Review essay about "What is the Paris Club? | CNBC Explains"

This review essay may contain some errors about the objective truth. Also, this review essay is completely written by myself. Therefore might have a biased opinion. Please tell me if this essay includes some errors about the objective truth. Also, I like to hear your idea about my opinion. Please leave them on the comment.

https://youtu.be/8BIDE2FjqTo

Paris club is an organization for the world's debt and saves defaults of many heavily indebted countries. This organization is important since there are many indebted countries even 2021 like Zambia, Bolivia, Argentina, Ecuador, Lebanon, and Syria. 

Also, the organization had wrote-off many debts. For example, in 2003 Iraq, U.S.A wrote-off 90% of Iraq's debt, and other countries involved in the Paris club also wrote-off the debt including German and France. Therefore, about 80% of Iraq's total debt was wrote-off. 

In 2020, there are still 277 trillion dollars of debt worldwide and it's about 365% of the global GDP. Even though developing countries' GDP is growing fast, about 248% for a year, but most of their benefits are spent paying the debt. 

Paris club consists of 22 permanent countries including South Korea. But, it has a critical weakness that China is not included in that 22 countries. 

Even though it has its critical weakness, since founded in 1956 to solve Argentina's debt problem, it had more than 472 agreements, eliminated 589 billion dollars of debts, and still doing its job by lowering the debt or extend the due date of paying debts. 

Paris club has six principles. Solidarity, consensus, information sharing, case by case, conditionality, and comparable terms. 

With these principles, the Paris club had done through until today. But, since China's economical growth is getting fast, its weakness is standing out. About 20% of the developing countries' debt has belonged to China. Therefore, its influence and power are getting decreased. 

In my opinion, the Paris club might solve the problems that IMF can't solve. Since the countries involved in the Paris club is less than IMF. It will contribute to the faster speed of making the decision. Also, if countries have too much debt and therefore rejected financial help from the IMF, they might have a second chance. 

Thank you. 

keywords: HIPC, French, China, six principles, debt, indebted, emerging markets.