Press Release: Statement by the IMF Staff Mission at the Conclusion of a Visit to the Union of the Comoros Nov 17, 2009
In this context, the mission welcomes the authorities participation in Paris Club debt restructuring negotiations on November 19. "The mission is grateful for the very open and frank discussions with the authorities of Comoros, and for their hospitality". (IMF News)
Argentina's Grimoldi Waiting on Government Bond Restructuring to Sell Debt Nov 12, 2009
Just the announcement of a possible accord with the holdouts and the Paris Club and the normalization of Argentinas external debt led to a quite important drop in the countrys risk rates, said Grimoldi. It was also the result of phenomenal liquidity in international markets that is seeking places to invest. (Bloomberg -- Latin America)
Bok forced into policy change Nov 9, 2009
The De Villiers policy of not considering Europe-based players meant no places on the five-game Europe tour for fullback Francois Steyn from Paris club Racing-Metro and centre Jean de Villiers from Irish province Munster. South Africa play Tests against France (November 13), Italy (November 21) and Ireland (November 28) and also meet English Premiership club Saracens on November 17 at Wembley Stadium in London. (Sydney Morning Herald -- Sport)
Argentina to Make Offer on $20 Billion of Defaulted Debt, May Sell Bonds Nov 8, 2009
The country wont use the bonds to pay debt owed to the Paris Club group of government creditors, he said ... Argentina still owes the Paris Club about $6. (Bloomberg -- Latin America)
Share the Oil Cash! Courting the Devils Excrement Oct 28, 2009
He led a team of experts that helped Nigeria clinch a $30bn debt forgiveness agreement with the Paris Club in 2005. This was after a series of bad policies and mismanagement had squandered much of Nigerias oil wealth. (Ghana Web, Ghana)
Algeria timeline Oct 21, 2009
2006 May - Algeria is to pay back all of its $8bn debt to the Paris Club group of rich creditor nations, in a move seen as reflecting its economic recovery. 2006 September - Leader of the banned Islamic Salvation Front (FIS) Rabah Kebir returns from self-imposed exile and urges rebels still fighting the state to disarm. (BBC News -- Africa)
IMF's Strauss-Kahn Hopes to Resume `Normal Relationship' With Argentina Oct 4, 2009
The countrys defaulted bonds have more than doubled from 15 cents on the dollar in June as speculation mounted that the government was working on a settlement with bondholders and the Paris Club of creditors, with whom it is seeking to restructure about $6. 7 billion in debt. (Bloomberg -- Latin America)
Zimbabwe: U.S. $5.7 Billion Debt Splits Cabinet Oct 4, 2009
In his document, Biti proposes four debt and arrears clearance options which entail using internal revenue inflows, resource-based debt restructuring, Paris Club debt-rescheduling, and the Heavily Indebted Poor Country Initiative (HIPC) for consideration by cabinet ... Zanu PF ministers said the other problem was that HIPC depended on multilateral creditors (international financial institutions such as the IMF and World Bank), bilateral creditors (Paris Club) and commercial creditors (London... (allAfrica.com)
Peru Debt Rating Put on Review by Moody's for Increase to Investment Grade Sep 30, 2009
President has tapped five years of revenue from surging commodity prices to prepay debt to the Paris Club, a group of creditor nations, as well as $850 million of a $1 billion debt offering in July. The government is implementing a $3 billion stimulus plan while the central bank has cut its benchmark lending rate to a record 1. (Bloomberg -- Latin America)
Shimabukuro will perform at Paris club Sep 18, 2009
Thursday, September 17, 2009. Posted on: Thursday, September 17, 2009. (Honolulu Advertiser)
Axed McKenzie freed up for Super 15 Sep 9, 2009
" McKenzie, who helped recruit Mark Gasnier to the Paris club, is the second Australian coach to have his term cut short at Stade Francais' after John Connolly took them to two European Cup finals in 2000 and 2001. "It's cut-throat and it's a real test of your coaching ability because you are a foreigner," former Wallabies coach Connolly said. "It's a hard gig, there's a soccer mentality to it I guess. "In my first year in France half the (Top 14) coaches were gone by Christmas.". (Sydney Morning Herald -- Sport)
Trichet Proves Prophet-Making No Panacea for Euro Economy Seeking Recovery Aug 21, 2009
As the French Treasurys international affairs chief in 1985, he chaired the Paris Club, the group of sovereign creditors that rescheduled debt for governments from Russia to Latin America. In 1986, Finance Minister appointed Trichet chief of staff and a year later made him head of the Treasury. (Bloomberg)
Argentina repays $2.25bn in debt Aug 4, 2009
Another priority for Argentinas credit-worthiness rests on normalising the balances with the Paris Club and negotiating a solution with creditors who hold defaulted debt certificates. Its outstanding debt to the two parties stands at about $6. (FT.com -- Markets)
Timeline: Nigeria Jul 27, 2009
2005 July - Paris Club of rich lenders agrees to write off two-thirds of Nigeria's $30bn foreign debt ... 2006 April - Helped by record oil prices, Nigeria becomes the first African nation to pay off its debt to the Paris Club of rich lenders. (BBC News -- Africa)
Argentine Bonds Climb as Government Plans to Review Inflation Methodology Jul 23, 2009
7 billion in defaulted debt with the Paris Club of lenders. The ideological and dogmatic rejection of the IMF is in our view counterproductive and one of the reasons why market confidence towards the credit remains weak, Goldman Sachs Group Inc. economist wrote in a report today. (Bloomberg -- Latin America)
Zimbabwe: IMF Sets Strict Terms for Country Jul 13, 2009
Debt rescheduling is normally negotiated through the Paris Club, an informal group of official creditors, mostly industrialised countries that seek solutions for debtor nations facing payment difficulties. A statement on the IMF website said the Paris Club and the IMF had "extensive contact, since the Paris Club normally requires countries to have an active Fund-supported programme in order to qualify for a rescheduling agreement" ... France recently said it could write off Zimbabwe's debt, but... (allAfrica.com)
Bill Clinton says surprised by discord in Haiti Jul 9, 2009
The Paris Club of sovereign creditors said on Wednesday it had decided to cancel $62. 73 million of Haiti's debt and committed to canceling an additional $152 million. (AlertNet)
Chile Inflation Bond Yields Drop on Consumer Prices; Peruvian Sol Falls Jul 8, 2009
The Andean nation yesterday sold $1 billion more of its dollar bonds due in 2025 to repay debt owed to Paris Club creditors ... Argentina has received a proposal from investment bank Lazard Ltd. that seeks to help the country repay its defaulted debt to the Paris Club of creditor nations at a discount, a government official said on the condition he not be identified in accordance with policy. (Bloomberg -- Latin America)
Argentine Bonds Rally as Fernandez's Defeat Fuels IMF Accord Speculation Jun 30, 2009
The defeat increases chances that Fernandez will clear defaulted debt with the Paris Club of creditors and reach an agreement with the holders of $20 billion of debt stemming from the nations 2001 default, he added. Fernandez said during a news conference today that IMF agreements depend on the conditionality of the terms, which may be addressed during a meeting of central bankers during the next Group of 20 summit in Pittsburgh in September. (Bloomberg)
AfDB Group President Attends Paris Club Meeting Jun 26, 2009
The African Development Bank (AfDB) Group President, Donald Kaberuka, will, on June 25, 2009, address the Paris Club Meeting which will be held on the theme: "The Global Crisis and its Implications for Emerging and Developing Countries" ... AfDB at the Paris Club Annual Meeting. (allAfrica.com)
AfDB at the Paris Club Annual Meeting Jun 23, 2009
The Paris Club holds its annual meeting with representatives from private creditors of developing countries such as banks and other private investors and with major sovereign non-Paris Club creditors. The purpose of this meeting is to encourage major creditors of developing countries to share good practices and to develop a common approach on international debt issues. (allAfrica.com)
Press Release: IMF Executive Board Completes the First Review of Djibouti's PRGF and Approves US$2.3 Million Disbursement Jun 19, 2009
Every effort should also be made to improve the terms of the country s financing, including by concluding bilateral agreements with Paris Club and non-Paris club creditors, seeking highly concessional assistance, and strengthening current debt management practices. Financial stability will be further strengthened with the help of IMF technical assistance. (IMF News)
Transcript of a Conference Call with Civil Society Organizations (CSOs) on the IMF Low-Income Countries (LIC) Facilities Review Jun 3, 2009
Those that have a high risk of debt distress or are in debt distress, in virtually all cases they are in the process of moving toward a HIPC completion point and MDRI, with possible chopping up, or possible highly concessional shock treat from Paris Club, etc. But that is not to say that we're complacent on the issue. (IMF News)
Africa: Jubilee Warns of Another 1980s Debt Crisis Jun 2, 2009
The Paris Club, a group of rich credit countries, cancelled $18 billion, leaving the now democratic country liable for $12 billion in debt repayments, Jubilee said. Private capital flows to developing countries could fall to around US$165 billion in 2009. (allAfrica.com)
Statement by IMF Managing Director Strauss-Kahn at the Conclusion of his Visit to Democratic Republic of Congo May 26, 2009
Before the IMF Executive Board can consider a new program for the DRC, a positive solution to issue of the Sino-Congolese agreement and financing assurances of the Paris Club are needed. It is essential to keep a balance between domestically financed spending and domestic revenue to avoid an expansion that could trigger higher inflation and put pressure on the exchange rate. (IMF News)
World Bank rescues Zim May 19, 2009
4 billion dollars, the Paris Club three billion dollars, while external debt is currently five billion dollars, according to Finance Minister Tendai Biti. "The first issue is the issue of arrears and debt clearance," Biti told the same news conference. (iAfrica.com)
Creditors ease Ivory Coast debt May 16, 2009
The Paris Club of creditors has agreed to restructure the foreign debts of the Ivory Coast and cancel some of the country's outstanding loan repayments ... Several creditors intend to grant additional debt relief beyond the terms set out in the agreement, the Paris Club said ... The Paris Club is an informal group of creditor governments from the industrialised countries set up in 1956. (BBC News -- Business)
Nigeria: Oil Prices Rise Above $60 Per Barrel May 13, 2009
5 billion in 2006 from $36 billion in 2004 after it paid off arrears and the Paris Club of creditor nations wrote off most of its loans. The Nigerian economy will probably expand between 5 per cent and 6 per cent this year, Muhtar said, down from a forecast of 8. (allAfrica.com)
Public Information Notice: IMF Executive Board Concludes 2008 Article IV Consultation with Angola May 1, 2009
5 billion at end-2006, even after payment of principal and interest arrears to the Paris Club. However, reflecting the decline in oil revenues, reserves fell to about $17. (IMF News)
Transcript of the African Finance Ministers Press Briefing Apr 28, 2009
So, as we speak today, if you had to ask something to the IMF, what would that be, because you're planning to meet with your creditors from the Paris Club. MR. DIENG: Can we start with Minister Mkulo on the first part of the question. (IMF News)
Transcript of a Press Conference on the IMF's Sub-Saharan Africa Regional Economic Outlook, by Antoinette Sayeh, Director African Department, IMF Apr 28, 2009
te d'Ivoire, are very indebted and are having negotiations with the Paris Club and others. What is the IMF doing so that they can face up with the current situation. (IMF News)
Why the Cuba Embargo Must Stay Apr 14, 2009
According to the Paris Club group of creditors, Cuba owes close to $30 billion to its trading partners -- the second-highest level of indebtedness reported by the group. Given the sharp decline in oil prices, it is unlikely that Venezuelan President Hugo Ch;vez will be able to maintain the current level of subsidies and other financial assistance granted to Cuba (to the tune of hundreds of millions of dollars annually). (Slate)
Hickey can win title: McKenzie Apr 10, 2009
McKenzie, in Sydney this week for a break from his coaching duties at Paris club Stade Francais, said the responsibility of each Waratahs coach had been to take the team up another level. That was the mandate McKenzie was given by former NSW Rugby Union chief executive Fraser Neil when, in 2004, he took over the coaching job from Bob Dwyer, who in 2002 got the Waratahs into their first semi-finals. (Sydney Morning Herald -- Sport)
Sarkozy, Visiting West Africa, Pledges to Move Away From `Colonial' Past Mar 27, 2009
Sarkozy said during his visits he will push his hosts case for debt relief at the Paris Club and for access to more credit at the Group of 20 meeting in London on April 2. He pressed Kabila to abide by International Monetary Fund rules. (Bloomberg -- Germany)
Zimbabwe: Mugabe Makes Surprise Plea to 'Friends' for Foreign Funds Mar 20, 2009
Harare also owes the Paris Club of sovereign creditors about $1,1bn. The government is looking for a $2bn rescue package from the southern African region and another $5bn for the economic recovery programme it launched yesterday. (allAfrica.com)
Press Release: IMF Executive Board Approves US$195.5 Million Disbursement to the Democratic Republic of the Congo Under the Exogenous Shocks Facility Mar 13, 2009
Includes assistance beyond the terms of the enhanced HIPC Initiative granted by some Paris Club creditors. Exports are on a three-year backward moving average; projections assume DRC reached the HIPC Completion point in early 2010. (IMF News)
Press Release: IMF Executive Board Completes the Second and Third Reviews under Gabon's Stand-By Arrangement Mar 5, 2009
"Good progress has been made on public financial management reforms, particularly in the area of oil revenue administration. Efforts are also ongoing to develop sectoral medium term expenditure plans, reflecting Poverty Reduction Stragegy Paper priorities; to raise the quality and efficiency of public spending; to improve budget execution and coverage; and to reduce tax exemptions. "Gabon's external position improved substantially following the prepayment, at a discount, of Paris Club debt in... (IMF News)
Press Briefing by David Hawley, Senior Advisor, External Relations Department, with Reza Moghadam, Director of the Strategy, Policy and Review Department, and Andrew Tweedie, Director of the Finance Department Feb 27, 2009
I was wondering if it has anything to do with negotiations with the Paris Club ... MR. HAWLEY: Questions regarding developments on the Paris Club should be addressed to the Argentine authorities themselves. (IMF News)
Castro's Cuba Owes Europe $29.7 Billion Feb 23, 2009
"Perhaps the most domestically-tailored policy recommendation espoused by the report is for the U.S. to provide unconditional financial credits for agricultural purchases to the Cuban regime. While the Report might equivocally presume that such a policy change would benefit Indiana farmers, it fails to mention that the Paris Club of creditor nations recently disclosed that Cuba already owes $29.7 billion to its international trading partners -- with little hope for repayment -- and ranks second... (Newsmax)
Nigeria: 50 Million Dollar Loan for Polio? [editorial] Feb 18, 2009
After our hard-won liberation from the London and Paris Club of creditors, it is only natural for Nigerians to be wary of international debt, regardless of the soft conditions. In any case, a project that is so severally- funded by international donors can not justify any kind of loan. (allAfrica.com)
Press Release: Statement at the Conclusion of an IMF Mission to Seychelles Feb 14, 2009
"Seychelles' public debt remains unsustainable. The authorities have pressed ahead with their debt restructuring strategy. In consideration of Seychelles' unsustainable public debt, Paris Club creditors have agreed to treat Seychelles' debt under the Evian approach and further discussions with creditors are planned shortly.". IMF EXTERNAL RELATIONS DEPARTMENT. (IMF News)
Public Information Notice: IMF Executive Board Concludes 2008 Article IV Consultation with the Republic of Congo Feb 14, 2009
Congo's external public debt has declined sharply in the past several years, as a result of Paris Club rescheduling and debt relief from London Club creditors (in the context of the enhanced Heavily Indebted Poor Countries Initiative). The real effective exchange rate has appreciated sharply since 2007, primarily reflecting Congo's relatively high rate of inflation, compared with its trading partners. (IMF News)
