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DAILY NEWS ANALYSIS

  • 01 December, 2023

  • 1 Min Read

Paris Club

  • Sri Lanka has recently reached an “agreement in principle” with India and the Paris Club group of creditors including Japan, on a debt treatment plan.
  • The Paris Club is an informal group of creditor nations that work to find sustainable solutions for debtor countries that are unable to repay their bilateral loans.
  • The Paris Club has 22 permanent members which have originated from a 1956 meeting in which Argentina agreed to meet its public creditors in Paris.

India is not a member to this club. The Paris Club usually coincides with the IMF program period.

Source:

  • 03 February, 2023

  • 5 Min Read

Paris Club

Paris Club

  • The Paris Club is probably going to provide the IMF with financial guarantees on the Sri Lankan debt.

More on the news:

  • A loose association of predominantly western creditor nations, the Paris Club.

  • It evolved from a gathering of Argentina's public creditors held in Paris in 1956.
  • Finding long-term debt relief options for nations unable to pay back bilateral loans is its main goal.
  • Members of the Organization for Economic Co-operation (OECD)
  • and Development is also a member of the Paris Club.
  • The following countries are members: Australia, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Israel, Japan, Netherlands, Norway, Russia, South Korea, Spain, Sweden, Switzerland, and the United States.
  • The Paris Club has negotiated 478 agreements with 102 different debtor nations since its founding, totaling $614 billion in handled debt.
  • According to the consensus and solidarity guiding principles of the Paris Club, any arrangement achieved with the debtor countries affects all Paris Club creditors equally.
  • Since China has become the greatest bilateral lender in the world, the club has lost some of its previous century-long dominance as a bilateral lender.
  • The three biggest bilateral creditors in Sri Lanka's case are China, Japan, and India, with Japan being a member of the Paris Club.

Source: Indian Express


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