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Source: The post is based on the article “Paris Club proposes 10-year moratorium on Sri Lankan debt” published in AIR on 5th December 2022
What is the News?
The Paris Club has proposed a 10-year moratorium on Sri Lankan debt and another 15 years of debt restructuring as a formula to resolve the Sri Lankan debt crisis.
What is the Paris Club?
The Paris Club is an informal group of creditor nations whose objective is to find workable solutions to payment problems faced by debtor nations.
Members: The club has 22 permanent members including most of the western European and Scandinavian nations, the United States, the United Kingdom, and Japan.
– Note: India is not a member of the club
Origin: The origin of the club is traced to a meeting that happened in Paris between officials from Argentina, which had trouble paying back its debt with a group of lenders in 1956.
