This agreement reduces by over 90% the debt service due to the Paris Club creditors during the Fund supported program under the Stand-By Arrangement. The representatives of the Creditor Countries agreed on a debt treatment to ensure long term debt sustainability. To this end, they recommended that their Governments deliver a treatment providing a rescheduling of the stock of debt over 20 years, including a 7-year grace period. Consideration is also being given to additional debt relief on a bilateral basis.
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 30 April 2012 or up to an amount of 5 million SDR, whichever is higher.
Phases
First phase : From May 01, 2012 up to June 30, 2013, implemented at the signature of the agreement
Second phase : From July 01, 2013 up to June 30, 2014, implemented on October 08, 2013
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 Saint Kitts and Nevis 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 24 May 2012, while trying to avoid discrimination among different categories of creditors. Consequently, the Government of Saint Kitts and Nevis commits to accord all categories of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 24 May 2012, 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 Saint Kitts and Nevis 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 the Agreed Minutes dated 24 May 2012, the level of cash payments received by those creditors from the Government of Saint Kitts and Nevis as compared to their share in Saint Kitts and Nevis' 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 Saint Kitts and Nevis and the creditors not listed in the Agreed Minutes dated 24 May 2012.
Cut-off date:
April 30, 2012
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 Rt Hon. Denzil L. DOUGLAS, Primer Minister and Minister of Finance.
Payment of non-consolidated amounts before December 01, 2005
Comparability of treatment provision:
The Republic of Rwanda was declared eligible to the Enhanced HIPC initiative by the IDA and the IMF in 2000 and was declared to have reached its Completion Point on April 13, 2005. In this context, the Republic of Rwanda commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes, 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 Rwanda'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 Rwanda and creditor countries not listed in these Agreed Minutes. Consequently, the Republic of Rwanda commits not to accord any category of creditors -and in particular creditor countries not participating in these Agreed Minutes, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
December 31, 1994
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. Donald Kaberuka, Minister of Finance and Economic Planning.
Treatment of maturities falling due from December 01, 2000 up to June 30, 2005
Repayment profile:
Treatment under Cologne terms (cancellation rate of 90%), after cancellation to a rate of 90%
Specific provisions:
Possibility to conduct debt swaps
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 : all ODA loans, the amounts of other outstanding credits, loans and consolidations, 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.
De minimis threshold of 100 000 SDR
Payment of non-consolidated amounts before April 30, 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 Rwanda commits itself to promptly negotiate debt reduction arrangements with all its external creditors debt reduction and reorganization arrangements on terms comparable in net present value to those set forth in the Agreed Minute for credits of comparable maturity.
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].
In response to the request of the Government of the Russian Federation and in order to support Russia's efforts toward macroeconomic stability and sustainable growth, the Participating Creditor Countries agreed to continue to deal with the problem of the debts of the Russian Federation owed to Participating Creditor Countries contracted or guaranteed on behalf of the Government of the Former Soviet Union for which the Government of the Russian Federation has agreed to be responsible by the Declaration made in Paris on April 2, 1993 referred to hereabove in Article II paragraph 1., aiming at comprehensive solutions.
Discussions between the Government of the Russian Federation and the Participating Creditor Countries of comprehensive solutions will begin in the autumn of 2000, provided that the Government of the Russian Federation continues to implement the program supported by the stand-by arrangement approved by the International Monetary Fund Executive Board on July 28, 1999.
Negotiations aiming at an agreement providing for such solutions will take place expeditiously upon approval by the International Monetary Fund of a new arrangement in the upper credit tranches supporting an ambitious economic reform program, and compliance with all the conditions set out in this Agreed Minute, and especially the following :
- that the Government of the Russian Federation has made all payments due to the Participating Creditor Countries referred to in the present Agreed Minute ;
- that the Government of the Russian Federation has made substantial progress in concluding the bilateral agreements implementing the present Agreed Minute ;
- that the Government of the Russian Federation has complied with its commitments, referred to in Article IV paragraphs 1. and 2. above, to seek comparable treatment from its external creditors and not accord them more favourable repayment conditions than those accorded to the Participating Creditor Countries ; and
- that the Government of the Russian Federation has reported in writing to the Chairman of the Paris Club pursuant to Article IV paragraph 3. above.
De minimis threshold of 1 000 000 SDR
Payment of non-consolidated amounts before November 30, 1999
Comparability of treatment provision:
In order to secure comparable treatment of debts due to external public or private creditors, the Government of the Russian Federation commits itself to seek from its external creditors, including inter alia other official creditors, financial institutions and suppliers, rescheduling or refinancing arrangements on terms comparable to those set forth in the present Agreed Minute for credits of comparable maturity making sure to avoid inequality between different categories of creditors.
The Government of the Russian Federation commits itself not to accord any external creditors conditions of repayment for comparable credits more favourable than those accorded to the Participating Creditor Countries.
The Government of the Russian Federation will inform in writing the Chairman of the Paris Club not later than March 31, 2000 of the progress made for this purpose in negotiations with other external creditors and, when appropriate, of the content of its bilateral agreements with creditors mentioned in paragraphs 1. and 2. hereabove.
Cut-off date:
January 01, 1991
Organisation of the session:
The meeting was chaired by Mr. Francis MAYER, Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Mikhail KASIANOV, Minister of Finance.
