Restructuring agreement of its external public debt, following the financing assurances provided by the Paris Club creditors on 2 September 2021
Categories of debt treated:
Treatment of arrears as of 31 December 2022
Treatment of maturities falling due from 1 January 2022 up to 31 December 2024
Repayment profile:
Treatment under classic terms
Repayment of ODA claims over 20 years, with 7 years of grace
Repayment of non-ODA claims over 15 years, with 8 years of grace
Repayment of all existing arrears as of end-2021 in two instalments in 2022 and 2024
Specific provisions:
Good will clause
Based on a future assessment that the Republic of Suriname has fulfilled all its commitments under the agreement, notably the comparability of treatment, and maintaining sound macroeconomic policies consistent with long-term debt sustainability, Paris Club creditors are committed to reschedule all maturities in capital falling due starting on 1 January, 2025. If the 2024 IMF assessment of the macroeconomic situation is consistent with the projections in the current EFF, the repayment schedule of rescheduled claims will be 17 years (including a 4-year grace period) for ODA claims and 12 years (including a 5-year grace period) for NODA claims from 1 December 2024.
This debt treatment will eventually allow the creditors to make additional efforts including through the conclusion of debt swaps, on a voluntary and bilateral basis, to support the country’s efforts in favour of environmental, social and governance goals.
The Republic of Suriname has committed to seek debt treatments at least as favourable from all other bilateral and external commercial creditors.
Comparability of treatment provision:
In order to secure comparable treatment of debts due to external public or private creditors, the Government of the Republic of Suriname commits itself to seek from its other official bilateral creditors and its external private creditors debt reorganization arrangements on terms at least as favourable as those set forth in the Agreed Minutes dated 22 June 2022 making sure to avoid discrimination among different categories of creditors.
For that purpose, the Government of the Republic of Suriname commits to inform the Participating Creditor Countries before concluding a debt reorganization arrangement in order to allow the Participating Creditor Countries to assess whether the proposed terms of debt treatment are at least as favourable to those set forth in the Agreed Minutes dated 22 June 2022.
The Government of the Republic of Suriname commits itself not to accord any other official bilateral creditors or its external private creditors financial conditions of repayment assessed more favourable than those accorded to the Participating Creditor Countries.
Cut-off date:
29 April 2021
Organisation of the session:
The meeting was chaired by William ROOS, Co Chairman of the Paris Club, Assistant Secretary at the Directorate-General of the Treasury of the French Ministry of Economy, Finance and Industrial and Digital Sovereignty
The head of the debtor country’s delegation was Mr. Armand ACHAIBERSING, Minister of Finance and Planning.
1/ $ 9 690 million of which being due to Paris Club as of 30 April 2014
2/ $ 1 972 million of which being due to Paris Club as of 30 September 2022
Accorded treatment:
Amendment to the Joint Declaration 2014 signed on 28 October 2022
Categories of debt treated:
1/ Treatment of arrears as of April 30, 2014
2/ Treatment of the debt stock covered by the 2014 Joint Declaration
Repayment profile:
Treatment under Ad Hoc terms
Cut-off date:
10 December 1983
Organisation of the session:
The meeting dated 29 May 2014 was chaired by Mr. Ramon FERNANDEZ, Chairman of the Paris Club. The head of the debtor country's delegation was Dr. Axel KICILLOF, Minister of Economy and Public Finance.
The meeting dated 28 October 2022 was chaired by Mr. Emmanuel MOULIN, Chairperson of the Paris Club. The delegation of the Argentine Republic was headed by Mr. Leonardo MADCUR, Secretary of State and Chief of Staff, Mr. Marco LAVAGNA, Secretary of State and in charge of the Secretariat of International Economic and Financial Affairs.
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
First phase : From July 01, 1992 up to June 30, 1993, implemented at the signature of the agreement
Second phase : From July 01, 1993 up to June 30, 1994, implemented on January 13, 1994
Third phase : From July 01, 1994 up to March 31, 1995, implemented on August 09, 1994
De minimis threshold of 1 000 000 SDR
Comparability of treatment provision:
yes
Cut-off date:
December 10, 1983
Organisation of the session:
The meeting was chaired by M. Jean-Claude Trichet, Chairman of the Paris Club.
The head of the debtor country's delegation was M. Horacio Tomas Liendo, Undersecretary of Financial Affairs at the Ministry of Economy and Public Works.
