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) all ODA loans, credits and consolidations; (ii) amounts of outstanding credits, loans and consolidations on debts mentioned in Article II-1, other than ODA loans, up to 20% of the amounts of outstanding credits as of December 6, 2001 or up to an amount of 5 million SDR, whichever is higher. Participating Creditor Countries and the Government of the Kyrgyz Republic shall inform semi-annually the Secretariat of the Paris Club, who shall inform other creditors, of the debt swaps agreements they have implemented. All elements necessary to evaluate this operation, its impact on the Kyrgyz Republic's economy and on the evolution of the creditor's exposure shall 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 Government of the Kyrgyz Republic.
Payment of non-consolidated amounts before September 30, 2005
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 Kyrgyz Republic commits to seek promptly from all its external creditors debt reorganisation arrangements on terms comparable to those set forth in these Agreed Minutes, while avoiding discrimination among different categories of creditors. Consequently, the Government of the Kyrgyz Republic commits to accord all categories of creditors -and in particular creditor countries not participating in these Agreed Minutes, 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 the Kyrgyz Republic with the 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 as compared to their share in the Kyrgyz Republic'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 Kyrgyz Republic and the creditors not listed in these Agreed Minutes.
Cut-off date:
August 31, 2001
Organisation of the session:
The meeting was chaired by Mr. Jean-Pierre Jouyet, Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Bolot E. Abildaev, Minister of Finance.
