Together with Cuba and China, Brazil Owes Billions to Paris Club

Brazzil Magazine covers

Paris Club The Paris Club of creditor nations disclosed this week for the first time ever how much it is owed world wide, – 330 billion US dollars -, with Cuba, Argentina and Peru top of the list in Latinamerica.

Since 1961 Brazil borrowed money from the Paris Club six times. According to the Brazilian government all money due was paid in January 2006, when the Lula administration spent 2.6 billion Brazilian reais (US$ 1.18 billion) to pay the last two installments of a debt that was supposed to be paid off by the end of 2006.

Brazil is listed by the Club as owing US$ 2.9 billion.

According to the list Cuba owes US$ 29.7 billion (second of the global list behind Indonesia, 36.2 billion); Argentina, US$ 6.5 billion and Peru, US$ 3.7 billion.

However the world's two largest emerging economies, China and India also figure high among the list of debtors with US$ 27.3 billion and US$ 19 billion.

In a statement on its Web site, the Paris Club said the (disclosure) gesture was meant to "enhance transparency on debt data and to encourage all creditors, in particular major developing countries' creditors, to engage in a comprehensive debt reporting and disclosure process."

The figures were released ahead of an international development conference in Doha, Qatar, this week.

The debts are up to September first this year and are not necessarily updated or interests reconciled with debtors, said the 19 creditor nations group.

"Around 10% of these claims (roughly US$ 31 billion) are owed by heavily indebted poor countries. The Paris Club intends to cancel most of these claims on countries that implement poverty-reducing and other economic reforms under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative and through additional bilateral debt relief efforts", said the Paris Club release.

Nearly one third of the Paris Club claims (around US$ 100 billion) is held on emerging market countries from Asia, Africa and South America that are members of the G20.

The Latinamerican list also includes Ecuador, US$ 1.38 billion; Mexico, US$ 1.5 billion; Venezuela, US$ 698 million; Uruguay, US$ 408 million; Dominican Republic, US$ 851 million; Bolivia, US$ 209 million; Paraguay; US$ 428 million; Chile, US$ 205 million; Colombia, US$ 579 million; Costa Rica, US$ 240 million; El Salvador, US$ 690 million; Guatemala, US$ 292 million; Honduras, US$ 165 million; Nicaragua, US$ 218 million; Panama, US$ 136 million.

Mercopress/Bzz

Tags:

You May Also Like

Brazzil Magazine covers

Getúlio Vargas’s diary

Revolutionary leader, dictator, President, Getúlio Vargas is the greatest Brazilian politician of this century. ...

Brazzil Magazine covers

Brazil Has Already Exported US$ 98 Billion This Year

The Brazilian balance of trade recorded a surplus (positive result for exports minus imports) ...

Brazzil Magazine covers

Justice Can’t Be Blamed for Impunity in Brazil Says Judges Association

The performance of the Brazilian Judicial system in the agrarian conflicts does not stimulate ...

Brazzil Magazine covers

Brazil’s Lula Wants Racist Soccer Clubs Banned from International Matches

Brazilian President Luiz Inácio Lula da Silva wants that soccer clubs and national teams ...

Brazzil Magazine covers

For Bush to Read in Bed

Report from Brazil, the most democratic country on the planet. A few modest suggestions ...

Brazzil Magazine covers

Brazilian Police Break Soccer Ring That Was Cheating the IRS

Brazil’s Federal Police have just broken up a soccer corruption ring that illegally raised ...