The Paris Club is a forum of donor countries and multilateral financial institutions that meet and consult with debtor countries. Since its inception, the Paris Club has created a range of many debt settlement schemes, ranging from debt rescheduling to debt relief.

The Toronto Scheme
(Toronto Terms)
In October 1988, for the first time ever, Paris Club creditors agreed to cut the debts of poor countries by 33.3 percent. Between 1988 and 1991, ...