According to an EFE press agency cable, the Paris Club, which consists of the main creditor countries, announced a reduction in the service of the DR’s debt for a total of approximately US$137 million. The debt is being reduced from US$357 to US$222 million and loans awarded as public aid for development will have interest rates no higher than the contracts of origin. The rest of the debt will be subject to interest rates of defined markets based on the rate without risk of the particular currency, according to the Paris Club. Each creditor may also convert the DR’s debt into projects that involve environmental protection, aid, investment, or other types of conversion. The Paris Club has linked its decision to reduce the service of debt to the DR’s agreement with the International Monetary Fund (IMF) and the “success of the re-structuring of the private debt” put into effect by the Dominican government. The creditor nations are convinced that the decision will contribute to improving the DR’s economic perspectives and will reinforce its balance of payments. The Paris Club also praised the recuperation measures included in the country’s economic and financial program.