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IIF2014

Steps in a negotiation meeting

After a few words from the chairman to welcome everybody and to open the meeting, the official meeting begins with a statement by the minister of the debtor country, who presents in particular the requested debt treatment.

This statement is followed by statements by the IMF and the World Bank, and, if appropriate, by representatives of other international institutions.

The representatives of creditor countries may then request additional information or clarification from the minister regarding the situation in the debtor country.

After responding to any questions, the delegation of the debtor country then leaves the main room and stays in another room during the entire session. 

Creditors then discuss among themselves a proposed debt treatment. Once creditors agree on a treatment, the chairman of the meeting will then present this proposed treatment to the delegation of the debtor country. If the debtor country disagrees and asks for amendments to the creditors' proposal, the chairman will then convey this request to the creditors, who discuss it and consider a new proposal. This process continues until a common agreement between creditors and the debtor country is reached.

Once an agreement is reached on the terms of the treatment, a document called the Agreed Minutes formalizes the accord in writing in French and in English.  This agreement is drafted by the Paris Club Secretariat and then approved by the creditors and the debtor.

The delegation of the debtor country then returns to the main room and the Agreed Minutes are signed by the Chairman, the minister of the debtor country and the head of delegation of each participating creditor country.

A press release mutually agreed to by the creditors and the debtor country representatives is released for publication upon completion of the negotiation session.

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