Supporting agreements with the international institutions
IMF programme supported by an Arrangement under the Poverty Reduction and Growth Facility (PRGF) approved on November 22, 2006
Download the IMF report : PRGF document
Total external debt of the country
$1 885 million as of September 30, 2008
$215 million of which being due to Paris Club as of June 01, 2009
Amounts treated
$162 million of which $63 million being canceled, of which $99 million being rescheduled
Accorded treatment
Debt cancellation following Haiti’s having reached its Completion Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) on 30 June 2009
Categories of debt treated
Treatment of arrears as of May 31, 2009. Treatment of the stock as of June 01, 2009
Repayment profile
Treatment under HIPC Initiative Exit terms
Paris Club creditors also committed on a bilateral and voluntary basis to cancel an additional USD 152 million. As a result of this agreement and additional bilateral efforts, the Republic of Haiti's debt to Paris Club creditors will be entirely cancelled.
Specific provisions
Possibility to conduct debt swaps
On a voluntary and bilateral basis, the Government of each participating creditor country or its appropriate institutions may sell or exchange, in the framework of debt for nature, debt for aid, debt for equity swaps or other local currency debt swaps:
(i) all ODA loans with the exception of loans administered by IDA and provided by the European Union member States;
(ii) the amounts of other outstanding credits, loans and consolidations with the exception of loans mentioned in c), up to 20% of the amounts of outstanding credits as of 28 February 1995 or up to an amount of 20 million dollars of the United States of America, whichever is higher.
Comparability of treatment provision
The Republic of Haiti was declared eligible to the enhanced HIPC Initiative by the IDA and the IMF in 2006 and was declared to have reached its Completion Point in June 2009. In this context, the Republic of Haiti commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 8July 2009, their appropriate contribution in terms of debt relief to the enhanced HIPC Initiative, on top of traditional debt relief mechanisms and consistent with the proportional burden sharing based on their relative exposure in net present value of total external debt at Decision Point after the full use of traditional debt relief mechanisms.
The appropriate nature of the debt relief provided will be assessed not only on the basis of the reduction in the net present value of the debt as computed under Appropriate Market Rate, but also on the terms of repayment of the debts not cancelled. For this purpose, all relevant elements will be taken into account, including the level of cash payments received by those creditors as compared to their share in the Republic of Haiti's external debt, the nature and characteristics of all treatment applied, including debt buy backs, and all characteristics of the reorganized claims and in particular their repayment terms whatever forms they take and in general the financial relations between the Republic of Haiti and creditor countries not listed in the Agreed Minutes dated 8 July 2009.
Consequently, the Republic of Haiti commits not to accord any category of external creditors -and in particular creditor countries not participating in the Agreed Minutes dated 8July 2009, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date
October 01, 1993
Organisation of the session
The meeting was chaired by Mr. Julien RENCKI, Vice Chairman of the Paris Club
The head of the debtor country's delegation was Mr. Daniel DORSAINVIL, Minister of Economy and Finance
Files attached
PrHaiti200907087702.pdf (63.96 KB)