Tsunami-hit countries can delay debt payments, says Paris Club

By Reshmi Basu

New York, Jan. 12 - Paris Club creditors said that they would not expect debt payments from countries hit by the devastating tsunami until the World Bank and the International Monetary Fund have assessed the impacted countries' reconstruction and financing needs.

This will allow the countries to "dedicate all available resources to address humanitarian and reconstruction needs, and in addition to the substantial commitments of their governments and citizens to provide assistance," according to a release.

Paris Club credits will consider what further steps to take once they assess the situation in each country.

Formed in 1956, the Paris Club is an informal group of creditor governments from major industrialized countries.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.