The Paris Club () is a group of officials from major creditor countries whose role is to find co-ordinated and sustainable solutions to the payment difficulties experienced by debtor countries. As debtor countries undertake reforms to stabilize and restore their macroeconomic and financial situation, Paris Club creditors provide an appropriate debt treatment. Paris Club creditors provide debt treatments to debtor countries in the form of rescheduling, which is debt relief by postponement or, in the case of concessional rescheduling, reduction in debt service obligations during a defined period (flow treatment) or as of a set date (stock treatment). The Paris Club was created gradually from 1956, when the first negotiation between Argentina and its public creditors took place in Paris. The Paris Club treats public claims (that is to say, those due by governments of debtor countries and by the private sector), guaranteed by the public sector to Paris Club members. A similar process occurs for public debt held by private creditors in the London Club, which was organized in 1970 on the model of the Paris Club as an informal group of commercial banks meet to renegotiate the debt they hold on sovereign debtors. Creditor countries meet ten times a year in Paris for Tour d'Horizon and negotiating sessions. To facilitate Paris Club operations, the French Treasury provides a small secretariat, and a senior official of the French Treasury is appointed chairman. Since 1956, the Paris Club has signed 433 agreements with 90 countries covering over US$583 billion. Members of the Paris Club There are currently 22 Permanent Members of the Paris Club: Creditor delegations are generally led by a senior delegate from the Ministry of Finance. Ad hoc participants Other official creditors can also participate in negotiation sessions or in monthly "Tours d'Horizon" discussions, subject to the agreement of permanent members and of the debtor country. When participating in Paris Club discussions, invited creditors act in good faith and abide by the practices described below. The following creditors have participated in some Paris Club agreements or Tours d'Horizon in an ad hoc manner: Abu Dhabi, Argentina, People's Bank of China, Kuwait, Mexico, Morocco, New Zealand, Portugal, South Africa, Trinidad and Tobago, Turkey. Observers Observers are invited to attend the negotiating sessions of the Paris Club but they cannot participate in the negotiation itself, nor sign the agreement that formalizes the result of negotiation. There are three categories of