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Context: Paris Club creditor nations are proposing a 10-year moratorium on Sri Lankan debt and another 15 years of debt restructuring as a formula to resolve the Sri Lankan debt crisis.
- The Paris Club is an informal group of creditor nations whose objective is to find workable solutions to payment problems faced by debtor nations.
- The Paris Club has 22 permanent members, including most of the western European and Scandinavian nations, the United States, the United Kingdom, and Japan.
- As an informal group, it has no official statutes and no formal inception date, although its first meeting with a debtor nation was in 1956, with Argentina.