The Paris Club is an informal group of 22 official sovereign creditors whose role is to propose coordinated and sustainable solutions in response to payment difficulties experienced by debtor countries. Depending on the specific economic circumstances, the Paris Club may provide debt rescheduling and/or debt reduction.
Since its establishment in 1956, the Paris Club became the principal forum for restructuring official bilateral debt, reaching 433 agreements with 90 different debtor countries for a total debt treated amounting $583 Bn.
In April 2020 Paris Club and G20 members acknowledge the exceptional scale of the financing needs that the poorest countries are facing as a result of the COVID-19 health and economic crisis. For this purpose, Paris Club and G20 creditors support a coordinated time-bound suspension of debt service payments for the poorest countries that request forbearance. Under this initiative, Paris Club members and the G20 have agreed a common term sheet providing the key features for this initiative.
SACE forms part of the Italian delegation to the Paris Club, co-headed by the Ministry of Economy and Finance and by the Ministry of Foreign Affairs and International Cooperation.
The Paris Club activity is organized around monthly sessions at the French Treasury in Paris.