THE PARIS CLUB has gone through fundamental change over the past year. First it agreed to an enormous debt reduction for Iraq, then it started to allow debtor nations to buy back their debts. Most recently, it came to a long-awaited and ground-breaking agreement with Nigeria that involved elements of both debt reduction and buyback.
At the same time, the official creditors’ association’s members are generally avoiding bilateral lending in favour of granting credits through multilateral institutions.
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