Paris Club

Informal international forum dating from the 1950s for the rescheduling of debts granted or guaranteed by official bilateral creditors. Rescheduling provides a debtor country with relief through a postponement and, in the case of concessional rescheduling, a reduction in its debt service obligations. There are 19 permanent members of the Paris Club (Austria, Australia, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Japan, Netherlands, Norway, Russia, Spain, Sweden, Switzerland, the UK, and the USA) and other official bilateral creditors may participate.