Paris Club of Industrial Country Creditors

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History

1956, as an informal grouping of banks which meets from time to time. No permanent location between meetings. Also referred to as Paris Club -- Club de Paris.

Aims

Provide a forum for debtor countries - particularly severely indebted low-income countries (SILICs) - to negotiate rescheduling of debt service payments or loans extended or guaranteed by governments or official agencies of participating creditor countries; help restore normal trade and project finance to debtor countries.

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Activities

Meetings convened at request of debtor countries are chaired by a senior official of the French Treasury. In the framework of the Club, official creditors respond to needs of debtor countries, such as in the case of 'Multiyear rescheduling agreements (MYRAs)'. A standard approach has evolved based on experience, precedent and the objective of equitable treatment of all creditors. Debt relief covers service on all bilateral official loans, including concessional credits and officially guaranteed export credits; previously rescheduled debt is consolidated when circumstances require. Relief is normally restricted to current maturities and typically rescheduling covers 80-100%, the consolidated portion being paid over 8-10 years with a grace period of 4-5 years. The Paris (France) Club requires that debtor countries take prompt and effective measures to address their underlying economic problems, usually demanding an IMF-supported adjustment programme that will give a country access to the upper credit tranches. Renegotiation of debt owed to commercial banks - often syndicated loans, uninsured trade or project finance - is achieved by representing the sometimes hundreds of banks by a small Advisory Committee which negotiates with the debtor country. In these cases interest cannot be rescheduled and interest arrears have to be settled before rescheduling agreements become effective.

Structure

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Relations with Inter-Governmental Organizations

Relations with 7 inter-governmental organizations.
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Relations with Non-Governmental Organizations

Relations with 2 non-governmental organizations.
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Members

Members in 0 countries
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Type I Classification

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Type II Classification

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Subjects *

  • Society
    • Countries
  • Commerce
    • Finance
    • Credit
  • Industry
    • Industry

UN Sustainable Development Goals **

GOAL 9: Industry, Innovation and InfrastructureGOAL 10: Reduced InequalityGOAL 12: Responsible Consumption and Production

UIA Org ID

F0591

Last News Received

2008
* Subject classification is derived from the organization names and aims.
** UN SDGs are linked to the subject classification.

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