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Trade and Development Report 1993

image of Trade and Development Report 1993

The focus of the report is the functioning and interaction of all the different constituent parts of the world economy and of related dimensions of national and international policy. Special attention is given to issues of concern to developing countries. The coverage includes the movements of macroeconomic aggregates in developed and developing countries and in the economies of transition, international trade and trade policies and financial and commodity markets.

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The Paris Club: A group of debt collectors or a development-oriented institution?

The Paris Club was created in the late 1950s to deal with the liquidity problems then faced by a small number of debtor countries, mostly in Latin America. The debt crisis of the 1980s caught the Paris Club unprepared and its response was slow. Until 1987, it operated, by and large, under the tenet of "business as usual". It continued to apply virtually the same terms to all rescheduling countries, insisting on a short-leash approach and directing relief toward meeting immediate cash flow requirements. Non-concessional debt was consistently rescheduled at market interest rates.

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