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, other than Official Development Aid loans, on debts [treated in the present Agreed Minute], up to 20% of the amounts of outstanding claims as December 31, 1993 or up to an amount of 20 million SDR, whichever is higher. Participating Creditor Countries and the Republic of Kenya 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 Republic of Kenya'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 Kenya.
Free transferability provision
The Government of the Republic of Kenya will continue to guarantee with an appropriate exchange rate system the immediate and unrestricted transfer of foreign exchange counterpart of all amounts paid in local currency by the private debtors in Kenya for servicing their foreign debt owed to or guaranteed by the Participating or Observer Creditor Countries or their appropriate institutions.
De minimis threshold of 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 Republic of Kenya 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 discriminations among different categories of creditors.
Consequently, the Government of the Republic of Kenya 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.
Cut-off date:
December 31, 1991
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 Hon. Chrisanthus B. OKEMO, Minister of Finance.
The Government of the Hashemite Kingdom of Jordan undertakes to continue to permit the unrestricted transfer of foreign exchange due by the private debtors in the Hashemite Kingdom of Jordan for servicing their foreign debt owed to or guaranteed by the Participating Creditor Countries or their appropriate institutions and not subject to the present reorganization.
Phases
First phase : From April 01, 1999 up to April 30, 2000, implemented on April 30, 2000
Second phase : From May 01, 2000 up to April 30, 2001, implemented on July 28, 2000
Third phase : From May 01, 2001 up to April 30, 2002, implemented on October 04, 2001
De minimis threshold of 500 000 SDR
Payment of non-consolidated amounts before July 31, 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 Hashemite Kingdom of Jordan commits itself to seek promptly from all its external creditors debt reorganization arrangements on terms comparable to those set forth in the present Agreed Minute.
Consequently, the Government of the Hashemite Kingdom of Jordan 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 to the Participating Creditor Countries for credits of comparable maturity and legal basis.
For the purpose of the comparison between the arrangements concluded by the Government of the Hashemite Kingdom of Jordan 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 Hashemite Kingdom of Jordan as compared to their share in of the Hashemite Kingdom of Jordan'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 Hashemite Kingdom of Jordan and the creditor countries not listed in the present Agreed Minute.
