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SENEGAL - 19850118

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 18 January, 1985

Status of the treatment: 

Fully repaid

Amounts treated: 

$106 million

Repayment profile: 

Treatment under Classic terms

Comparability of treatment provision: 

yes

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

SENEGAL - 19811013

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Tuesday, 13 October, 1981

Status of the treatment: 

Fully repaid

Amounts treated: 

$78 million

Repayment profile: 

Treatment under Classic terms

Comparability of treatment provision: 

yes

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

SAO TOME AND PRINCIPE - 20000516

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Tuesday, 16 May, 2000

Status of the treatment: 

Fully repaid

Supporting agreements with the international institutions: 

IMF program approved on April 28, 2000

Download the IMF report : letter of intent

Amounts treated: 

$27 million

Categories of debt treated: 

Treatment of arrears as of March 31, 2000

Treatment of maturities falling due from April 01, 2000 up to April 30, 2003

Repayment profile: 

Treatment under Naples terms (cancellation rate of 67%)

Specific provisions: 

Good will clause

In response to the request of the representatives of the Government of the Democratic Republic of Sao Tome and Principe, the Participating Creditor Countries agreed in principle to a meeting to consider the matter of the Democratic Republic of Sao Tome and Principe's debt service payments falling due after April 30, 2003 and relating to loans or credits pursuant to a contract or other financial arrangement concluded before April 1st, 1999, provided:

- that the Democratic Republic of Sao Tome and Principe continues to have an appropriate arrangement with the International Monetary Fund;

- that the Democratic Republic of Sao Tome and Principe has reached with other creditors effective arrangements meeting the conditions described in [the Agreed Minute dated May 16, 2005] and has reported in writing to the Chairman of the Paris Club, pursuant to [the Agreed Minute ] ;

- and that the Democratic Republic of Sao Tome and Principe has complied with all conditions set out in this Agreed Minute.

 

Phases

  • First phase : From April 01, 2000 up to April 30, 2001, implemented at the signature of the agreement
  • Second phase : From May 01, 2001 up to April 30, 2002, not implemented
  • Third phase : From May 01, 2002 up to April 30, 2003, not implemented

De minimis threshold of 150 000 SDR

Payment of non-consolidated amounts before October 31, 2000

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 Democratic Republic of Sao Tome and Principe 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 Agreed Minute dated May 16, 2000 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 Democratic Republic of Sao Tome and Principe commits itself to accord all categories of creditors -and in particular creditor countries not participating in the Agreed Minute, commercial banks and suppliers- a treatment not more favourable than that accorded to the Participating Creditor Countries.

For the purpose of the comparison between the arrangements concluded by the Government of the Democratic Republic of Sao Tome and Principe with its creditor 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 Agreed Minute, the level of cash payments received by those creditors from the Government of the Democratic Republic of Sao Tome and Principe as compared to their share in the Democratic Republic of Sao Tome and Principe'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 Democratic Republic of Sao Tome and Principe and the creditors not listed in the Agreed Minute.

The Government of the Democratic Republic of Sao Tome and Principe will inform in writing the Chairman of the Paris Club no later than December 31, 2000 of the progress made for this purpose in negotiations with other creditors [of the Agreed Minute], and will communicate to the Chairman of the Paris Club the content of its bilateral agreements with these creditors.

Cut-off date: 

April 01, 1999

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

RWANDA - 19980721

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Tuesday, 21 July, 1998

Status of the treatment: 

Fully repaid

Supporting agreements with the international institutions: 

IMF program under the ESAF approved on June 24, 1998

Download the IMF report : IMF report

Amounts treated: 

$54 million

Categories of debt treated: 

Treatment of arrears as of June 30, 1998

Treatment of maturities falling due from July 01, 1998 up to November 30, 2000

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: 

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] 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 June 30, 1998 or up to an amount of 15 million SDR, whichever is higher.

 

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 Republic of Rwanda, the Participating Creditor Countries agreed in principle to a meeting to consider the matter of the Republic of Rwanda's debt service payments falling due after May 31, 2001 and relating to loans or credits pursuant to a contract or other financial arrangement concluded before December 31, 1994 provided :

- that the Republic of Rwanda continues to have an appropriate arrangement with the International Monetary Fund ;

- that the Republic of Rwanda 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 Rwanda has complied with all conditions set out in this Agreed Minute.

 

Phases

  • First phase : From July 01, 1998 up to July 31, 1999, implemented on June 30, 1999
  • Second phase : From August 01, 1999 up to July 31, 2000, implemented on December 21, 1999
  • Third phase : From August 01, 2000 up to November 30, 2000, implemented on May 30, 2001

De minimis threshold of 500 000 SDR

Payment of non-consolidated amounts before December 31, 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 Rwanda commits itself to promptly negotiate debt reduction arrangements with all its external creditors.

Consequently, the Government of the Republic of Rwanda 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 Republic of Rwanda 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. Afterwards, the Government of the Republic of Rwanda 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].

Cut-off date: 

December 31, 1994

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

RDC 20101117

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Wednesday, 17 November, 2010

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

IMF programme supported by an Arrangement under the Extended Credit Facility approved on December 11, 2009

Download the IMF report : Document on the ECF

Download the IMF report : Completion Point document under the enhanced Initiative for the Heavily Indebted Poor Countries

Total external debt of the country: 

$13 700 million as of December 31, 2009

$7 528 million of which being due to Paris Club as of July 01, 2010

Amounts treated: 

$7 528 million of which $6 049 million being canceled, of which $1 479 million being rescheduled

Accorded treatment: 

Reduction of the debt following the DRC having reached its Completion Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) on 1 July 2010

Categories of debt treated: 

Treatment of arrears as of June 30, 2010

Treatment of the stock as of July 01, 2010

Repayment profile: 

Treatment under HIPC Initiative Exit terms

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;

(ii) the amounts of other outstanding credits, loans and consolidations with the exception of loans, up to 20% of the amounts of outstanding credits as of 30 June 2009 or up to an amount of 20 million dollars of the United States of America, whichever is higher.

Comparability of treatment provision: 

The Democratic Republic of the Congo was declared eligible to the enhanced HIPC Initiative by the IDA and the IMF in 2003 and was declared to have reached its Completion Point in July 2010. In this context, the Democratic Republic of the Congo commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 17 November 2010, 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 Democratic Republic of the Congo'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 Democratic Republic of the Congo and creditor countries not listed in the Agreed Minutes dated 17 November 2010.

Consequently, the Democratic Republic of the Congo commits not to accord any category of external creditors -and in particular creditor countries not participating in the Agreed Minutes dated 17 November 2010, commercial banks, suppliers and bondholders and litigating creditors- a treatment more favourable than that accorded to the Participating Creditor Countries.

Cut-off date: 

June 30, 1983

Organisation of the session: 

The meeting was chaired by Ms. Delphine d'AMARZIT, Co Chairperson of the Paris Club.

The head of the debtor country's delegation was Mr. MATATA PONYO Mapon, Minister of Finance.

Files attached: 

PDF icon PRDRC17112010ebb2.pdf

Observers (countries): 

Observers (institutions): 

RDC 20100225

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 25 February, 2010

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

IMF programme supported by an Arrangement under the Extended Credit Facility (ECF) approved on December 11, 2009

 

Total external debt of the country: 

$6 920 million of which being due to Paris Club as of July 01, 2009

Amounts treated: 

$2 957 million of which $1 310 million being canceled, of which $1 647 million being rescheduled

Accorded treatment: 

Restructuring of the external public debt, following the approval by the International Monetary Fund (IMF) of a new three-year arrangement under the Extended Credit Facility on 11 December 2009

Categories of debt treated: 

Treatment of arrears as of June 30, 2009

Treatment of maturities falling due from July 01, 2009 up to June 30, 2012

Repayment profile: 

Treatment under Cologne terms

  • 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

On an exceptional basis, considering the Democratic Republic of Congo's limited capacity of payment, creditors have also agreed to defer until after 1st July 2012 the repayment of maturities due by the Democratic Republic of Congo on short term and post-cut off date debts, as well as a significant part of the arrears on those claims. They also agreed to defer all the interest due on the amounts treated.

These measures are expected to reduce by 97% the debt service (including the arrears) due by the Democratic Republic of Congo to Paris Club creditors between 1st July 2009 and 30 June 2012.

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 and consolidations as regards ODA debts;

(ii) the amounts of other outstanding credits, loans and consolidations, up to 20% of the amounts of outstanding loans, credits and consolidations as of 30 June 2009 or up to an amount of 20 million SDR, whichever is higher.

 

Good will clause

Given the decision by Paris Club Creditors to contribute to the exceptional assistance in favour of the Government of the Democratic Republic of Congo under the Enhanced HIPC Initiative, the Participating Creditor Countries declare their readiness in principle to hold a meeting following the Completion Point designed to examine the question of the Democratic Republic of Congo's outstanding debt stock and to make the necessary effort in favour of the Democratic Republic of Congo 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 Democratic Republic of Congo maintains satisfactory relations with the Participating Creditor Countries and a sound adjustment track record;

- the Executive Boards of the IMF and the IDA decide that the Democratic Republic of Congo has reached its Completion Point under the enhanced HIPC initiative.

 

Phases

  • First phase : From July 01, 2009 up to June 30, 2010, implemented at the signature of the agreement
  • Second phase : From July 01, 2010 up to June 30, 2011, not implemented
  • Third phase : From July 01, 2011 up to June 30, 2012, not implemented

Comparability of treatment provision: 

The Democratic Republic of Congo was declared eligible to the Enhanced HIPC initiative by the IDA and the IMF in 2002 and was declared to have reached its Decision Point in July 2003. In this context, the Government of the Democratic Republic of Congo commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 25 April 2010, 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 Democratic Republic of Congo'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 Democratic Republic of Congo and creditor countries not listed in the Agreed Minutes dated 25 April 2010.

Consequently, the Government of the Democratic Republic of Congo commits not to accord any category of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 25 April 2010, commercial banks, suppliers, bondholders and litigating creditors- a treatment more favourable than that accorded to the Participating Creditor Countries.

Cut-off date: 

June 30, 1983

Organisation of the session: 

The meeting was chaired by Ms Delphine d'AMARZIT, Co Chairperson of the Paris Club.

The head of the debtor country's delegation was Mr. César LUBAMBA NGIMBI, Minister of Urban Development and Housing.

Files attached: 

PDF icon PRDRC20100225ee6b.pdf

Observers (institutions): 

PAKISTAN - 19740628

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 28 June, 1974

Status of the treatment: 

Fully repaid

Amounts treated: 

$650 million

Repayment profile: 

Treatment under Ad Hoc terms

Comparability of treatment provision: 

yes

Organisation of the session: 

Have attended:

Observers (institutions): 

NIGERIA - 20051020

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 20 October, 2005

Status of the treatment: 

Fully repaid

Supporting agreements with the international institutions: 

Upper credit tranche program with the IMF : Policy Support Instrument (PSI) approved on October 17, 2005

 

Total external debt of the country: 

$35 900 million as of December 31, 2004, representing 92,2% of goods and services exports (source: IMF report dated October 7, 2005)

$30 066 million of which being due to Paris Club as of September 15, 2005

Amounts treated: 

$30 066 million

Accorded treatment: 

Comprehensive treatment of debt

Categories of debt treated: 

1) Payment of arrears due as of 14/09/2005 and prepayment at par of senior "levelling up" debt. Cancellation of 33% of pre cut off date and deferal of the debt remaining due.

2) Payment of post cut off date debut upon entry into force of phase 2. Cancellation of 34% of pre cut off date debt. Buy back by Nigeria of the debt remaining due after cancellation and repayment.

Repayment profile: 

Treatment under Ad Hoc terms

Specific provisions: 

Cancellation phasing

First phase: cancellation of 33% on eligible debt after payment of arrears by Nigeria.

Second phase: cancellation of 34% of eligible debt after approval of the first review under the Policy Support Instrument by the IMF and repayment of post cut off date debt.

 

Free transferability provision

The Nigerian Government guarantees free and unrestricted access to the foreign exchange market, allowing immediate and unrestricted transfer of the foreign exchange counterpart of all amounts paid in local currency by the private debtors in Nigeria for servicing their foreign debt owed to or guaranteed by the Participating Creditor Countries or their appropriate institutions, and not subject to the present consolidation. In case of payments on these debts deposited before the signature of the present Agreed Minute in local currency by the private debtors with the local commercial banks, with the view to their transfer, the Nigerian Government shall allow the immediate transfer of the foreign exchange counterpart of these deposits.

Comparability of treatment provision: 

In order to secure comparable treatment of its debt due, as of the date of these Agreed Minutes, to all its external public or private creditors, the Nigerian Government commits to seek promptly from all its external creditors comprehensive debt treatment on terms comparable to those set forth in these Agreed Minutes, while trying to avoid discrimination among different categories of creditors. Consequently, the Nigerian Government commits to accord all categories of creditors -and in particular creditor countries not participating in these Agreed Minutes, 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 Nigerian Government with its creditors not listed in these Agreed Minutes on the one hand, and with the Participating Creditor Countries on the other hand, all relevant elements shall be taken into account, including the real exposure of the creditor not listed in these Agreed Minutes, the level of cash payments received by those creditors from the Nigerian Government as compared to their share in Nigeria'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 Nigerian Government and the creditors not listed in these Agreed Minutes.

Cut-off date: 

October 01, 1985

Organisation of the session: 

The meeting was chaired by Mr. Xavier Musca, Chairman of the Paris Club.

The head of the debtor country's delegation was Mrs Ngozi Okonjo-Iweala, Minister of Finance.

Files attached: 

PDF icon prnigeria2010056870.pdf

Observers (countries): 

Observers (institutions): 

NIGERIA - 20001213

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Wednesday, 13 December, 2000

Status of the treatment: 

Fully repaid

Supporting agreements with the international institutions: 

Program with the IMF approved on August 04, 2000

Download the IMF report : Letter of Intent

Total external debt of the country: 

$33 500 million as of December 31, 2000

$24 500 million of which being due to Paris Club as of December 31, 2000

Amounts treated: 

$24 297 million

Accorded treatment: 

Restructuring of the external debt

Categories of debt treated: 

Treatment of arrears as of July 31, 2000

Treatment of maturities falling due from August 01, 2000 up to July 31, 2001

Repayment profile: 

Treatment under Houston terms

  • repayment of non ODA credits over 18 years, with 3 years of grace
  • repayment of ODA credits over 20 years with 10 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 debt swaps : (i) all ODA loans ; (ii) amounts of outstanding credits, loans and consolidations on debts [treated in the present Agreed Minute] other than official development aid loans, up to 10% of the amounts of outstanding credits as of December 31, 1990 or up to an amount of 20 million SDR, whichever is higher. Participating Creditor Countries and the Federal Republic of Nigeria will inform semi-annually the Secretariat of the Paris Club, who will inform other creditors, of the debt swap agreements they have implemented. All elements necessary to evaluate the operation, its impact on the Federal Republic of Nigeria'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 Federal Republic of Nigeria.

 

Entry-into-force provision

The provisions of the present Agreed Minute will enter into force on April 15, 2001 unless Participating Creditors Countries consider that the following conditions are not fulfilled :

- satisfactory payments to Participating Creditor Countries on amounts due pursuant to the provisions of [the present Agreed Minute] or ;

- satisfactory implementation of the stand-by arrangement with the Government of the Federal Republic of Nigeria approved by the Executive Board of the International Monetary Fund on August 4, 2000. For this purpose, the IMF will inform the Chairman of the Paris Club regarding the status of the relations of the Federal Republic of Nigeria with the IMF.

Agreement implemented on April 15, 2001

 

Good will clause

If the Government of the Federal Republic of Nigeria implements fully the present Agreed Minute, maintains satisfactory relations with Participating Creditor Countries and the International Monetary Fund, successfully completes the current program with the International Monetary Fund approved on August 4, 2000 under the stand-by arrangement, and has an appropriate follow-on medium term arrangement with the International Monetary Fund, the representatives of the Participating Creditor Countries agreed in principle to consider possible options in further restructuring of Nigeria's debt falling due after July 31, 2001 consistent with Nigeria's medium and long term capacity to repay.

 

Free transferability provision

The Government of the Federal Republic of Nigeria guarantees free and unrestricted access to the foreign exchange market, allowing immediate and unrestricted transfer of the foreign exchange counterpart of all amounts paid in local currency by the private debtors in Nigeria for servicing their foreign debt owed to or guaranteed by the Participating Creditor Countries or their appropriate institutions, and not subject to the present consolidation.

 

Pullback clause

The Participating Creditor Countries will review the implementation of the conditions stated in [the present Agreed Minute]. If, in light of the decisions taken by the Board of the International Monetary Fund, the Participating Creditor Countries determine that these conditions were not fulfilled for the implementation of the present Agreed Minute they may declare part or all of the provisions set forth [...] in the present Agreement null and void.

De minimis threshold of 1 500 000 SDR

Payment of non-consolidated amounts before June 30, 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 Federal Republic of Nigeria 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 Federal Republic of Nigeria 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 Federal Republic of Nigeria 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 creditor not listed in the present Agreed Minute, the level of cash payments received by those creditors from the Government of the Federal Republic of Nigeria as compared to their share in the Federal Republic of Nigeria‘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 Federal Republic of Nigeria and the creditors not listed in the present Agreed Minute.

Cut-off date: 

October 01, 1985

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. Philip ASSIODU, Economic Adviser of the President.

Files attached: 

PDF icon NG13122000CPEN6870.pdf

Observers (countries): 

Observers (institutions): 

NIGER - 20040512

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Wednesday, 12 May, 2004

Status of the treatment: 

Fully repaid

Supporting agreements with the international institutions: 

IMF programme supported by an Arrangement under the Poverty Reduction and Growth Facility (PRGF) approved on December 13, 2000

Download the IMF report : PRGF document

Download the IMF report : Completion Point Document for the Enhanced Heavily Indebted Poor Countries (HIPC)

Total external debt of the country: 

$1 758 million as of December 31, 2002

$250 million of which being due to Paris Club as of April 01, 2004

Amounts treated: 

$250 million of which $160 million being canceled, of which $90 million being rescheduled

Accorded treatment: 

Cancellation of the stock of debt

Completion point reached on April 08, 2004

Categories of debt treated: 

Treatment of arrears as of March 31, 2004

Treatment of the stock as of April 01, 2004

Repayment profile: 

Treatment under HIPC Initiative Exit terms

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; (ii) amounts of outstanding credits, loans and consolidations on debts mentioned in paragraph 1. above other than official development aid loans, up to 20% of the amounts of outstanding credits as of March 4, 1994 or up to an amount of 20 million SDR, whichever is higher. Participating Creditor Countries and the Republic of Niger will inform semi-annually the Secretariat of the Paris Club, who will inform other creditors, of the debt swap agreements they have implemented. All elements necessary to evaluate the operation, its impact on Niger'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 Niger.

Payment of non-consolidated amounts before October 31, 2004

Comparability of treatment provision: 

The Republic of Niger was declared eligible to the Enhanced HIPC Initiative by the IMF and the IDA on December 14, 2000 and was declared to have reached its Completion Point respectively on April 7 and 8, 2004. In this context, the Republic of Niger commits to seek promptly from all its external creditors which are not participating in the present Agreed Minute 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 Niger'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 Niger and creditor countries not listed in the present Agreed Minute.

Consequently, the Republic of Niger commits not to accord any category of creditors -and in particular creditor countries not participating in the present Agreed Minute, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.

Cut-off date: 

July 01, 1983

Organisation of the session: 

The meeting was chaired by Mr. Jean-Pierre Jouyet, Chairman of the Paris Club.

The head of the debtor country's delegation was Mr Ali M. Lamine Zeine, Minister of Economy and Finance.

Files attached: 

PDF icon PressreleaseNiger12May046870.pdf

Observers (countries): 

Observers (institutions): 

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