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Related Sites

On this page you will find links to external sites with further information about foreign credits both within and outside the U.S. Government.

Other United States Government Sites

  1. The following are links to other U.S. Government web sites for agencies that have involvement in the foreign credit exposure of the United States.
  2. The Export-Import Bank of the United States (EXIM) provides guarantees of working capital loans for U.S. exporters, and guarantees the repayment of loans or makes loans to foreign purchasers of U.S. goods and services. EXIM also provides credit insurance against non-payment by foreign buyers thereby reducing political or commercial risk of official or private transactions. The Bank is a government-held corporation but is not an aid or development agency.
  3. The Financial Management Service (FMS) of the U.S. Treasury provides centralized debt collection services to most federal agencies and provides government-wide accounting and reporting. FMS takes over responsibility for reporting and collecting debts that are delinquent by 180 days or more and older debts, such as those arising from World War II.
  4. The Overseas Private Investment Corporation (OPIC) mobilizes and facilitates the participation of United States private capital and skills in the economic and social development of less developed countries and regions, and countries in transition from non-market to market economies. It does this by insuring overseas investments against political risks; financing business overseas through loans and guarantees; financing private investment funds that provide equity to businesses overseas; and advocating the interests of the American business community overseas.
  5. The Agency for International Development (AID) provides assistance to support long-term and equitable economic growth and to achieve other U.S. foreign policy objectives in the areas of health, nutrition, spreading democracy, and humanitarian assistance. Although AID has administered direct lending programs in the past, it did not have that authority in 2009 and currently uses grants and its Development Credit Authority to achieve policy objectives. The Development Credit Authority (DCA) is the legislative authority that permits AID to issue partial loan guarantees to private lenders to achieve the economic development objectives in the Foreign Assistance Act of 1961 (FAA), as amended. DCA is not used for loans or guarantees to sovereign entities. However, a few DCA guarantees have covered debt issued by autonomous institutions as described in the OECD definition of "Official Sector" and are included with Sovereign and Other Foreign Official Entities in this publication.
  6. The Commodity Credit Corporation (CCC) is a government-owned and operated entity that was created to stabilize, support, and protect farm income and prices. CCC also helps maintain balanced and adequate supplies of agricultural commodities and aids in their orderly distribution through the PL-480 program. In terms of foreign assistance, the CCC sells agricultural commodities to foreign governments and oversees the donation of food to domestic, foreign, or international relief agencies. It also assists in the development of new domestic and foreign markets and marketing facilities for agricultural commodities and provides direct loans and guarantees.
  7. The Defense Security Cooperation Agency (DSCA) is an agency of the Department of Defense (DOD) that leads, directs and manages security cooperation programs. It strengthens America's alliances and partnerships through: 1) transfer of defense capabilities, 2) international military education, and 3) humanitarian assistance and mine action. Its financial programs consist of DSCA and the Defense Export Loan Guarantee program (DELG). The DSCA provides direct loans for security assistance programs, while the DELG provides loan guarantees. Both programs facilitate the export of U.S. defense articles, including implements of war and military manufacturing equipment. Assistance is limited to select countries, such as NATO members and major non-NATO allies.
  8. The department of state is involved in Debt policy through its office of Monetary Affairs (OMA). OMA monitors global macroeconomic developments and works to prevent and resolve financial crises in countries where U.S. interests are at risk. It seeks to increase the financial security of the United States and its key partners and works to expand global economic growth and development. As an advocate ofsound macroeconomic policies, OMA fosters economic stability and expands opportunity for U.S. trade and investment worldwide.
  9. OMA cooperates with the Treasury Department's Office of International Affairs to help poorer countries overcome unsustainable debt burdens and improve their chances for economic growth and development. An important forum for such cooperation is the Paris Club where OMA represents the Secretary of State as Head of the U.S. delegation. The U.S. delegation works with other creditors to negotiate individual country debt treatments. OMA also coordinates with the Treasury Department to formulate U.S. debt-relief policies more broadly and to promote initiatives through multilateral institutions.

Other Nations

These are links to web sites of other nation's governments with involvement in international finance.

Bank for International Settlements (BIS)

The Bank for International Settlements (BIS) is an intergovernmental organization of central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks."[1] It is not accountable to any national government. The BIS carries out its work through subcommittees, the secretariats it hosts, and through its annual General Meeting of all members. It also provides banking services, but only to central banks, or to international organizations like itself. Based in Basel, Switzerland, the BIS was established by the Hague agreements of 1930. The name of the BIS in German: Bank für Internationalen Zahlungsausgleich (BIZ), in French: Banque des Règlements Internationaux (BRI), in Italian: Banca dei Regolamenti Internazionali (BRI). It has representative offices in Hong Kong and Mexico City.

The World Bank Group (WB)

The World Bank differs from the World Bank Group, in that the World Bank comprises only two institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), whereas the latter incorporates these two in addition to three more:[4] International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and International Centre for Settlement of Investment Disputes (ICSID). The World Bank is an international financial institution that provides loans to developing countries for capital programmes. The World Bank has a goal of reducing poverty. By law, all of its decisions must be guided by a commitment to promote foreign investment, international trade and facilitate capital investment.[3]

International Monetary Fund

Paris Club

Throughout its existence, the Paris Club has aimed to produce agreements that lead to levels of payments sustainable for the debtor. Over time, practice and theory have developed, and two trends have emerged in the terms of Paris Club agreements: Longer repayment periods have been considered. In early Paris Club agreements, repayment terms did not exceed ten years including a grace period (in which only payments of interest on the consolidation are due). For poorer countries, these terms have been constantly extended. The maximum repayment period is now 23 years (including 6 years of grace) for commercial loans and 40 years (including 16 years of grace) for official development aid loans. Debt cancellation has been increasingly used. The first concessional agreement was concluded with Mali in 1988 under the Toronto terms (33,33% cancellation). The cancellation rate has been regularly raised, achieving 90% or more when necessary to reach debt sustainability in the framework of the Heavily Indebted Poor Countries Initiative. If Paris Club treatments are defined on a case by case basis, most of them are however based on pre-defined categories and fall under two main frameworks: the Heavily Indebted Poor Countries Initiative and the Evian approach. In case of crisis, the Paris Club has also granted exceptional debt treatments The Paris Club is a group of currently 19 permanent members. Other creditor countries can participate in negotiation meetings on a case by case basis, provided that certain conditions are met. Finally, representatives of international financial institutions or countries can be invited to attend the meetings as observers. The 19 Paris Club permanent members are countries with large exposure to other States woldwide and that agree on the main principles and rules of the Paris Club. The claims may be held directly by the government or through its appropriate institutions, especially Export credit agencies. These creditor countries have constantly applied the terms defined in the Paris Club Agreed Minutes to their bilateral claims and have settled any bilateral disputes or arrears with Paris Club countries, if any. The following countries are permanent Paris Club members: AUSTRALIA, AUSTRIA, BELGIUM, CANADA, DENMARK, FINLAND, FRANCE, GERMANY, IRELAND, ITALY, JAPAN, NETHERLANDS, NORWAY, RUSSIAN , EDERATION, SPAIN, SWEDEN, SWITZERLAND, UNITED KINGDOM, UNITED STATES OF AMERICA. Other official creditors can also actively participate in negotiation sessions, subject to the agreement of permanent members and of the debtor country. When participating in a negotiation meeting, invited creditors agree to act in good faith and to follow the principles of the Paris Club. The following countries have participated as creditors in some Paris Club agreements: , Abu Dhabi, Argentina, Brazil, Korea, Israël, Kuweït, Mexico, Morocco, New Zealand , Portugal, South Africa , ,Trinidad and Tobago, Turkey.

United Nations (UN)

Emerging Markets

Educational Institutions