Paris Club meets with representatives of the private sector

By Reshmi Basu

New York, June 16 - The Paris Club said it held a meeting Wednesday for private sector participants in order to discuss efforts to increase transparency in the sector.

Thirty participants, which included buyside and sellside representatives, traders, advisers, bondholders and the heads of delegations of Paris Club member countries, took part in the meeting chaired by Jean-Pierre Jouyet, chairman of the Paris Club.

The agenda was divided into three sections. The first part focused on general issues related to principles for stable capital flows and fair debt restructuring and the framework for prepayments and buybacks of Paris Club claims.

The second part was dedicated to country cases. Paris Club creditors explained their November 2004 agreement with Iraq and what they were expecting from private creditors in terms of comparability of treatment. The dialogue also included views on the expected London Club negotiations and Argentina's recent bond exchange.

The third part addressed the perspectives of Paris Club activity for the upcoming months. Topics ranged from the prepayment operations recently conducted by Paris Club creditors in Russia and Poland as well as future negotiations with Peru.

Moreover, Paris Club creditors detailed their new methodology for buyback operations. The meeting also touched upon Dominican Republic's bond exchange.

The presentations made by the Paris Club secretariat and by representatives of the private sector will soon be available on the Paris Club web site.

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