Term used to describe when a debtor nation meets with creditor nations to renegotiate...
The Paris Club, originally formed in 1956, is the forum in which creditor nations meet to negotiate the debts owed to them (bilateral aid loans and guaranteed export credits). There are currently 19 permanent members of the Paris Club (Austria, Australia, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Japan, Netherlands, Norway, Russian Federation, Spain, Sweden, Switzerland, UK, USA). Other official creditors can participate subject to the agreement of the permanent members and the debtor country.
The Paris Club is an informal group of creditor nations whose role is to alleviate the financial burden of countries having difficulty repaying foreign debts. The group examines the balance of debts at borrowing nations and explores ways to reduce them. It holds meetings at France's Finance Ministry in Paris, from which it derives its name. The 19 official members include Japan, the U.S. and some European countries. But other nations are sometimes invited to participate in the club's meetings. In 1991, just after the end of the Cold War, the Paris Club agreed to reduce Poland's debt. The group also wrapped up debt negotiations with Egypt and other countries. But Paris Club lenders are divided over debt relief for Iraq, which is rich in oil and other natural resources.
An informal group of official creditors, run by Bank of France, whose role is to find co-coordinated and sustainable solutions to the payment difficulties experienced by debtor nations. Paris Club creditors agree to reschedule debts due to them.
A group of creditor countries that meets regularly but informally in Paris to seek ways of helping debtor countries to manage their debts through coordinated rescheduling and other means.
Wealthy creditor nations which also belong to the Organization for Economic Cooperation and Development (OECD). The Paris Club meets on an ad-hoc basis to negotiate debt owed or guaranteed on a bilateral basis by official debtors to official creditors. The Paris Club secretariat was set up by the French Ministry of Finance.
informal grouping of 19 major creditor countries who set rules for debt repayment and established the HIDC initiative. http://www.clubdeparis.org/en/index.php
A group of nations that meets on a case-by-case basis to reach a common approach on rescheduling or reducing the debt service on official loans to their countries. Members are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland (Republic of), Italy, Japan, the Netherlands, Norway, Spain, Sweden, Switzerland, the United Kingdom and the United States. There are a few additional ad hoc member countries.
Informal association of credit country finance ministers and Central Bankers which meets to negotiate bilateral debt rescheduling agreements with indebted country governments.
A popular designation for meetings between representatives of a developing country that wishes to renegotiate its "official" debt (normally excluding debts owed by and to the private sector without official guarantees) and representatives of the relevant creditor governments and international institutions. Such meetings normally take place at the initiative of a debtor country that wishes to consolidate all or part of its debt service payments falling due over a specified period. The meetings are traditionally chaired by a senior official of the French Treasury Department. Comparable meetings occasionally take place in London and in New York for countries that wish to renegotiate repayment terms for their debts to private banks. Such meetings are sometimes called "creditor clubs." See also Bilateral Aid; Development Assistance Committee; Economic Development; Graduation; Multilateral Aid; Official Development Assistance.
Ad hoc meetings (usually in Paris) of creditor governments since 1956 to coordinate the re-negotiation of debts and guarantees among sovereign countries.
An international forum in which a body such as the Exports Credits Guarantee Department can negotiate claims against countries seeking to reschedule their debts.
The wealthiest members of the IMF who provide most of the money to be loaned and act as the informal steering committee. The members are: Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom, and the United States.
Often used in the context of debt rescheduling arrangements to refer to the officially supported Export Credit Agencies which have guaranteed export credit loans made to a debtor country.
Informal name for a consortium of Western creditor countries (Belgium, Britain, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, and the United States) that have made loans, or have guaranteed export credits, to developing nations and that meet in Paris to discuss borrowers' ability to repay debts. Paris Club deliberations often result in the tendering of emergency loans to countries in economic difficulty or in the rescheduling of debts. Formed in October 1962, the organization has no formal or institutional existence. Its secretariat is run by the French treasury. It has a close relationship with the International Monetary Fund ( q.v.), to which all of its members except Switzerland belong, as well as with the World Bank ( q.v.), and the United Nations Conference on Trade and Development (UNCTAD). The Paris Club is also known as the Group of Ten (G-10).
A term designating the international meetings convened to negotiate the rescheduling of the "official debt" (i.e. public sector debt) of heavily indebted developing countries. Negotiations take place between creditor and debtor countries to consider opportunities for rescheduling or consolidating the debt-service payments on loans extended, insured or guaranteed by the creditor countries' governments or official agencies. The broad terms of the agreed rescheduling are then set forth in an Agreed Minute, which the representatives will submit to their respective governments. The Paris Club has neither a fixed membership nor an institutional structure and is open to all official creditors who accept its practices and procedures. Comparable meetings occasionally take place in London ( London Club) and in New York for countries which wish to renegotiate repayment terms for their debts to private banks. These are sometimes called "creditor clubs". Français: Club de Paris Español: Club de París
Informal grouping of governments run by the Bank of France which meets on an ad hoc basis to seek agreement on measures to be taken when a country is unable to repay its foreign government to government borrowings on time.
The Paris Club is an informal group of financial officials from 19 of the world's richest countries, which provides financial services such as debt restructuring, debt relief, and debt cancellation to indebted countries and their creditors. Debtors are often recommended by the International Monetary Fund after alternative solutions have failed.