Providing assistance in rescheduling debt

The Commonwealth Fund for Technical Cooperation (CFTC)'s Economic and Legal Advisory Services Division provides Commonwealth member countries with technical assistance to reschedule their debts. For instance, on three occasions, in 1989, 1990, and 1993, the Division assisted the Government of Guyana in applying for relief on loans. The Government of Guyana uses the Division's computer-based debt management system (CS-DRMS), that is also the world's leading debt management package. The Commonwealth consultants analysed alternative rescheduling scenarios, using CS-DRMS, and calculated a package of proposals which would be acceptable to creditors whilst also serving Guyana's interests. The Division's team assisted in drafting memorandum, participated in negotiations as a member of the Guyana delegation, and took part in the bilateral negotiations with each individual creditor.