Paris Club
April 2, 2008 – 6:40 pm
- Institution: Paris Club
- Abbreviation: -
- Type: Public
- Founded: 1956
- Members Total:19
- Membership in: not applicable
- Membership of: IMF
- Description: The Paris Club is an informal group of official creditors, industrial countries in most cases, that seeks solutions for debtor nations facing payment difficulties. Paris Club creditors agree to reschedule debts due to them. Although the Paris Club has no legal basis, its members agree to a set of rules and principles designed to reach a coordinated agreement on debt rescheduling quickly and efficiently.
This voluntary gathering dates back to 1956, when Argentina agreed to meet its public creditors in Paris. Since then, the Paris Club, and related ad hoc groups, has reached over 400 agreements covering 84 debtor countries.
The Paris Club and the IMF have extensive contact, since the Paris Club normally requires countries to have an active Fund-supported program in order to qualify for a rescheduling agreement. - Working Group: not applicable
- Outreach: not applicable
- Reporting to: not applicable
- Website: www.clubdeparis.org
- Highest Organ: not applicable
- Chair:Mr Xavier Musca, Director General of the Treasury and Economic Policy
- Seat: Paris
- Function:Coordinate efforts of public creditors to sovereign debtors
- Standards: Debt Release Terms
Sources: Club de Paris
Topics of this post: debt, debt release, financial architecture, Organisations, paris, paris club, public
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