On a voluntary and bilateral basis, the Government of each 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) the amounts of other outstanding credits, loans and consolidations mentioned in paragraph 1. above, up to 20% of the amounts of outstanding credits as of December 31, 1998 or up to an amount of 30 million SDR, whichever is higher. Participating Creditor Countries and the Islamic Republic of Pakistan will inform semi-annually the Secretariat of the Paris Club, who will inform other creditors, of the debt swaps agreements they have implemented. All elements necessary to evaluate the operation, its impact on the Islamic Republic of Pakistan'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 Islamic Republic of Pakistan.
Free transferability provision
The Islamic Republic of Pakistan will continue to allow unrestricted and immediate access to the foreign exchange required for servicing private sector debts owed to or guaranteed by the Participating Creditor Countries or their appropriate institutions.
De minimis threshold of 5 000 000 SDR
Payment of non-consolidated amounts before April 01, 2002
Comparability of treatment provision:
In order to secure comparable treatment of its debt due to all its external public or private creditors, the Islamic Republic of Pakistan 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 Islamic Republic of Pakistan 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 Islamic Republic of Pakistan 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 participating in the present Agreed Minute, the level of cash payments received by those creditors from the Islamic Republic of Pakistan as compared to their share of the Islamic Republic of Pakistan'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 Islamic Republic of Pakistan and the creditors not listed in the present Agreed Minute.
The Islamic Republic of Pakistan will inform in writing the Chairman of the Paris Club not later than September 1, 2002 of the progress made in negotiations with other creditors, as well as of the contents of the negotiations. The Islamic Republic of Pakistan 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.
Cut-off date:
September 30, 1997
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. Shaukat Aziz, Minister of Finance.
On a voluntary and bilateral basis, the Government of each 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) the amounts of other outstanding credits, loans and consolidations mentioned in paragraph 1. above, up to 20% of the amounts of outstanding credits as of December 31, 1998 or up to an amount of 30 million SDR, whichever is higher. Participating creditor countries and the Islamic Republic of Pakistan will inform semi-annually the Secretariat of the Paris Club, who will inform other creditors, of the debt swaps agreements they have implemented. All elements necessary to evaluate the operation, its impact on the Islamic Republic of Pakistan'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 Islamic Republic of Pakistan.
Pullback clause
The Participating Creditor Countries will review the implementation of the conditions stated. 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 Agreed Minute they may declare part or all of the provisions set forth in the Agreement null and void.
De minimis threshold of 1 000 000 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 Islamic Republic of Pakistan 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 Islamic Republic of Pakistan 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 Islamic Republic of Pakistan 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 participating in the present Agreed Minute, the level of cash payments received by those creditors from the Government of the Islamic Republic of Pakistan as compared to their share of the Islamic Republic of Pakistan'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 Islamic Republic of Pakistan and the creditors not listed in the present Agreed Minute.
Cut-off date:
September 30, 1997
Organisation of the session:
The meeting was chaired by Mrs Stéphane PALLEZ, Co Chairperson of the Paris Club.
The head of the debtor country's delegation was Mr. Shaukat AZIZ, Minister of Finance.
On a voluntary and bilateral basis, the Government of each 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 20% of the amounts of outstanding credits as of December 31, 1998 or up to an amount of 30 million SDR, whichever is higher.
Free transferability provision
The Government of the Islamic Republic of Pakistan will continue to allow unrestricted and immediate access to the foreign exchange required for servicing private sector debts owed to or guaranteed by the Participating Creditor Countries or their appropriate institutions.
Pullback clause
The participating Creditor Countries will review the implementation of the conditions stated [...] for the comparability of treatment between all external creditors ; if the Participating Creditor Countries determine that these conditions are not substantially fulfilled, they will declare the provisions set forth [in the present Agreed Minute] null and void.
Phases
First phase : From January 01, 1999 up to February 29, 2000, implemented at the signature of the agreement
Second phase : From March 01, 2000 up to February 28, 2001, not implemented
De minimis threshold of 1 000 000 SDR
Payment of non-consolidated amounts before June 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 Islamic Republic of Pakistan commits itself to seek from all its external creditors - and including inter alia creditor countries not participating in the present Agreed Minute, commercial banks and suppliers- debt reorganization arrangements on terms comparable to those set forth in the present Agreed Minute while avoiding any discrimination among various categories of creditors.
The Government of the Islamic Republic of Pakistan commits itself to seek from bond holders the reorganization of bonds. This reorganization will be done on terms comparable to those set forth in the present Agreed Minute.
The Government of the Islamic Republic of Pakistan commits itself not to accord any category of creditors a treatment more favourable than that accorded to the Participating Creditor Countries.
Comprehensive treatment of the public external debt
Categories of debt treated:
Treatment of arrears as of December 31, 2012
Repayment profile:
Treatment under Ad Hoc 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 Official Development Assistance loans;
(ii) the amounts of outstanding credits, loans and consolidations, other than Official Development Assistance loans, up to 20% of the amounts of outstanding credits as of 31st December 2012 or up to an amount of 20 million SDR, whichever is higher.
The representatives of the Creditor Countries, aware of the exceptional situation of the Republic of the Union of Myanmar and of the presence of arrears that puts the Republic of the Union of Myanmar in debt distress, agreed on a debt treatment to ensure its long term debt sustainability. To this end, once multilateral arrears have been cleared, representatives other than that of Japan will recommend that their Governments deliver an exceptional treatment providing a cancellation of 50% of the total of arrears due to Paris Club creditors in nominal terms in two phases. The remaining amounts will be rescheduled over 15 years, including a 7-year grace period.
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 the Union of Myanmar commits to seek promptly from all its bilateral and commercial external creditors debt reorganisation arrangements on terms comparable to those set forth in the Agreed Minutes dated 25 January 2013, while trying to avoid discrimination among different categories of creditors. Consequently, the Government of the Republic of the Union of Myanmar commits to accord all categories of bilateral and commercial external creditors -and in particular creditor countries not participating in the Agreed Minutes dated 25 January 2013, and private creditors - 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 Republic of the Union of Myanmar with its creditors not listed in the Agreed Minutes dated 25 January 2013 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 creditors not listed in the Agreed Minutes dated 25 January 2013, the level of cash payments received by those creditors from the Government of the Republic of the Union of Myanmar as compared to their share in the Republic of the Union of Myanmar'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 the Union of Myanmar and the creditors not listed in the Agreed Minutes dated 25 January 2013.
Cut-off date:
December 31, 2012
Organisation of the session:
The meeting was chaired by Mr. Ramon Fernandez, Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Win Shein, Union Minister, Minister of Finance and Revenue.
repayment of non ODA credits over 18 years, with 5 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 currency debt swaps : (i) all ODA loans ; (ii) amounts of outstanding credits, loans and consolidations on debts mentioned in Article I paragraph 1 and not granted under ODA conditions, up to 20% of the amounts of outstanding credits as of March 31, 2000 or up to an amount of 30 million SDR, whichever is higher. The Participating Creditor Countries and the Republic of Indonesia shall inform the Chairman of the Group of Official Creditor Countries of the Republic of Indonesia, who shall inform other Creditors, of the debt swap agreements prior to their implementation. All elements necessary to evaluate the operation, its impact on the Republic of Indonesia's economy and on the evolution of creditors' exposure shall be transmitted to the Chairman of the Group of Official Creditor Countries of the Republic of Indonesia, 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 Indonesia.
Phases
First phase : From April 01, 2002 up to December 31, 2002, implemented at the signature of the agreeement
Second phase : From January 01, 2003 up to December 31, 2003, implemented on May 23, 2003
De minimis threshold of 1 000 000 SDR
Payment of non-consolidated amounts before June 01, 2002
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 Indonesia commits to seek from all its external creditors a rescheduling or a refinancing on terms comparable to those set forth in the present Memorandum of Understanding for credits of comparable maturity, while trying to avoid any discrimination among various categories of creditors.
The Government of the Republic of Indonesia commits not to accord any external creditor conditions of repayment more favourable than those accorded by the Participating Creditor Countries for credits of comparable maturity.
The Government of the Republic of Indonesia shall inform in writing the Chairman of the Group of Official Creditor Countries of the Republic of Indonesia not later than December 1, 2002 of the status of its negotiations and of the contents of its bilateral agreements with other creditors. Afterwards, the Government of the Republic of Indonesia shall further inform in writing regularly the Chairman of the Group of Official Creditor Countries of the Republic of Indonesia of the status of its negotiations with other creditors, as well as of the payments made to them.
Cut-off date:
July 01, 1997
Organisation of the session:
The meeting was chaired by Mr. Ambroise Fayolle, Vice-President of the Paris Club.
The head of the debtor country's delegation was Mr. Dorodjatun Kuntjoro-Jakti, Coordinating Minister for Economic Affairs.
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 and loans on debts [treated in the present Agreed Minute] other than ODA loans, up to 10% of the amounts of outstanding credits as of March 31, 2000 or up to an amount of 10 million SDR, whichever is higher. Participating Creditor Countries and the Republic of Indonesia will inform the Chairman of the Group of the Official Creditor Countries of Indonesia, who will inform other Creditors, of the debt swap agreements prior to their implementation. All elements necessary to evaluate the operation, its impact on the Republic of Indonesia's economy and on the evolution of creditor's exposure will be transmitted to the Chairman of the Group of the Official Creditor Countries of Indonesia, 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 to the Republic of Indonesia.
Entry-into-force provision
The provisions of the present Memorandum of Understanding will enter into force provided that the International Monetary Fund has approved no later than June 5, 2000, the first review of the program supported by an arrangement under the Extended Fund Facility approved on February 4, 2000. The International Monetary Fund will inform the Chairman of the Group of the Official Creditor Countries of Indonesia of the relation between the Republic of Indonesia and the International Monetary Fund.
In the event that this review has not been effected by June 5, 2000, the payments covered by the present Memorandum of Understanding will be due according to the original contracts.
Agreement implemented on June 05, 2000
Free transferability provision
The Government of the Republic of Indonesia will continue to allow unrestricted and immediate access to the foreign exchange required for servicing private sector debts owed to or guaranteed by the Participating Creditor Countries or their appropriate institutions.
Phases
First phase : From April 01, 2000 up to March 31, 2001, implemented on June 05, 2000
Second phase : From April 01, 2001 up to March 31, 2002, implemented on September 25, 2001
De minimis threshold of 1 000 000 SDR
Payment of non-consolidated amounts before August 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 Republic of Indonesia commits itself to seek promptly from all its external creditors a rescheduling or a refinancing on terms comparable to those set forth in the present Memorandum of Understanding for credits of comparable maturity, while trying to avoid any discrimination among various categories of creditors.
The Government of the Republic of Indonesia commits itself not to accord any external creditor conditions of repayment more favourable than those accorded by the Participating Creditor Countries for credits of comparable maturity.
The Government of the Republic of Indonesia will inform in writing the Chairman of the Group of Official Creditor Countries of Indonesia not later than November 30, 2000 of the status of its negotiations and of the contents of its bilateral agreements with other creditors. Afterwards, the Government of the Republic of Indonesia will further inform in writing regularly the Chairman of the Group of Official Creditor Countries of Indonesia of the status of its negotiations with other creditors, as well as of the payments made to them
