11_june_2021.pdf
PDF icon annex_common_framework_for_debt_treatments_beyond_the_dssi.pdf

Event date: 

Friday, 11 June, 2021 - 10:00

Agreement on the debt between Cuba and the Group of Creditors of Cuba

 

 

THE GROUP OF CREDITORS OF CUBA AND THE REPUBLIC OF CUBA

AGREE TO DEFER PAYMENTS DUE UNDER THE 2015 AGREEMENT

 

The representatives of the Group of Creditors of Cuba and of the Government of the Republic of Cuba met in Paris on June 9, 2021 to amend the terms of the Arrangement dated 12 December 2015.

This agreement provides more time to the Republic of Cuba to honor several payments due under the 2015 Arrangement, while maintaining the present value of these amounts.

During the meeting, the delegation of the Republic of Cuba provided a description of the economic and financial situation of its country and presented the measures taken by the Government of the Republic of Cuba to support Cuban economic development in the context of the COVID-19 crisis.

The representatives of the Governments of the Group of Creditors of Cuba and the Republic of Cuba confirmed their willingness to preserve the 2015 Arrangement and their commitment to ensure the full implementation of this arrangement, which is a key milestone and entailed a normalization of financial relationships between the Group of Creditors of Cuba and the Republic of Cuba.

 

Background note:

The Group of Creditors of Cuba includes Australia, Austria, Belgium, Canada, Denmark, Finland, France, Italy, Japan, the Netherlands, Spain, Sweden, Switzerland and the United Kingdom.

Credit AdobeStock_221484654R ©kmiragaya

 

English

News Type: 

Press release

Slideshow image: 

Agreement on the debt between Cuba and the Group of Creditors of Cuba

Attachments: 

PDF icon pr20210610_cuba.pdf

Event date: 

Thursday, 10 June, 2021 - 12:15

Nepal benefits from the extension of the DSSI

 

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 extension of the initiative. Therefore, the representatives of the Paris Club Creditor Countries have accepted to provide to the Government of Nepal an extension of the time-bound suspension of debt service due from 1st January to 30th June 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 the Government of 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 the Government of Nepal’s debt are the governments of France, Japan and the Republic of Korea.

Observers to the agreement are representatives of the governments of Australia, Austria, Belgium, 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

English

News Type: 

Press release

Slideshow image: 

Nepal benefits from the extension of the DSSI

Attachments: 

PDF icon 20210601_pr_extension_dssi_nepal.pdf

Event date: 

Tuesday, 1 June, 2021 - 17:45

Saint Lucia benefits from the extension of the DSSI

 

 

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 Saint Lucia is eligible to benefit from the extension of the initiative. Therefore, the representatives of the Paris Club Creditor Countries have accepted to provide to Saint Lucia an extension of the time-bound suspension of debt service due from 1st January to 30th June 2021.

The Government of Saint Lucia 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 Saint Lucia 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 Saint Lucia 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 Saint Lucia’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, the Republic of Korea, the Russian Federation, Spain, Sweden, Switzerland, the United Kingdom and the United States of America.

Credit AdobeStock_62461439 ©XtravaganT

English

News Type: 

Press release

Slideshow image: 

Saint Lucia benefits from the extension of the DSSI

Attachments: 

PDF icon 20210504_pr_dssi_saint-lucia_extension.pdf

Event date: 

Tuesday, 4 May, 2021 - 17:00

The Republic of Guinea-Bissau benefits from the extension of the DSSI

 

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 Guinea-Bissau 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 Republic of Guinea-Bissau an extension of the time-bound suspension of debt service due from 1st January to 30th June 2021.

The Government of the Republic of Guinea-Bissau 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-Bissau 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 Guinea-Bissau 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 Guinea-Bissau’s debt are the governments of Brazil and the Russian Federation.                                                                     

Observers to the agreement are representatives of the governments of Australia, Austria, Belgium, Canada, Denmark, Finland, France, 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_183084181R ©Xavier

English

News Type: 

Press release

Slideshow image: 

La République de Guinée-Bissau bénéficie de l’extension de l’ISSD

Attachments: 

PDF icon 20210426_pr_extension_dssi_guinea_bissau.pdf

Event date: 

Monday, 26 April, 2021 - 19:45

The Central African Republic benefits from the extension of the DSSI

 

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 Central African Republic 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 Central African Republic an extension of the time-bound suspension of debt service due from 1st January to 30th June 2021.

The Government of the Central African 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 Central African 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 and its addendum. This initiative will also contribute to help the Central African Republic 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 Central African Republic’s debt is the government of the Russian Federation.

Observers to the agreement are representatives of the governments of Australia, Austria, Belgium, Brazil, Canada, Denmark, Finland, France, 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_97239939 ©Uryadnikov Sergey

English

News Type: 

Press release

Slideshow image: 

La République centrafricaine bénéficie de l’extension de l’ISSD

Attachments: 

PDF icon 20210426_pr_extension_dssi_central_african_republic.pdf

Event date: 

Monday, 26 April, 2021 - 18:45

1st meeting for a Debt Treatment for Chad

 

The Paris Club welcomes the statement released by China, France, India and Saudi Arabia on the first meeting for a debt treatment for Chad under the Common Framework for Debt Treatments beyond the DSSI.

 

1st meeting for a debt treatment for Chad under the Common Framework for Debt Treatments beyond the DSSI

 

Statement

April 15, 2021

 

Following the G20 endorsement of the “Common Framework for Debt Treatments beyond the DSSI” under the Saudi G20 Presidency last November, which was also endorsed by the Paris Club, the Chadian authorities have submitted a formal request for a debt treatment to its G20 and Paris Club creditors.

All G20 and Paris Club creditors with claims on Chad have formally formed a creditor committee, co-chaired by France and Saudi Arabia, to discuss the Chadian authorities’ request. Its first meeting was held, through videoconference, on 15 April 2021.

The IMF and World Bank staff representatives had the opportunity to present the macroeconomic outlook and debt vulnerabilities currently faced by Chad.

Consistent with their national laws and internal procedures, China, France, India and Saudi Arabia are committed to implement the Common Framework in a coordinated manner to respond to the formal request of the Chadian authorities.

As outlined in the Common Framework, we stressed the importance for private creditors and other official bilateral creditors of Chad to providing debt treatments under the Common Framework on terms at least as favorable, in line with the comparability of the treatment principle.

English

News Type: 

Press release

Slideshow image: 

1st meeting for a Debt Treatment for Chad

Attachments: 

PDF icon first_meeting_for_a_debt_treatment_for_chad_-_statement.pdf

Event date: 

Thursday, 15 April, 2021 - 19:45

The Republic of Djibouti benefits from the extension of the DSSI

 

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 Djibouti 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 Republic of Djibouti an extension of the time-bound suspension of debt service due from 1st January to 30th June 2021.

The Government of the Republic of Djibouti 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 Djibouti 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 Djibouti 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 Djibouti’s debt are the governments of Belgium, France, Italy and Spain.

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

Credit AdobeStock_164788939 ©Philippe

English

News Type: 

Press release

Slideshow image: 

The Republic of Djibouti benefits from the extension of the DSSI

Attachments: 

PDF icon 20210414_pr_extension_dssi_djibouti.pdf

Event date: 

Wednesday, 14 April, 2021 - 17:15

Final extension of the debt service suspension initiative (DSSI)

 

As of today, 37 countries have requested to benefit from the Paris Club’s implementation of the extension of the Debt Service Suspension Initiative (DSSI) until June 30, 2021.

Of these, 28 have already signed a memorandum of understanding with the Paris Club to implement this DSSI extension. These countries are: Angola, Burkina Faso, Cabo Verde, Cameroon, Comoros, Congo (Democratic Republic of), Congo (Republic of), Dominica, Ethiopia, Guinea, Ivory Coast, Kenya, Lesotho, Madagascar, Maldives, Mali, Mauritania, Mozambique, Niger, Pakistan, Papua New Guinea, Saint Vincent and the Grenadines, Samoa, Senegal, Sierra Leone, Togo, Uganda and Zambia.

Portugal and Turkey, which are not members of the Paris Club, signed jointly with the Paris Club creditors memoranda of understanding implementing the DSSI extension. Turkey participates in the reorganization of the debt of Republic of Congo and Portugal in that of Cabo Verde.

Given the significant financing needs that the eligible countries to the Debt Service Suspension Initiative (DSSI) are expected to face this year, Paris Club members and the G20 endorsed its final extension by 6 months through end-December 2021.

Paris Club creditors will continue to closely coordinate with non-Paris Club G20 members and other stakeholders in the implementation of the DSSI, so as to provide maximum support to beneficiary countries. Paris Club members underline that all official bilateral creditors and their institutions should continue to implement this initiative fully and in a transparent manner. They reiterate their call on private creditors to participate in the initiative on comparable terms when requested by eligible countries.

This final extension of the DSSI will allow beneficiary countries to mobilize more resources to face challenges of the crisis and, where appropriate, to move to a more structural approach to address debt vulnerabilities including through an Upper Credit Tranche quality IMF-supported program and a Common Framework Treatment. In that context, Paris Club members remain fully committed to implementing in a coordinated manner the Common Framework for Debt Treatments beyond the DSSI to address debt vulnerabilities on a case-by-case basis. They look forward to the coming first meeting of the first creditor committee.  Paris Club members stress the importance for private creditors and other official bilateral creditors of providing debt treatments under the Common Framework on terms at least as favorable, in line with the comparability of treatment principle.

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.

English

News Type: 

Press release

Slideshow image: 

Final extension of the debt service suspension initiative (DSSI)

Attachments: 

PDF icon 20210413_pr_extension_dssi.pdf

Event date: 

Tuesday, 13 April, 2021 - 18:15

Pages

Zircon - This is a contributing Drupal Theme
Design by WeebPal.