repayment of non ODA credits over 12 years, with 5 years of grace
repayment of ODA credits over 12 years with 5 years of grace
Specific provisions:
Good will clause
At the request of the representatives of Grenada, Paris Club Creditors agreed in principle to meet in order to examine the situation of Grenada's debt under the Evian Approach at the end of the current Agreement. They shall assess the sustainability of Grenada's debt and Grenada's commitment to policies that shall secure an exit from the Paris Club and to implementing a comparable treatment from its other external creditors.
Based on that assessment and if Grenada fulfils the criteria here above mentioned and provided that Grenada has established a satisfactory track-record under these Agreed Minutes, made all payments on due date, and concluded a follow-up IMF programme, Paris Club creditors expressed their willingness to consider a debt treatment under the Evian Approach on terms tailored to Grenada's debt situation.
Phases
First phase : From January 01, 2006 up to December 31, 2006, implemented at the signature of the agreement
Second phase : From January 01, 2007 up to December 31, 2007, implemented on September 19, 2008
Third phase : From January 01, 2008 up to December 31, 2009, implemented on September 19, 2008
Payment of non-consolidated amounts before November 30, 2006
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 Grenada commits to seek promptly from all its external creditors debt reorganisation arrangements on terms comparable to those set forth in these Agreed Minutes, while trying to avoid discrimination among different categories of creditors. Consequently, the Government of Grenada 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 Government of Grenada 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 creditors not listed in these Agreed Minutes, the level of cash payments received by those creditors from the Government of Grenada as compared to their share in Grenada'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 Grenada and the creditors not listed in these Agreed Minutes.
Cut-off date:
June 30, 2004
Organisation of the session:
The meeting was chaired by M. Ambroise Fayolle, Co Chairman of the Paris Club.
The head of the debtor country's delegation was M. Anthony Boatswain, Minister of Finance and Planning.
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 mentioned in Article II-1 other than ODA loans, up to 20% of the amounts of outstanding credits as of December 31, 2000 or up to an amount of 5 million SDR, whichever is higher. Participating creditor countries and the Government of Georgia 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 Georgia's economy and on the evolution of creditors' 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 Georgia.
Good will clause
At the request of the representatives of Georgia, Paris Club Creditors agreed in principle to meet in order to examine the situation of Georgia's debt under the Evian Approach at the end of the current Agreement. They will assess the sustainability of Georgia's debt and Georgia's commitment to policies that will secure an exit from the Paris Club and to implementing a comparable treatment from its other external creditors.
Based on that assessment and if Georgia fulfils the criteria here above mentioned and provided that Georgia has established a satisfactory track-record under the present Agreed Minute, made all payments on due date, and concluded a follow-up IMF programme, Paris Club creditors expressed their willingness to consider a debt treatment under the Evian Approach on terms tailored to Georgia's debt situation.
Phases
First phase : From June 01, 2004 up to December 31, 2004, implemented at the signature of the agreement
Second phase : From January 01, 2005 up to December 31, 2005, implemented on August 09, 2005
Third phase : From January 01, 2006 up to December 31, 2006, implemented on July 26, 2006
De minimis threshold of 250 000 SDR
Payment of non-consolidated amounts before January 31, 2005
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 Georgia commits 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 Georgia commits 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 Georgia 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 Georgia as compared to their share in Georgia'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 Georgia and the creditors not listed in the present Agreed Minute.
Cut-off date:
November 01, 1999
Organisation of the session:
The meeting was chaired by Mr. Ramon Fernandez, Vice-President of the Paris Club.
The head of the debtor country's delegation was Mr. Zurab Nogaideli, Minister of Finance.
On a voluntary basis, the Government of each Participating Creditor Country or its appropriate institutions may sell or exchange, in the framework of debt swaps, the amounts of outstanding credits, loans and consolidations [treated in the present agreed minute]. On a voluntary basis, the Government of each Participating Creditor Country or its appropriate institutions may sell or exchange, in the framework of debt swaps, the amounts of outstanding credits, loans and consolidations [treated in the present agreed minute], up to 10 % of the total amount, or up to an amount of 20 million US dollars, whichever is higher.
Pullback clause
The Participating Creditor Countries reserve the right to review the implementation of the conditions stated in [the present agreed minute] for the comparability of treatment between all external creditors; if the Participating Creditor Countries determine that these conditions are not substantially fulfilled, or if the Government of the Arab Republic of Egypt has not met its payments obligations under this Agreed Minute to the Participating Creditor Countries during the first three years, the provisions of [the recommendations] of the present Agreed Minute will become null and void.
Special account
To facilitate the implementation of this Agreed Minute, the Central Bank of Egypt will deposit in the special account established with the Banque de France the equivalent of SDR 2400 Million in 12 quarterly installments of SDR 200 Million each, the first one to be made on October 15, 1991. The Central Bank of Egypt will arrange to have the Banque de France notify the Chairman of the Paris Club as soon as each deposit has been made. The total amount approximates the amount estimated to be payable to all Participating Creditor Countries during the next three years. As specific payments under this Agreed Minute become due, the Central Bank of Egypt will draw on the special account to meet these payments ; no drawing will be made on the special account for any other repayment before all payments due through June 30, 1994 inclusive under this Agreed Minute have been made. Any drawing on this account will be made after a previous 15-day notice to the Banque de France, which will notify immediately the Chairman of the Paris Club.
De minimis threshold of 10 000 000 SDR
Payment of non-consolidated amounts before October 31, 1991
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 Arab Republic of Egypt commits itself to seek from all its external creditors debt reduction and reorganization arrangements on terms comparable to those set forth in this Agreed Minute for credits of comparable maturity.
This means that the Government of the Arab Republic of Egypt commits itself to accord all categories of creditors - and in particular creditor countries not participating in this Agreed Minute, commercial banks and suppliers - a treatment not more favourable than that accorded the Participating Creditor Countries.
