VIDEO: What is the Paris Club?

The Paris Club, comprising 22 wealthy countries, provides a platform for governments facing financial difficulties to reduce and renegotiate their debt repayments.

Formed in 1956, it has signed more than 400 agreements to date, worth more than half a trillion dollars to about 100 countries.

As public debt soars in the wake of the pandemic, CNBC breaks down how this exclusive club functions and the challenges it faces to stay relevant.

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