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.

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

The Government of the Republic of Maldives 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 Maldives 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 Maldives 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 Maldives’ debt are the governments of France and Japan.

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 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 Saint Vincent and the Grenadines 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 Vincent and the Grenadines an extension of the time-bound suspension of debt service due from 1^st January to 30^th June 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 member of the Paris Club which participates in the reorganization of Saint Vincent and the Grenadines’ debt is the government of the United Kingdom.

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, Switzerland and the United States of America.

Credit AdobeStock_226758401R ©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 Sierra Leone 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 Sierra Leone an extension of the time-bound suspension of debt service due from 1^st January to 30^th June 2021.

The Government of the Republic of Sierra Leone 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 Sierra Leone 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 Sierra Leone 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 Sierra Leone’s debt is the government of the Republic of Korea.

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 Russian Federation, Spain, Sweden, Switzerland, the United Kingdom and the United States of America.

Credit AdobeStock_119061265 ©robertonencini

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 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 January to 30^th June 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 member of the Paris Club which participates in the reorganization of the Republic of Niger’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.