You are here

Home » IMF

IMF

Institution website URL page: 

http://www.imf.org/external/index.htm
English

ECUADOR - 20030613

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 13 June, 2003

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

Program with the IMF under the Stand-by Arrangement approved on March 21, 2003

Download the IMF report : Document of the Stand-By Arrangement

Total external debt of the country: 

$11 400 million as of December 31, 2002

$2 730 million of which being due to Paris Club as of January 01, 2003

Amounts treated: 

$81 million

Categories of debt treated: 

Treatment of maturities falling due from March 01, 2003 up to March 31, 2004

Repayment profile: 

Treatment under Houston terms

  • repayment of non ODA credits over 18 years, with 3 years of grace
  • repayment of ODA credits over 20 years with 10 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 debt swaps: (i) all Official Development Assistance loans (ODA); (ii) amounts of outstanding credits, loans and consolidations on debts mentioned in Article II paragraph 1 other than ODA loans, up to 20% of the amounts of outstanding credits as of December 31, 1991 or up to an amount of 20 million SDR, whichever is higher.

 

Entry-into-force provision

The provisions of Article II-2 paragraphs A/ and B/ will come into force provided that the IMF has approved no later than July 31, 2003 the 1st review under the programme supported by the current Stand-by Arrangement.

Agreement implemented on August 07, 2003

The Participating Creditor Countries welcome the results of the debt sustainability analysis described in the IMF staff report for the 2003 Article IV consultation and acknowledge the Government of the Republic of Ecuador's efforts to reduce its public debt. In response to the request of the Government of the Republic of Ecuador, they agreed to continue to monitor closely the external debt situation of the country and to examine an updated debt sustainability analysis from the IMF staff in the context of the 2004 Article IV consultation.

De minimis threshold of 1 000 000 SDR

Payment of non-consolidated amounts before September 30, 2003

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 Republic of Ecuador 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 Republic of Ecuador 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.

For the purpose of the comparison between the arrangements concluded by the Government of the Republic of Ecuador 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 creditor not listed in the present Agreed Minute, the level of cash payments received by those creditors from the Government of the Republic of Ecuador as compared to their share in the Republic of Ecuador'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 Republic of Ecuador and the creditors not listed in the present Agreed Minute.

Cut-off date: 

January 01, 1983

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. Mauricio POZO, Minister of Economy and Finance.

Files attached: 

PDF icon EcuadorPR01236870.pdf

Observers (countries): 

Observers (institutions): 

ECUADOR - 20000915

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 15 September, 2000

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

IMF program under the Stand-by arrangement approved on April 19, 2000

Download the IMF report : IMF report

Total external debt of the country: 

$2 511 million of which being due to Paris Club as of April 30, 2000

Amounts treated: 

$880 million

Categories of debt treated: 

Treatment of arrears as of April 30, 2000

Treatment of maturities falling due from May 01, 2000 up to April 30, 2001

Repayment profile: 

Treatment under Houston terms

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 debt swaps:

(i) 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 20% of the amounts of outstanding credits as of December 31, 1991 or up to an amount of 20 million SDR, whichever is higher.

Participating creditor countries and the Republic of Ecuador 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 Ecuador'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 Ecuador.

 

Entry-into-force provision

The provisions of the present Agreed Minute will come into force provided the International Monetary Fund has approved the second review of the program supported by the stand-by arrangement approved on April 19, 2000.

Agreement implemented on May 25, 2001

 

Good will clause

If the Government of the Republic of Ecuador implements fully the present Agreed Minute, maintains satisfactory relations with Participating Creditor Countries and International Monetary Fund, and successfully completes the current stand-by with the International Monetary Fund approved on April 19, 2000 under the stand-by arrangement, and has an appropriate follow-on arrangement with the International Monetary Fund, the representatives of the Participating Creditor Countries agreed in principle to consider further restructuring of Ecuador's debt falling due after April 30, 2001.

De minimis threshold of 1 000 000 SDR

Payment of non-consolidated amounts before December 31, 2000

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 Ecuador 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 the Republic of Ecuador commits itself 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.

For the purpose of the comparison between the arrangements concluded by the Government of the Republic of Ecuador 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 creditor not listed in the present Agreed Minute, the level of cash payments received by those creditors from the Government of the Republic of Ecuador as compared to their share in of the Republic of Ecuador'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 Republic of Ecuador and the creditors not listed in the present Agreed Minute.

Cut-off date: 

January 01, 1983

Organisation of the session: 

The meeting was chaired by Mr. Bruno BEZARD, Vice Chairman of the Paris Club.

The head of the debtor country's delegation was Mr. Jorge GALLARDO, Head of the External Debt Commission.

Files attached: 

PDF icon ec15092000cpen6870.pdf

Observers (countries): 

Observers (institutions): 

ECUADOR - 19891024

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Tuesday, 24 October, 1989

Status of the treatment: 

Fully repaid

Amounts treated: 

$393 million

Repayment profile: 

Treatment under Classic terms

Comparability of treatment provision: 

yes

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

ECUADOR - 19880120

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Wednesday, 20 January, 1988

Status of the treatment: 

Fully repaid

Amounts treated: 

$277 million

Repayment profile: 

Treatment under Classic terms

Comparability of treatment provision: 

yes

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

ECUADOR - 19850424

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Wednesday, 24 April, 1985

Status of the treatment: 

Fully repaid

Amounts treated: 

$330 million

Repayment profile: 

Treatment under Classic terms

Comparability of treatment provision: 

yes

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

ECUADOR - 19830728

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 28 July, 1983

Status of the treatment: 

Fully repaid

Amounts treated: 

$169 million

Repayment profile: 

Treatment under Classic terms

Comparability of treatment provision: 

yes

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

DOMINICAN REPUBLIC - 19911122

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 22 November, 1991

Status of the treatment: 

Fully repaid

Amounts treated: 

$771 million

Repayment profile: 

Treatment under Houston terms

Specific provisions: 

Possibility to conduct debt swaps

Comparability of treatment provision: 

yes

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

DOMINICAN REPUBLIC - 19850521

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Tuesday, 21 May, 1985

Status of the treatment: 

Fully repaid

Amounts treated: 

$280 million

Repayment profile: 

Treatment under Classic terms

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

DJIBOUTI 20081016

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 16 October, 2008

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

IMF programme supported by an Arrangement under the Poverty Reduction and Growth Facility (PRGF) approved on September 17, 2008

 

Total external debt of the country: 

$97 million of which being due to Paris Club as of September 01, 2008

Amounts treated: 

$76 million

Categories of debt treated: 

Treatment of arrears as of August 31, 2008

Treatment of maturities falling due from September 01, 2008 up to August 31, 2011

Repayment profile: 

Treatment under Houston terms

  • repayment of non ODA credits over 15 years, with 8 years of grace
  • repayment of ODA credits over 20 years with 10 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 all ODA loans.

Participating creditor countries and the Government of Djibouti 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 Djibouti'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 Djibouti.
 

 

Good will clause

Paris Club Creditors agreed in principle to meet in order to examine the situation of Djibouti's debt under the Evian Approach at the end of the Agreement. They will assess the sustainability of Djibouti's debt and Djibouti'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 Djibouti fulfils the criteria here above mentioned and provided that Djibouti has established a satisfactory track-record under the 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 Djibouti's debt situation.

 

Phases

  • First phase : From September 01, 2008 up to August 31, 2009, implemented at the signature of the agreement
  • Second phase : From September 01, 2009 up to August 31, 2010, implemented on February 14, 2011
  • Third phase : From September 01, 2010 up to August 31, 2011, implemented on February 14, 2011

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 Djibouti commits to seek promptly from all its external creditors debt reorganisation arrangements on terms comparable to those set forth in the Agreed Minutes dated 16 October 2008, while trying to avoid discrimination among different categories of creditors.

Consequently, the Government of Djibouti commits to accord all categories of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 16 October 2008, 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 Djibouti with its creditors not listed in the Agreed Minutes dated 16 October 2008 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 Agreed Minutes dated 16 October 2008 , the level of cash payments received by those creditors from the Government of Djibouti as compared to their share in Djibouti‘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 Djibouti and the creditors not listed in the Agreed Minutes dated 16 October 2008.

 

Cut-off date: 

March 31, 1998

Organisation of the session: 

The meeting was chaired by Mr. Benoît Coeuré, Co Chairman of the Paris Club.

The head of the debtor country's delegation was Mr. Simon MIBRATHU, Secretary General of the Ministry of Economy, Finance and Planning in charge of Privatisation.

Files attached: 

PDF icon PRDjibouti200810162ba0.pdf

Observers (countries): 

Observers (institutions): 

DJIBOUTI - 20000525

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 25 May, 2000

Status of the treatment: 

Fully repaid

Amounts treated: 

$17 million

Categories of debt treated: 

Treatment of maturities falling due from October 31, 1999 up to June 30, 2002

Repayment profile: 

Treatment under Classic terms

Specific provisions: 

Phases

  • First phase : From October 31, 1999 up to August 31, 2000, implemented at the signature of the agreement
  • Second phase : From September 01, 2000 up to August 31, 2001, not implemented
  • Third phase : From September 01, 2001 up to June 30, 2002, not implemented

Organisation of the session: 

Have attended:

Observers (institutions): 

Pages

Zircon - This is a contributing Drupal Theme
Design by WeebPal.