European Commission

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.

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.

In order to secure comparable treatment of its debt due to all its external public or private creditors, the Government of Antigua and Barbuda commits to seek promptly from all its external creditors debt reorganisation arrangements on terms comparable to those set forth in the Agreed Minutes dated 16 September 2010, while trying to avoid discrimination among different categories of creditors. Consequently, the Government of Antigua and Barbuda commits to accord all categories of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 16 September 2010, 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 Antigua and Barbuda with its creditors not listed in the Agreed Minutes dated 16 September 2010 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 16 September 2010, the level of cash payments received by those creditors from the Government of Antigua and Barbuda as compared to their share in Antigua and Barbuda‘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 Antigua and Barbuda and the creditors not listed in the Agreed Minutes dated 16 September 2010. It is understood that debt issued on the regional government securities market (RGSM) should not be subject to comparability of treatment.

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.