Paris (Reuters) – The Paris Club of creditor nations has agreed to restructure approximately $76 million of Djibouti’s external debt, the club said in a statement on Friday.

Some $64 million of the debt will be rescheduled and $12 million will be deferred.

“This debt restructuring will make an important contribution to Djibouti’s economic outlook. After comparable effort from other creditors, this rescheduling will satisfy Djibouti’s financing needs for the next three years,” the statement said.

It added that the deal was expected to reduce debt service due to Paris Club creditors from the small, east African state to $19 million from $85 million.

“In this context, Djibouti is committed to seek comparable treatment from its non Paris Club creditors,” the statement said