Club agreement is divided into phases. The amounts falling due during the first phase are treated as soon as the agreement enters into force. Subsequent phases are implemented following completion of conditions mentioned in the Agreed Minutes, including non-accumulation of arrears and approval of the reviews of the IMF program. • Comparability of treatment: A debtor country that signs an agreement with its Paris Club creditors should not accept from its non-Paris Club commercial and bilateral creditors terms of treatment of its debt less favorable to the debtor than those agreed with the Paris Club. Meetings Paris Club creditor countries generally meet 10 times per year. Each session includes a one-day meeting called a “Tour d'Horizon” during which Paris Club creditors discuss debt situations of debtor countries, or methodological issues regarding the debt issues more broadly. The session may also include negotiation meetings with one or more debtor countries. Negotiations A debtor country is invited to a negotiation meeting with its Paris Club creditors when it has concluded an appropriate programme with the International Monetary Fund (IMF) that demonstrates that the country is not able to meet its external debt obligations and thus needs a new payment arrangement with its external creditors (conditionality principle). Paris Club creditors link the debt restructuring to the IMF programme because the economic policy reforms are intended to restore a sound macroeconomic framework that will lower the probability of future financial difficulties. The twenty permanent members of the Paris Club may participate in the negotiation meetings, as participating creditors if they have claims towards the invited debtor country, as observers if not. Other official bilateral creditors may be invited to attend negotiation meetings on an ad-hoc basis, subject to the agreement of permanent members and of the debtor country. Representatives of international institutions, notably the IMF, the World Bank and the relevant regional development bank also attend the meeting as observers. The debtor country is usually represented by the Minister of Finance. They generally lead a delegation comprising officials from the Ministry of Finance and the Central Bank. Steps in a negotiation After a few words from the chairman to welcome everybody and to open the meeting, the official meeting begins with a statement by the minister of the debtor country, who presents in particular the requested debt treatment. This statement is followed by statements by the IMF and the World Bank, and, if appropriate,