Restructuring of its external public debt, this country having reached its Decision Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) in March 2008.
Categories of debt treated:
Treatment of arrears as of February 29, 2008
Treatment of maturities falling due from March 01, 2008 up to December 31, 2010
repayment of non ODA credits over 23 years, with 6 years of grace
repayment of ODA credits over 40 years with 16 years of grace
Specific provisions:
Good will clause
Given the decision by Paris Club Creditors to contribute to the exceptional assistance in favour of the Government of the Republic of Liberia under the Enhanced HIPC Initiative, the Participating Creditor Countries declare their readiness in principle to hold a meeting at the Completion Point designed to examine the question of the Republic of Liberia's outstanding debt stock and to make the necessary effort in favour of the Republic of Liberia to allow it to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that:
- the Government of the Republic of Liberia maintains satisfactory relations with the Participating Creditor Countries and a sound reform track record;
- the Executive Boards of the IMF and the IDA decide that the Republic of Liberia has reached its Completion Point under the enhanced HIPC initiative.
Phases
First phase : From March 01, 2008 up to December 31, 2008, implemented at the signature of the agreement
Second phase : From January 01, 2009 up to December 31, 2009, implemented on May 29, 2009
Third phase : From January 01, 2010 up to December 31, 2010, implemented on July 21, 2010
Comparability of treatment provision:
The Republic of Liberia was declared eligible to the Enhanced HIPC initiative by the IDA and the IMF in February 2008 and was declared to have reached its Decision Point in March 2008. In this context, the Republic of Liberia commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated April 17, 2008, 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 Liberia'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 Liberia and creditor countries not listed in these Agreed Minutes.
Consequently, the Republic of Liberia 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:
January 01, 1983
Organisation of the session:
The meeting was chaired by M. Benoît Coeuré, Co-Chairman of the Paris Club.
The head of the debtor country's delegation was Ms Antoinette M. Sayeh, Minister of Finance.
Congo's debt relief, following the approval by the International Monetary Fund (IMF) of a new three year arrangement under the Poverty Reduction and Growth Facility on 8 December 2008
Categories of debt treated:
Treatment of arrears as of June 30, 2008
Treatment of maturities falling due from July 01, 2008 up to June 30, 2011
repayment of non ODA credits over 23 years, with 6 years of grace
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:
- the amounts of outstanding loans and consolidations as regards ODA debts;
- the amounts of other outstanding credits, loans and consolidations, up to 20% of the amounts of outstanding loans, credits and consolidations as of August 31, 1990 or up to an amount of 20 million SDR, whichever is higher.
Good will clause
Given the decision by Paris Club Creditors to contribute to the exceptional assistance in favour of the Government of the Republic of Congo under the Enhanced HIPC Initiative, the Participating Creditor Countries declare their readiness in principle to hold a meeting at the Completion Point designed to examine the question of the Republic of Congo's outstanding debt stock and to make the necessary effort in favour of the Republic of Congo to allow it to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that:
- the Government of the Republic of Congo maintains satisfactory relations with the Participating Creditor Countries and a sound adjustment track record;
- the Executive Boards of the IMF and the IDA decide that the Republic of Congo has reached its Completion Point under the enhanced HIPC initiative.
Phases
First phase : From July 01, 2008 up to June 30, 2009, implemented at the signature of the agreement
Second phase : From July 01, 2009 up to June 30, 2010, implemented on December 24, 2009
Third phase : From July 01, 2010 up to June 30, 2011, not implemented
Comparability of treatment provision:
The Republic of Congo was declared eligible for the Enhanced HIPC initiative by the IDA and the IMF in 2005 and was declared to have reached its Decision Point in March 2006. In this context, the Republic of Congo commits to seek promptly from all its external creditors that are not participating in the Agreed Minutes dated 11 December 2008, 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 Congo's external debt, the nature and characteristics of all treatment applied, including debt buybacks, 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 Congo and creditor countries not listed in the Agreed Minutes dated 11 December 2008.
Consequently, the Republic of Congo commits not to accord any category of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 11 December 2008, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
January 01, 1986
Organisation of the session:
The meeting was chaired by Mr. Benoît COEURE, Co Chairman of the Paris Club
The head of the debtor country's delegation was Mr. Pacifique ISSOIBEKA, Minister of Economy, Finance and Budget
repayment of non ODA credits over 12 years, with 3 years of grace
Specific provisions:
Entry-into-force provision
The Participating Creditor Countries will examine the entry into force of the provisions of Article II of the present Agreed Minute in light of the following conditions :
- satisfactory payments to Participating Creditor Countries on amounts due until October 31, 2001 pursuant to Article III paragraph 6. of the present Agreed Minute ;
- the approval of the fifth review of the program supported by the Extended Fund Facility with the Government of Ukraine approved by the Executive Board of the International Monetary Fund on September 4, 1998 and extended on December 19, 2000. For this purpose, the IMF will inform the Chairman of the Paris Club regarding the status of the relations of Ukraine with the IMF.
Following the result of this examination, they will examine at the latest by December 31, 2001 if the provisions of Article II of the present Agreed Minute enter into force. The outcome of this examination will be notified to the Government of Ukraine by the Chairman of the Paris Club.
Agreement implemented on November 01, 2001
De minimis threshold of 1 500 000 SDR
Payment of non-consolidated amounts before October 31, 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 Ukraine 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 discrimination among different categories of creditors.
Consequently, the Government of Ukraine 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.
For the purpose of the comparison between the arrangements concluded by the Government of Ukraine 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 Ukraine as compared to their share in Ukraine'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 Ukraine and the creditors not listed in the present Agreed Minute.
Cut-off date:
December 31, 1998
Organisation of the session:
The meeting was chaired by Mrs Stéphane PALLEZ, Co chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Ihor Mityukov, Minister of Finance.
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
The rates and the conditions of interest of the Official Development Assistance (ODA) loans, should be at least as favourable as the original concessional rates applying to consolidated loans and in any case, not higher than the Appropriate Market Rate.
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) the amounts of outstanding loans as regards Official Development Assistance loans; (ii) the amounts of other outstanding credits, up to 10% of the amounts of outstanding credits as of 30 September 1991 or up to an amount of 10 million dollars of the United States of America, whichever is higher.
Good will clause
The Participating Creditor Countries will review the external financing needs of the Dominican Republic in December 2005 in connection with satisfying the conditions for the 3rd review under the IMF Stand-by Arrangement with a view to providing additional relief in 2006, if needed, to support the programme.
Payment of non-consolidated amounts before April 30, 2006
Comparability of treatment provision:
In order to secure comparable treatment of its debt due to its other external public or private creditors, the Government of the Dominican Republic commits to seek promptly from its external creditors debt reorganization arrangements on terms comparable to those set forth in these Agreed Minutes, while trying to avoid discrimination among different categories of creditors. The Government of the Dominican Republic commits to accord all categories of creditors -and in particular creditor countries not participating in these Agreed Minutes, and private sector- 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 the Dominican Republic with its creditors not listed in these Agreed Minutes and with the Participating Creditor Countries, all relevant elements shall be taken into account, including the real exposure of the creditor not listed in these Agreed Minutes, the level of cash payments received by those creditors from the Government of the Dominican Republic as compared to their share in the Dominican Republic'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 Government of the Dominican Republic and the creditors not listed in these Agreed Minutes.
Paris Club creditors assess that, on the basis of the information provided by the authorities of the Dominican Republic, the restructuring agreements reached with private sector creditors, in particular the bond restructuring in July 2005 and the rescheduling agreement signed with the commercial banks on 17 October 2005, if implemented, meet the comparability of treatment requirement of these Agreed Minutes.
Cut-off date:
June 30, 1984
Organisation of the session:
The meeting was chaired by M. Ramon Fernandez, Vice President of the Paris Club.
The head of the debtor country's delegation was MM. Juan Temistocles Montas & Vicente Bengoa, Technical Secretary of the Presidency & Finance Secretary.
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:
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) the amounts of outstanding loans mentioned in paragraph 1 as regards Official Development Assistance loans; (ii) the amounts of other outstanding credits mentioned in paragraph 1 above, up to 10% of the amounts of outstanding credits as of September 30, 1991 or up to an amount of 10 million dollars of the United States of America, whichever is higher.
Payment of non-consolidated amounts before December 31, 2004
Comparability of treatment provision:
In order to secure comparable treatment of its debt due to its other external public or private creditors, the Government of the Dominican Republic commits to seek promptly from its external creditors debt reorganization arrangements on terms comparable to those set forth in the present Agreed Minute, while trying to avoid discrimination among different categories of creditors. The Government of the Dominican Republic commits to accord all categories of creditors -and in particular creditor countries not participating in the present Agreed Minute, and private sector- a treatment not more favourable than that accorded to the Participating Creditor Countries for credits of comparable maturity.
Cut-off date:
June 30, 1984
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 Mr. Carlos Despradel, Technical Secretary of the Presidency
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) the amounts of outstanding loans [treated in the present Agreed Minute] as regards official development aid loans ; (ii) the amounts of other outstanding credits, loans and consolidations [treated in the present Agreed Minute], up to 20% of the amounts of outstanding credits as of December 31, 1991 or up to an amount of 30 million SDR, whichever is higher.
Entry-into-force provision
Agreement implemented on April 30, 2000
Free transferability provision
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.
De minimis threshold of 500 000 SDR
Payment of non-consolidated amounts before January 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 Hashemite Kingdom of Jordan commits itself to negotiate debt reorganization arrangements with all its external creditors.
The Government of the Hashemite Kingdom of Jordan commits itself not to accord any category of creditors -and in particular creditor countries not participating in the present Agreed Minute, commercial banks and suppliers- a treatment more favourable than that accorded by the Participating Creditor Countries for credits of comparable maturity and nature.
