Trésor-Info - Publications de la direction générale du Trésor - paris-club

Échanges entre la DG Trésor et les participants du programme « Marchés de Capitaux pour une Finance Durable et Inclusive »

2025-11-05T00:00:00+01:00

Thomas Revial, chef du service des Affaires multilatérales et du développement (SAMD), Shanti Bobin, sous-directrice des Affaires financières multilatérales et du développement et Benjamin Dartevelle, secrétaire général du Club de Paris, ont animé ces échanges consacrés aux défis du financement du développement.

Les participants, issus des ministères des finances, banques centrales et autorités de marché majoritairement de pays d’Afrique subsaharienne, ont échangé sur :

Les enjeux du financement du développement et le rôle des institutions multilatérales ;
La mobilisation des ressources intérieures dans les pays en développement ;
La soutenabilité et la gestion de la dette des pays émergents ;
Le rôle du Club de Paris, dont la présidence et le secrétariat sont assurés par la DG Trésor.

Ce programme de haut niveau, grâce à l’implication des acteurs publics et privés de la Place financière de Paris, se distingue par son approche unique et suscite un fort intérêt international.

Coordinating Fragmented Creditors to Restructure Sovereign Debt: the Case of Sri Lanka

2025-06-26T00:00:00+02:00

On 12 April 2022, with an already precarious debt situation exacerbated by the COVID-19 pandemic, Sri Lanka announced that it was defaulting on its external debt. The deterioration in the country’s economic situation led Sri Lanka to negotiate an agreement with the IMF for a $2.9-billion Extended Fund Facility for the 2023-2027 period to support a reform programme.

In the wake of the COVID-19 pandemic, the G20 and the Paris Club adopted a Common Framework to coordinate debt restructuring for low-income countries, but Sri Lanka – a middle-income country when it defaulted – did not qualify. Nevertheless, the Common Framework’s coordination channels served to set up an ad-hoc Official Creditor Committee (OCC) co-chaired by France, India and Japan and including Paris Club creditors, India and Hungary, which accounted for 16% of the external debt stock. At the same time, a “flexible” coordination arrangement was put in place with China, which held 11% of Sri Lanka’s external debt stock.

The bondholders, accounting for 32% of the foreign creditors, restructured their securities by introducing an innovative financial instrument indexed to Sri Lanka’s GDP growth called macro-linked bonds. This contingent debt treatment complicated the official creditors’ assessment of effective terms of treatment from the private creditors at least equal to those of the official creditors (“comparability of treatment”).

Sri Lanka’s experience demonstrates the possibility of coordination with China outside of the Common Framework in order to proceed in parallel with debt treatment and prevent delays with the IMF-supported programme. Timely and regular discussions with bondholders also served to rapidly reach an agreement on debt treatments compliant with both IMF programme targets and the principle of comparability of treatment.

The group of creditors of Cuba and the Government of the Republic of Cuba agree to amend the terms of the previous consolidation agreements

2025-01-23T00:00:00+01:00

The Vice Prime minister Ricardo Cabrisas, Bertrand Dumont, chair of the Paris Club, the Governor Juliana Delgado

During the meeting, the delegation of the Republic of Cuba described its country’s complex economic and financial situation and its underlying factors, and the main policies and measures implemented and to be implemented for a continued execution of its development plan.

This rescheduling provides the Republic of Cuba with better conditions to deal with its economic and financial difficulties in the next few years. It will also preserve the relationship with the member countries of the Group of Creditors of Cuba through the full implementation of previous consolidation agreements.

>> Read in French

Background note:

The Group of Creditors of Cuba includes Australia, Austria, Belgium, Canada, Denmark, Finland, France, Italy, Japan, the Netherlands, Spain, Sweden, Switzerland and the United Kingdom.

Useful links :

The Group of Creditors of Cuba and the Republic of Cuba agree to defer payments due under the 2015 agreement (10 June 2021)

Signing of the France - Zambia bilateral debt restructuring agreement

2024-12-09T00:00:00+01:00

Minister Situmbeko Musokotwane with Head of Department William Roos, Secretary to the Treasury Felix Nkulukusa, and Ambassador Thomas Rossignol

A historic agreement

This agreement marks a major step forward. It is the first bilateral agreement to implement the multilateral Memorandum of Understanding (MoU) signed between Zambia and its official creditors in October 2023. The latter is the first debt restructuring agreement negotiated under the aegis of the Common Framework, i.e., between Paris Club creditors and non-Paris Club G20 members on the one hand, and a borrowing country on the other. The main parameters of the USD 6 bn public debt treatment had been formalized at the level of the French and Zambian Heads of State and Chinese Prime Minister, at the Summit for a New Financial Pact in June 2023 in Paris.

Emmanuel Macron (France), Hakainde Hichilema (Zambia), Li Qiang (China) at the Summit on a New Global Financing Pact in Paris

As chair and secretariat of the Paris Club and co-chair of Zambia’s Official Creditors Committee, France played a central role in bringing these negotiations to a successful conclusion. The agreement on the MoU was made possible thanks to in-depth cooperation with Zambia, and the collective commitment of all the official creditors, whose work was co-chaired by France and China, with South Africa as vice-chair.

A significant debt treatment for a sustainable debt trajectory

The bilateral agreement will implement the restructuring the debt owed to France. Combined with the efforts of other creditors, it will help Zambia return to a sustainable debt path, in line with the objectives of the program supported by the International Monetary Fund.

This deal adds to the efforts already made by France to support Zambia in recent years. In response to the droughts caused by the El Niño phenomenon, France granted a budgetary aid of 16 million euros over two years (2023-2024) to finance emergency food programs.

The Official Creditors Committee (OCC) for Zambia includes: Belgium, China, Denmark, France, India, Israel, Italy, Japan, the Netherlands, the Russian Federation, Saudi Arabia, South Africa, Sweden, Switzerland, the United Kingdom, the United States.