Sunday, January 28, 2007

Macedonia To Prepay Up To $104 Mln Of Its Paris Club Debt

The government of Macedonia and the representatives of the Paris Club of sovereign creditors have agreed that Macedonia may prepay up to $104 million of its Paris Club debt, the club said in a press release Wednesday.

The agreement is reflects the strong financial recovery of Macedonia in recent years.

Macedonia will be able to prepay its debt at par between Jan. 31 and April 30, after the conclusion of bilateral implementation agreements by participating creditors.

The members of the Paris Club that are creditors of Macedonia are Austria, Denmark, France, Germany, Italy, Japan, the Netherlands, Spain, Sweden, Switzerland, the U.K. and the U.S.

In addition, Kuwait, which is a significant creditor of Macedonia and which took part in the 1995 Paris Club rescheduling, was associated with the negotiation.

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