The Principles, which have been agreed between sovereign debtors and their private creditors, serve a number of important purposes. They aim to foster transparency and the timely flow of information between debtors and creditors. Moreover, they seek to ensure close debtor-creditor dialogue and cooperation to avoid restructuring.
In cases where a debt restructuring becomes inevitable, the Principles request relevant parties to pursue good faith actions and call for fair treatment of affected creditors. With regard to the creation of the Principles, I remember launching the idea at a luncheon organised by the Bretton Woods Committee in 2001.