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Paris Club discusses debt relief

    JOHANNESBURG

    The Paris Club of industrial creditor nations met on Wednesday under pressure to cancel Mozambique’s debt.

    News reports said the two-day meeting was to discuss debt issues of several countries, but Mozambique is top of the agenda because of its current severe problems in the wake of devastating floods. France said Tuesday it would ask the meeting to postpone all debt payments immediately so that Mozambique could devote all its financial resources to financing urgent needs.

    Under the Highly Indebted Poor Countries Initiative, creditors agreed last June to cancel two-thirds of Mozambique’s public debt of some US $5.6 billion. The Paris Club comprises Belgium, Britain, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, and the United States.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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