Creditors Agree to Debt Rescheduling by Poland

Representatives of 17 Western governments have agreed in principle to reschedule certain debt payments owed them by the Polish government, the French Treasury announced today.

Terms of the agreement cover interest and principal payments that came due to Western governments, including the United States, between Jan. 1, l982 and Dec. 31, 1984, the Treasury said in a statement. The communique did not specify the amount of debt to be rescheduled. Bankers have said it totals about 3 billion.

Poland had been seeking to reschedule its foreign debt for several years. But talks with government creditors were impeded when martial law was declared in Poland in 1982. The country’s commercial bank creditors have already agreed to reschedule paymnents they are owed through 1987.

The French Treasury said Wednesday’s accord was reached after the 17 government representatives approved Poland’s economic and financial recovery programs. It said the creditors thought a rescheduling was required in order to improve Poland’s balance of payments prospects and to assure the success of its recovery plan.

The rescheduling will not become formal until delegates inform their respective governments on details.