Paris Club approves Algeria's plan to prepay up to $8 billion in debt

By Reshmi Basu

New York, May 11 -The government of Algeria's plans to pay off the entire $8 billion of debt it owes to the Paris Club were accepted by the creditors.

Under the agreement, the African nation will prepay its debt at par between May 31 and Nov. 30.

The move "reflects the strong financial recovery of Algeria in recent years," said the Paris Club in a news statement.

Formed in 1956, the Paris Club is an informal group of creditor governments from major industrialized countries.

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