Since the April 15th G20 Communiqué, which asked the IIF to serve as a principal point of contact, knowledge partner and clearinghouse to generate private sector feedback and support for the G20/Paris Club Debt Service Suspension Initiative (DSSI), the IIF has actively engaged private sector creditors, public sector officials, and civil society in robust discussion. This process has been centered around the development of Terms of Reference—a toolkit for DSSI-eligible sovereign borrowers that request forbearance from their private creditors. This new framework offers a flexible template for in-scope borrowers and their private creditors to advance conversations and enable voluntary debt service suspension, on terms in line with official bilateral creditors.
In developing the Terms of Reference, the IIF engaged more than 100 private creditors, representing in excess of $45 trillion assets under management. This deliberate, consultative process also included coordination with the International Monetary Fund, World Bank, Paris Club, United Nations Economic Commission for Africa, and more than a dozen finance and development ministers representing DSSI-eligible countries.