Debtor country:
Creditor country:
Terms:
Treatment date:
Status of the treatment:
Supporting agreements with the international institutions:
IMF program under the ESAF approved on March 17, 1998
Amounts treated:
$1 402 million
Categories of debt treated:
Treatment of maturities falling due from April 01, 1998 up to March 31, 2001
Repayment profile:
Treatment under Lyon terms (cancellation rate of 80%)
- repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 80%
- 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 dated April 24, 1998] 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 September 30, 1991 or up to an amount of 30 million SDR, whichever is higher.
Good will clause
In response to the request of the representatives of the Government of the Republic of Côte d'Ivoire, the Participating Creditor Countries agreed in principle to a meeting to consider the matter of debt service payments falling due after March 31, 2001 and relating to loans or credits pursuant to a contract or other financial arrangement concluded before July 1, 1983 provided:
- that the Republic of Côte d'Ivoire continues to have an appropriate arrangement with the International Monetary Fund;
- that the Republic of Côte d'Ivoire 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 Côte d'Ivoire has complied with all conditions set out in this Agreed Minute.
Special account
To facilitate the implementation of the Agreed Minute dated April 24, 1998, the Government of the Republic of Cote d'Ivoire will deposit in the special account established with the Banque de France, the equivalent of at least 2 billion CFA francs at the end of each month, commencing in April 1, 1998 through March 31, 2001 inclusive. The Government of the Republic of Cote d'Ivoire undertakes to have this Bank notify the Chairman of the Paris Club as soon as each deposit has been made. The total amount approximates the amounts estimated to be payable to all Participating Creditor Countries from April 1, 1998 up to March 31, 2001 inclusive under the terms of the bilateral agreements to be concluded pursuant to the Agreed Minute. As specific payments under these agreements become due, the Government of the Republic of Cote d'Ivoire will draw on the special account to meet these payments; no drawing will be made on the special account for any other use before all payments due from April 1, 1998 up to March 31, 2001 inclusive under these agreements have been made. Any drawing on this account will be made after a previous 15-day notice to the above Bank, which this Bank will notify immediately to the Chairman of the Paris Club. This scheme could be continued by agreement between the parties.
Phases
- First phase : From April 01, 1998 up to March 31, 1999, implemented at the signature of the agreement
- Second phase : From April 01, 1999 up to March 30, 2000, not implemented
- Third phase : From April 01, 2000 up to March 31, 2001, not implemented
De minimis threshold of 500 000 SDR
Payment of non-consolidated amounts before June 30, 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 Côte d'Ivoire commits itself to seek from all its external creditors debt reorganization arrangements on terms comparable to those set forth in the Agreed Minute dated April 24, 1998 for credits of comparable maturity.
Consequently, the Government of the Republic of Côte d'Ivoire 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 to the Participating Creditor Countries.
The Government of the Republic of Côte d'Ivoire will seek to secure, from each of its creditor countries not participating in the Agreed Minute, rescheduling or refinancing arrangements on terms comparable to those set forth in the Agreed Minute. The Government of the Republic of Côte d'Ivoire agrees not to accord any such creditor country repayment terms more favourable than those accorded to the Participating Creditor Countries.
The Government of the Republic of Côte d'Ivoire agrees that it will promptly negotiate rescheduling or refinancing arrangements with all other creditors on credits of comparable maturity.
The Government of the Republic of Côte d'Ivoire will inform in writing the Chairman of the Paris Club not later than September 30, 1998 of the progress made for this purpose in negotiations with other creditors.
Cut-off date:
July 01, 1983
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. N'goran NIAMIEN, Minister of Economy and Finance.
Observers (institutions):
