Debt cancellation, the Federal Republic of Somalia having reached its Completion Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) on December 13, 2023
Categories of debt treated:
Treatment of the stock as of January 1, 2023
Repayment profile:
Treatment under HIPC Initiative Exit terms
In addition, Paris Club creditors confirmed their willingness to grant additional debt cancellation on a voluntary and bilateral basis for an amount of USD 815 million.
Comparability of treatment provision:
The Federal Republic of Somalia was declared eligible to the Enhanced HIPC Initiative by the IDA and the IMF in February 2020 and was declared to have reached its Completion Point in December 2023. In this context, the Federal Republic of Somalia commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated March 13, 2024, 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.
Whether the debt relief provided is appropriate 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 Federal Republic of Somalia’s external debt; the nature and characteristics of all treatment applied, including debt buy backs; all characteristics of the reorganized claims and in particular their repayment terms regardless of the forms they take; and, more generally, the financial relations between the Federal Republic of Somalia and all its other creditors.
Consequently, the Federal Republic of Somalia commits not to accord any category of external creditors -and in particular litigating creditors, creditor countries not participating in the Agreed Minutes dated March 13, 2024, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
1 October 1984
Organisation of the session:
The agreement was signed by Mr. Bertrand Dumont, Chairman of the Paris Club and Director General of the Treasury and Mr. William Roos, Co Chairman and Assistant Secretary at the Directorate-General of the Treasury.
The head of the debtor country was H.E. Bihi Iman Egeh, Minister of Finance.
Debt relief of its external public debt, this country having reached its Decision Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) in June 2021
Categories of debt treated:
Treatment of arrears as of 31 December 2020
Treatment of maturities falling due from 1 January 2021 up to 30 September 2024
67% cancellation of pre cut-off-date non Official Development Assistance (NODA) claims and rescheduling of the remaining claims over 23 years, with a 6 years grace period
100% rescheduling of pre cut-off-date ODA claims treated over 40 years with a 16 years grace period
On an exceptional basis, the Paris Club creditors have also decided to defer over 16 years period from 1 December 2024 the repayment of arrears accumulated by Sudan on short term and post cut-off date debts, the maturities falling due during the consolidation period under the post cut-off date debts as well as all moratorium interest due during the consolidation period on the rescheduled and deferred amounts.
Representatives from Kuwait Fund for Arab Economic Development, Saudi Fund for Development, the Abu Dhabi Fund for Development and the Czech Republic also attended the meeting as observers. They expressed their support to the terms reached between the Paris Club and the Government of Sudan and indicated their willingness to provide to Sudan comparable terms under the framework of enhanced HIPC Initiative and in accordance with terms and conditions adopted by their respective Boards of Directors.
Specific provisions:
Good will clause
Given the decision by Participating Creditor Countries to contribute to the exceptional assistance in favour of the Government of the Republic of the Sudan under the Enhanced HIPC Initiative, the Participating Creditor Countries declare their readiness to hold a meeting at Completion Point designed to examine the question of the Republic of the Sudan’s outstanding debt stock and to make the necessary effort in favour of the Republic of the Sudan to allow it to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that:
- the Government of the Republic of the Sudan maintains satisfactory relations with the Participating Creditor Countries and a sound reform track record;
- the Executive Boards of the IMF and the IDA decide that the Republic of the Sudan has reached its Completion Point under the enhanced HIPC initiative.
Furthermore, if as of 30 June 2024, the Republic of the Sudan has not reached its Completion Point under the enhanced HIPC initiative, the Participating Creditor Countries declare their readiness in principle to a meeting to consider the matter of the Republic of the Sudan's debt service payments falling due after 30 September 2024, provided:
- that the Republic of the Sudan continues to have an appropriate arrangement with the IMF;
- that the Republic of the Sudan has made all reasonable efforts to reach with other creditors effective arrangements meeting the conditions and has reported in writing to the Chairperson of the Paris Club;
- and that the Republic of the Sudan has complied with all conditions set out in the Agreed Minutes dated 15 July 2021.
Phases
First phase : From 1 January 2021 up to 30 September 2022, effective upon signature of the agreed minutes by all relevant parties
Second phase : From 1 October 2022 up to 30 September 2023
Third phase : From 1 October 2023 up to 30 September 2024
Comparability of treatment provision:
The Republic of the Sudan was declared eligible to the Enhanced HIPC initiative by the IDA and the IMF in March 2021 and was declared to have reached its Decision Point in June 2021. In this context, the Republic of the Sudan commits to finalize the debt data reconciliation process and seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 15 July 2021, 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 the Sudan’s external debt, the nature and characteristics of all treatments 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 the Sudan and creditor countries not listed in the Agreed Minutes dated 15 July 2021.
Consequently, the Government of the Republic of the Sudan commits not to accord any category of creditors a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
1 January 1984
Organisation of the session:
The meeting was chaired by Mr. Emmanuel MOULIN, Chairman of the Paris Club.
The head of the debtor country's delegation was Dr. Gibril IBRAHIM, Minister of Finance and Economic Planning.
$3 051 million of which being due to Paris Club as of November 01, 2019
Amounts treated:
$2 625 million of which $1 358 million being canceled, of which $1 266 million being rescheduled
Accorded treatment:
Debt relief of its external public debt, this country having reached its Decision Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) in March 2020
Categories of debt treated:
Treatment of arrears as of October 31, 2019
Treatment of maturities falling due from November 01, 2019 up to March 31, 2023
repayment of non ODA credits over 23 years, with 6 years of grace
repayment of ODA credits over 40 years with 16 years of grace
Representatives from Kuwait Fund for Development, Saudi Fund for Development and the Abu Dhabi Fund for Development also attended the meeting as observers. They expressed their support to the terms of the agreement between the Paris Club and the Government of Somalia and indicated their willingness to provide to Somalia comparable terms under the framework of Enhanced HIPC Initiative and in accordance with terms and conditions adopted by their respective Boards of Directors.
Specific provisions:
Good will clause
Given the decision by Participating Creditor Countries to contribute to the exceptional assistance in favour of the Government of the Federal Republic of Somalia under the Enhanced HIPC Initiative, the Participating Creditor Countries declare their readiness in principle to hold a meeting at the Completion Point designed to examine the question of the Federal Republic of Somalia’s outstanding debt stock and to make the necessary effort in favour of the Federal Republic of Somalia to allow it to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that:
- the Government of the Federal Republic of Somalia maintains satisfactory relations with the Participating Creditor Countries and a sound reform track record;
- the Executive Boards of the IMF and the IDA decide that the Federal Republic of Somalia has reached its Completion Point under the enhanced HIPC initiative.
Furthermore, in response to the request of the representatives of the Government of the Federal Republic of Somalia, if as at 1st April 2023, the Federal Republic of Somalia has not reached its Completion Point under the enhanced HIPC initiative, the Participating Creditor Countries agree in principle to a meeting to consider the matter of the Federal Republic of Somalia's debt service payments falling due after 31st March 2023, provided:
- that the Federal Republic of Somalia continues to have an appropriate arrangement with the International Monetary Fund;
- that the Federal Republic of Somalia has made all reasonable efforts to reach with other creditors effective arrangements meeting the conditions described in the Agreed Minutes dated 31st March 2020 and has reported in writing to the Chairperson of the Paris Club;
- and that the Federal Republic of Somalia has complied with all conditions set out in the Agreed Minutes dated 31st March 2020.
Phases
First phase : From November 01, 2019 up to March 31, 2021, implemented at the signature of the agreement
Second phase : From April 01, 2021 up to March 31, 2022, implemented on 27 June 2022
Third phase : From April 01, 2022 up to March 31, 2023, implemented on 20 April 2023
Comparability of treatment provision:
The Federal Republic of Somalia was declared eligible to the Enhanced HIPC initiative by the IDA and the IMF in February 2020 and was declared to have reached its Decision Point in March 2020. In this context, the Federal Republic of Somalia commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 31st March 2020, 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 Federal Republic of Somalia’s external debt, the nature and characteristics of all treatments 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 Federal Republic of Somalia and creditor countries not listed in the Agreed Minutes dated 31st March 2020.
Consequently, the Government of the Federal Republic of Somalia commits not to accord any category of creditors a treatment more favourable than that accorded to the Participating Creditor Countries
Cut-off date:
October 01, 1984
Organisation of the session:
The meeting was chaired by Mr. Guillaume CHABERT, Co-Chairman of the Paris Club.
The head of the debtor country's delegation was Dr. Abdirahman D. BEILEH, Minister of Finance.
Debt cancellation, the Republic of Chad reaching its Completion Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) on 29 April 2015
Categories of debt treated:
Treatment of arrears as of May 31, 2015 Treatment of the stock as of June 01, 2015
Repayment profile:
Treatment under HIPC Initiative Exit terms
Paris Club creditors also confirmed their willingness to grant additional debt relief on a bilateral basis for an amount of $41.8 million.
This agreement and additional bilateral efforts will result in a cancellation of the debt of the Republic of Chad to Paris Club creditors by 100%, i.e. $62.6 million.
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) the amounts of outstanding Official Development Assistance (ODA) loans;
(ii) the amounts of other outstanding credits, loans and consolidations, up to 20% of the amounts of outstanding credits as of 31 March 1994 or up to an amount of SDR 30 million, whichever is higher.
Comparability of treatment provision:
The Republic of Chad was declared eligible to the enhanced HIPC Initiative by the IDA and the IMF in 2001 and was declared to have reached its Completion Point in April 2015. In this context, the Republic of Chad commits to promptly seek from all its official bilateral and commercial external creditors which are not participating in the Agreed Minutes dated 24 June 2015, 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 the 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 Chad’s external debt, the nature and characteristics of all treatment applied, including debt buy backs, all characteristics of the reorganized claims -and in particular their repayment terms, regardless of the forms they take- and, more generally, the financial relations between the Republic of Chad and all their other creditors.
Consequently, the Republic of Chad commits not to grant any category of external bilateral and commercial creditors -and in particular litigating creditors, creditor countries not participating in the Agreed Minutes dated 24 June 2015, commercial banks, suppliers and bondholders- a treatment more favourable than that granted to the Participating Creditor Countries.
Cut-off date:
June 30, 1989
Organisation of the session:
The meeting was chaired by Mr. Arnaud Buissé, Vice President of the Paris Club. The head of the debtor country's delegation was Mr. Kordjé Bedoumra, Minister of Finance and Budget.
Treatment of maturities falling due from September 01, 1998 up to June 30, 2001
Repayment profile:
Treatment under Naples terms (cancellation rate of 67%)
repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 67%
repayment of ODA credits over 40 years with 16 years of grace
Specific provisions:
Entry-into-force provision
Agreement implemented on June 30, 1999
Good will clause
In response to the request of the representatives of the Government of the Central African Republic, the Participating Creditor Countries agreed in principle to a meeting to consider the matter of the Central African Republic 's debt service payments falling due after June 30, 2001 and relating to loans or credits pursuant to a contract or other financial arrangement concluded before January 1, 1983 provided:
- that the Central African Republic continues to have an appropriate arrangement with the International Monetary Fund;
- that the Central African Republic has reached with other creditors effective arrangements meeting the conditions described in [the Agreed Minute]. above and has reported in writing to the Chairman of the Paris Club, pursuant to [the Agreed Minute];
- and that the Central African Republic has complied with all conditions set out in this Agreed Minute.
If as at June 30, 2001, the Government of the Central African Republic has maintained satisfactory relations with the Participating or Observer Creditor Countries, and notably has fully implemented all agreements signed with them and continues to have an appropriate arrangement with the International Monetary Fund, the Participating Creditor Countries agree in principle to hold a meeting to consider the matter of the Central African Republic 's stock of debt.
Free transferability provision
The Government of the Central African Republic will take the relevant administrative measures or extend existing measures to ensure that the private debtors in the Central African Republic will be permitted to pay into the Central Bank the local currency counterpart of their obligations past due or falling due, corresponding to their debt of any nature owed to or guaranteed by the Participating or Observer Creditor Countries or their appropriate institutions.
Phases
First phase : From September 01, 1998 up to June 30, 1999, implemented on June 30, 1999
Second phase : From July 01, 1999 up to June 29, 2000, implemented on February 12, 2001
Third phase : From July 01, 2000 up to June 30, 2001, implemented on February 12, 2001
De minimis threshold of 250 000 SDR
Comparability of treatment provision:
In order to secure comparable treatment of its debt due to all its external public or private creditors, the Government of the Central African Republic commits itself to negotiate debt reorganization arrangements with all its external creditors providing for comparable debt reduction in net present value as well as comparable terms of repayment of the debts not cancelled.
The Government of the Central African Republic commits itself not to accord any category of creditors - and in particular creditor countries not participating in the Agreed Minute, commercial banks and suppliers - a treatment more favourable than that accorded by the Participating Creditor Countries for credits of comparable maturity and legal nature.
The Government of the Central African Republic will inform in writing the Chairman of the Paris Club not later than December 31, 1998 of the status of its negotiations and of the contents of its bilateral agreements with other creditors. The Government of the Central African Republic will further inform in writing regularly the Chairman of the Paris Club of the status of its negotiations with other creditors, as well as of the payments made to them, and in any case before the meeting mentioned in [the Agreed Minute], the Chairman of the Paris Club of the status of its negotiations with other creditors and effective payments in their favour.
Cut-off date:
January 01, 1983
Organisation of the session:
The meeting was chaired by Mr. Philippe de FONTAINE VIVE, Vice President of the Paris Club.
The head of the debtor country's delegation was Mr. Anicet Georges DOLOGUELE, Minister of Finance and Budget.
Treatment under Lyon terms (cancellation rate of 80%)
repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 80%
repayment of ODA credits over 40 years with 16 years of grace
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) the amounts of outstanding loans [treated in the present Agreed Minute] as regards official development aid loans ; (ii) the amounts of other outstanding credits, loans and consolidations [treated in the present Agreed Minute], up to 30% of the amounts of outstanding credits as of December 31, 1992 or up to an amount of 30 million SDR, whichever is higher.
Good will clause
The Participating Creditor Countries understand that the Boards of the International Monetary Fund and of the International Bank for Reconstruction and Development intend to consider in 1999 enhancement to the Debt Initiative for the Heavily Indebted Poor Countries. The Participating Creditor Countries agree in principle to review in that light the matter of the Republic of Mozambique's stock of debt with a view to providing additional relief if needed to achieve the objective of debt sustainability.
Pullback clause
The Participating Creditor Countries reserve the right to review the implementation of the conditions [...] for the comparability of treatment between all external creditors ; if the Participating Creditor Countries determine that these conditions are not substantially fulfilled, or that the Government of the Republic of Mozambique has not met its payments obligations as specified in the present Agreed Minute, the provisions [...] of the present Agreed Minute will become null and void
Payment of non-consolidated amounts before September 30, 1999
Comparability of treatment provision:
In order to secure comparable treatment of its debt due to all its external public or private creditors, the Government of the Republic of Mozambique commits itself to seek promptly from all its external creditors debt reduction and reorganization arrangements on terms comparable in net present value to those set forth in the present Agreed Minute for credits of comparable maturity. Comparability of treatment for debt reduction in net present value is assessed not only on the basis of the reduction in the face value of the debt but also on the terms of repayment of the debts not cancelled.
Consequently, the Government of the Republic of Mozambique commits itself to accord all categories of creditors -and in particular creditor countries not participating in the present Agreed Minute, commercial banks and suppliers- a treatment not more favourable than that accorded the Participating Creditor Countries.
For the purpose of the comparison between the arrangements concluded by the Government of the Republic of Mozambique with its creditor countries not listed in the present Agreed Minute on the one hand, and with the Participating Creditor Countries on the other hand, all relevant elements will be taken into account, including the real exposure of the creditor countries not listed in the present Agreed Minute, the level of cash payments received by those creditor countries from the Government of the Republic of Mozambique as compared to their share in the Republic of Mozambique'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 Government of the Republic of Mozambique and the creditor countries not listed in the present Agreed Minute.
The Government of the Republic of Mozambique will inform in writing the Chairman of the Paris Club not later than June 30, 2000 of the progress made for this purpose in negotiations with other creditors. It will inform afterwards on a semi annual basis, the Chairman of the Paris Club of the status of its relationships with other creditors.
Treatment of maturities falling due from April 01, 1998 up to March 31, 2001
Repayment profile:
Treatment under Lyon terms (cancellation rate of 80%)
repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 80%
repayment of ODA credits over 40 years with 16 years of grace
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) the amounts of outstanding loans [treated in the Agreed Minute dated April 24, 1998] as regards official development aid loans ; (ii) the amounts of other outstanding credits, loans and consolidations [treated in the Agreed Minute], up to 20% of the amounts of outstanding credits as of September 30, 1991 or up to an amount of 30 million SDR, whichever is higher.
Good will clause
In response to the request of the representatives of the Government of the Republic of Côte d'Ivoire, the Participating Creditor Countries agreed in principle to a meeting to consider the matter of debt service payments falling due after March 31, 2001 and relating to loans or credits pursuant to a contract or other financial arrangement concluded before July 1, 1983 provided:
- that the Republic of Côte d'Ivoire continues to have an appropriate arrangement with the International Monetary Fund;
- that the Republic of Côte d'Ivoire has reached with other creditors effective arrangements meeting the conditions described in [the Agreed Minute] and has reported in writing to the Chairman of the Paris Club, pursuant to [the Agreed Minute];
- and that the Republic of Côte d'Ivoire has complied with all conditions set out in this Agreed Minute.
Special account
To facilitate the implementation of the Agreed Minute dated April 24, 1998, the Government of the Republic of Cote d'Ivoire will deposit in the special account established with the Banque de France, the equivalent of at least 2 billion CFA francs at the end of each month, commencing in April 1, 1998 through March 31, 2001 inclusive. The Government of the Republic of Cote d'Ivoire undertakes to have this Bank notify the Chairman of the Paris Club as soon as each deposit has been made. The total amount approximates the amounts estimated to be payable to all Participating Creditor Countries from April 1, 1998 up to March 31, 2001 inclusive under the terms of the bilateral agreements to be concluded pursuant to the Agreed Minute. As specific payments under these agreements become due, the Government of the Republic of Cote d'Ivoire will draw on the special account to meet these payments; no drawing will be made on the special account for any other use before all payments due from April 1, 1998 up to March 31, 2001 inclusive under these agreements have been made. Any drawing on this account will be made after a previous 15-day notice to the above Bank, which this Bank will notify immediately to the Chairman of the Paris Club. This scheme could be continued by agreement between the parties.
Phases
First phase : From April 01, 1998 up to March 31, 1999, implemented at the signature of the agreement
Second phase : From April 01, 1999 up to March 30, 2000, not implemented
Third phase : From April 01, 2000 up to March 31, 2001, not implemented
De minimis threshold of 500 000 SDR
Payment of non-consolidated amounts before June 30, 1998
Comparability of treatment provision:
In order to secure comparable treatment of its debt due to all its external public or private creditors, the Government of the Republic of Côte d'Ivoire commits itself to seek from all its external creditors debt reorganization arrangements on terms comparable to those set forth in the Agreed Minute dated April 24, 1998 for credits of comparable maturity.
Consequently, the Government of the Republic of Côte d'Ivoire commits itself not to accord any category of creditors -and in particular creditor countries not participating in the Agreed Minute, commercial banks and suppliers - a treatment more favourable than that accorded to the Participating Creditor Countries.
The Government of the Republic of Côte d'Ivoire will seek to secure, from each of its creditor countries not participating in the Agreed Minute, rescheduling or refinancing arrangements on terms comparable to those set forth in the Agreed Minute. The Government of the Republic of Côte d'Ivoire agrees not to accord any such creditor country repayment terms more favourable than those accorded to the Participating Creditor Countries.
The Government of the Republic of Côte d'Ivoire agrees that it will promptly negotiate rescheduling or refinancing arrangements with all other creditors on credits of comparable maturity.
The Government of the Republic of Côte d'Ivoire will inform in writing the Chairman of the Paris Club not later than September 30, 1998 of the progress made for this purpose in negotiations with other creditors.
Cut-off date:
July 01, 1983
Organisation of the session:
The meeting was chaired by Mr. Francis MAYER, Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. N'goran NIAMIEN, Minister of Economy and Finance.
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 the amounts of outstanding credits and loans [treated in the present Agreed Minute] other than official development aid loans, as well as consolidation of such credits, up to 10% of the amounts of these outstanding credits and consolidations as of December 31, 1999, or up to an amount of 15 million SDR, whichever is higher. Participating Creditor Countries will inform the Secretariat of the Paris Club, who will inform other Creditors, of their intention to implement debt swap agreements. In addition, Participating Creditor Countries and the Republic of Gabon will inform semi-annually the Secretariat of the Paris Club, who will inform other Creditors, of the debt swap operations they have implemented. All elements necessary to evaluate the operation, its impact on the Republic of Gabon's economy and on the evolution of creditor's exposure will be transmitted to the Secretariat, including : its nature and purpose ; the parties to the debt swap ; the amount, type and value of the debt treated ; the price of sale to investors and the expense of the Republic of Gabon. It is understood that Participating Creditor Countries will not implement debt swaps at a time of arrears to Participating Creditor Countries on amounts consolidated under the present or previous Agreed Minutes.
Entry-into-force provision
The provisions [...] of the present Agreed Minute will come into force on February 28, 2001 provided that the Government of the Republic of Gabon has made all payments to be made up to February 28, 2001 inclusive [on non-consolidated amounts].
Agreement implemented on February 28, 2001
Pullback clause
The Participating Creditor Countries will review the implementation of the conditions stated in [the presentAgreed Minute]. If, in light of the decisions taken by the Board of the International Monetary Fund, the Participating Creditor Countries determine that this condition was not fulfilled for the implementation of the present Agreed Minute, they may declare part or all of the provisions set forth in [the present Agreed Minute] null and void.
De minimis threshold of 1 500 000 SDR
Payment of non-consolidated amounts before February 28, 2001
Comparability of treatment provision:
In order to secure comparable treatment of its debt due to all its external public or private creditors, the Government of the Republic of Gabon commits itself to seek promptly from all its external creditors debt reorganisation arrangements on terms comparable to those set forth in the present Agreed Minute, while trying to avoid discrimination among different categories of creditors.
Consequently, the Government of the Republic of Gabon commits itself to accord all categories of creditors -and in particular creditor countries not participating in the present Agreed Minute, and private creditors- a treatment not more favourable than that accorded to the Participating Creditor Countries for credits of comparable maturity.
For the purpose of the comparison between the arrangements concluded by the Government of the Republic of Gabon with its creditors not listed in the present Agreed Minute on the one hand, and with the Participating Creditor Countries on the other hand, all relevant elements will be taken into account, including the real exposure of the creditors not listed in the present Agreed Minute, the level of cash payments received by those creditors from the Government of the Republic of Gabon as compared to their share of the Republic of Gabon'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 Government of the Republic of Gabon and the creditors not listed in the present Agreed Minute.
Cut-off date:
July 01, 1986
Organisation of the session:
The meeting was chaired by Mr. Bruno BEZARD, Vice Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Emile DOUMBA, Minister of Finance, Budget and Privatization.
