Since 2001, the Paris Club has held regular technical meetings with representatives of major private creditors to discuss matters of common interests in an informal way.
For the first time in the June 11th 2008 meeting, sovereign emerging creditors (South Africa, Turkey, China Ex-Im Bank, Kuwait Investment Authority and Abu Dhabi Fund for Development) joined the discussions.
In his concluding statement, the Chairman of the Paris Club proposed to set up a new ad hoc working group with representatives of major sovereign emerging creditors, in order to deepen discussions on debt-related issues and foster information sharing amongst its members, on an informal basis. As stated in the Paris Club’s contribution to the Doha Conference on Financing for Development (link), Paris Club members strongly favour deepening ties amongst creditors. Cooperative action lies at the heart of the Paris Club rationale and is a prerequisite for an effective international response to debt difficulties.
The Paris Club is in fact committed to strengthening its outreach policy towards major sovereign creditors of developing countries. Given the primary importance it attaches to having a substantive and sustained dialogue with all creditors, the Paris Club welcomes interactions with all creditors as opportunities to learn from alternative approaches and revisit its own principles and methods, where appropriate.