An informal group of developed countries that seek solutions for heavily indebted countries that are having trouble making their payments. The creditors, who typically are industrial countries, agree to reschedule the debts they are owed. The Paris Club began in 1956 when Argentina met its public creditors in Paris. The Paris Club and related groups have made more than 300 agreements with 76 debtor countries. The Paris Club works closely with the International Monetary Fund (IMF) and often requires countries to be IMF members in order to receive debt assistance.