Paris Club of creditors discloses IOU list

PARIS (AP) -- The Paris Club of creditor nations disclosed Wednesday for the first time how much it is owed and by whom - with emerging giants China and India high on its list of debtors.

In a statement on its Web site, the Paris Club said it is owed a total of $330 billion. The Paris Club released the figures ahead of an international development conference in Doha, Qatar, this week.

The group said the gesture was meant to "enhance transparency on debt data and to encourage all creditors, in particular major developing countries' creditors, to engage in a comprehensive debt reporting and disclosure process."

The publication comes as nations rich and poor are seeking ways out of the global economic crisis, and many are pressing China to use its $1.9 trillion in reserves for a global bailout fund.

About a third of the Paris Club debt is owed by large developing economies, with China owing $27.2 billion and India owing 18.9 billion. Indonesia is the biggest debtor, at $36.2 billion, followed by Cuba at $29.7 billion.

It was the first time the Paris Club has published such figures since the informal group of lending nations was formed 50 years ago. It has 19 permanent members.

The Paris Club said it planned to cancel some $31 billion of the claims owed by heavily indebted poor countries that carry out recommended economic reforms.

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