IMF

Possibility to conduct debt swaps

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

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 debt swaps : (i) all ODA loans ; (ii) amounts of outstanding credits, loans and consolidations on debts [treated in the present Agreed Minute] other than official development aid loans, up to 10% of the amounts of outstanding credits as of December 31, 1990 or up to an amount of 20 million SDR, whichever is higher. Participating Creditor Countries and the Federal Republic of Nigeria 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 Federal Republic of Nigeria'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 Federal Republic of Nigeria.

Entry-into-force provision

The provisions of the present Agreed Minute will enter into force on April 15, 2001 unless Participating Creditors Countries consider that the following conditions are not fulfilled :

- satisfactory payments to Participating Creditor Countries on amounts due pursuant to the provisions of [the present Agreed Minute] or ;

- satisfactory implementation of the stand-by arrangement with the Government of the Federal Republic of Nigeria approved by the Executive Board of the International Monetary Fund on August 4, 2000. For this purpose, the IMF will inform the Chairman of the Paris Club regarding the status of the relations of the Federal Republic of Nigeria with the IMF.

Agreement implemented on April 15, 2001

Good will clause

If the Government of the Federal Republic of Nigeria implements fully the present Agreed Minute, maintains satisfactory relations with Participating Creditor Countries and the International Monetary Fund, successfully completes the current program with the International Monetary Fund approved on August 4, 2000 under the stand-by arrangement, and has an appropriate follow-on medium term arrangement with the International Monetary Fund, the representatives of the Participating Creditor Countries agreed in principle to consider possible options in further restructuring of Nigeria's debt falling due after July 31, 2001 consistent with Nigeria's medium and long term capacity to repay.

Free transferability provision

The Government of the Federal Republic of Nigeria guarantees free and unrestricted access to the foreign exchange market, allowing immediate and unrestricted transfer of the foreign exchange counterpart of all amounts paid in local currency by the private debtors in Nigeria for servicing their foreign debt owed to or guaranteed by the Participating Creditor Countries or their appropriate institutions, and not subject to the present consolidation.

Pullback clause

The Participating Creditor Countries will review the implementation of the conditions stated in [the present Agreed Minute]. 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 present Agreed Minute they may declare part or all of the provisions set forth [...] in the present Agreement null and void.

De minimis threshold of 1 500 000 SDR

Payment of non-consolidated amounts before June 30, 2001