The Debt Service Suspension Initiative (DSSI)
The DSSI was a historic and exceptional measure taken jointly by the G20 and the Paris Club on April 15, 2020 to offer support to 73 eligible low-income countries as they weathered the Covid-19 crisis.
The Paris Club has fulfilled its commitments to provide a debt service suspension to all requesting eligible countries. From May 1st, 2020 to December 31, 2021, Paris Club creditors suspended around USD 4.6 Bn of debt service due by 42 low-income countries that signed an agreement with the Paris Club (cf. Infra). Portugal and Turkey, which are not members of the Paris Club, signed jointly with the Paris Club agreements implementing the DSSI and/or its extension. Turkey has participated in the reorganization of the debt of the Republic of Congo and Portugal in that of Cabo Verde and São Tomé e Príncipe.
By implementing the DSSI in a transparent manner, Paris Club creditors have made a significant contribution to support low-income countries during the Covid-19 crisis. The Paris Club’s longstanding experience, as well as the prompt mobilization and commitment of its 22 members, have been instrumental to implement this swift and appropriate response to the crisis within a few weeks of the outbreak of the pandemic.
Total deferred amounts reported by the Paris Club for the 42 beneficiary countries
(Estimation, US$ million – as of February 23, 2022)
Including the maturities falling due and arrears
