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GUINEA-BISSAU - 19891026

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 26 October, 1989

Status of the treatment: 

Fully repaid

Amounts treated: 

$21 million

Repayment profile: 

Treatment under Toronto terms (cancellation rate of 33%), after cancellation to a rate of 33%

Organisation of the session: 

The meeting was chaired by Mrs. Anne LE LORIER, Vice President of the Paris Club.

The head of the debtor country's delegation was Mr. Victor FREIRE MONTEIRO, Minister of Finance.

Observers (countries): 

Observers (institutions): 

GABON - 20001215

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 15 December, 2000

Status of the treatment: 

Fully repaid

Total external debt of the country: 

$2 600 million of which being due to Paris Club as of May 01, 2000

Amounts treated: 

$532 million

Categories of debt treated: 

Treatment of arrears as of September 30, 2000

 

Repayment profile: 

Treatment under Classic terms

  • repayment of non ODA credits over 12 years, with 3 years of grace

repayment profile

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 credits and loans [treated in the present Agreed Minute] other than official development aid loans, as well as consolidation of such credits, up to 10% of the amounts of these outstanding credits and consolidations as of December 31, 1999, or up to an amount of 15 million SDR, whichever is higher. Participating Creditor Countries will inform the Secretariat of the Paris Club, who will inform other Creditors, of their intention to implement debt swap agreements. In addition, Participating Creditor Countries and the Republic of Gabon will inform semi-annually the Secretariat of the Paris Club, who will inform other Creditors, of the debt swap operations they have implemented. All elements necessary to evaluate the operation, its impact on the Republic of Gabon'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 Gabon. It is understood that Participating Creditor Countries will not implement debt swaps at a time of arrears to Participating Creditor Countries on amounts consolidated under the present or previous Agreed Minutes.

 

Entry-into-force provision

The provisions [...] of the present Agreed Minute will come into force on February 28, 2001 provided that the Government of the Republic of Gabon has made all payments to be made up to February 28, 2001 inclusive [on non-consolidated amounts].

Agreement implemented on February 28, 2001

 

Pullback clause

The Participating Creditor Countries will review the implementation of the conditions stated in [the presentAgreed Minute]. If, in light of the decisions taken by the Board of the International Monetary Fund, the Participating Creditor Countries determine that this condition was not fulfilled for the implementation of the present Agreed Minute, they may declare part or all of the provisions set forth in [the present Agreed Minute] null and void.

De minimis threshold of 1 500 000 SDR

Payment of non-consolidated amounts before February 28, 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 the Republic of Gabon 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 Gabon 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 the Republic of Gabon 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 the Republic of Gabon as compared to their share of the Republic of Gabon'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 Gabon and the creditors not listed in the present Agreed Minute.

Cut-off date: 

July 01, 1986

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. Emile DOUMBA, Minister of Finance, Budget and Privatization.

Files attached: 

PDF icon GA15122000CPEN6870.pdf

Observers (countries): 

Observers (institutions): 

ETHIOPIA - 19970124

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 24 January, 1997

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

IMF program under the ESAF approved on October 11, 1996

 

Amounts treated: 

$183 million

Categories of debt treated: 

Treatment of arrears as of December 31, 1996

Treatment of maturities falling due from January 01, 1997 up to October 31, 1999

Repayment profile: 

Treatment under Naples terms (cancellation rate of 67%)

  • repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 67%
  • 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 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 November 30, 1992 or up to an amount of 20 million SDR, whichever is higher.

 

Good will clause

In response to the request of the representatives of the Government of Ethiopia, the Participating Creditor Countries agreed in principle to a meeting to consider the matter of Ethiopia's debt service payments falling due after October 31, 1999 and relating to loans or credits pursuant to a contract or other financial arrangement concluded before December 31, 1989 provided :

- that Ethiopia continues to have an appropriate arrangement with the International Monetary Fund ;

- that Ethiopia has reached with other creditors effective arrangements meeting the conditions described in [the recommendations] and has reported in writing to the Chairman of the Paris Club, pursuant to [the recommendations] ;

- and that Ethiopia has complied with all conditions set out in this Agreed Minute.

 

Free transferability provision

The Government of Ethiopia guarantees the immediate and unrestricted transfer of the foreign exchange counterpart of all amounts paid in local currency by the private debtors in Ethiopia for servicing their foreign debt legally contracted under the Ethiopian law and owed to or guaranteed by the Participating or Observer Creditor Countries or their appropriate institutions.

 

Pullback clause

The Participating Creditor Countries reserve the right to review and agree to the implementation of the conditions stated in [the present Agreed Minute] for the comparability of treatment between all creditor countries. If the Participating Creditor Countries determine that these conditions are not substantially fulfilled, and do not agree to their implementation, the provisions [...] of the present Agreed Minute will become null and void. In this case, the total amount of debts covered by the present Agreed Minute will be due and payable at that time, with the exception of maturities which have not yet fallen due on these debts. Any payments of principal and interest already made under [the present Agreed Minute] will be taken into account.

 

Phases

  • First phase : From January 01, 1997 up to December 31, 1997, implemented at the signature of the agreement
  • Second phase : From January 01, 1998 up to December 31, 1998, implemented on November 20, 1998
  • Third phase : From January 01, 1999 up to October 31, 1999, not implemented

De minimis threshold of 250 000 SDR

Payment of non-consolidated amounts before March 31, 1997

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 Ethiopia commits itself to negotiate debt reorganization arrangements with all its external creditors.

The Government of Ethiopia 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 legal nature.

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

ECUADOR - 19940627

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Monday, 27 June, 1994

Status of the treatment: 

Fully repaid

Amounts treated: 

$292 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): 

ECUADOR - 19920120

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Monday, 20 January, 1992

Status of the treatment: 

Fully repaid

Amounts treated: 

$339 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): 

COTE D'IVOIRE - 19911120

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Wednesday, 20 November, 1991

Status of the treatment: 

Fully repaid

Amounts treated: 

$724 million

Repayment profile: 

Treatment under Houston terms

Specific provisions: 

Possibility to conduct debt swaps

Comparability of treatment provision: 

yes

Organisation of the session: 

The meeting was chaired by Mr. Denis SAMUEL-LAJEUNESSE, Co President of the Paris Club.

The head of the debtor country's delegation was Mr. Guy-Alain Emmanuel GAUZE, Minister of Commodities.

Observers (institutions): 

CAMEROON - 20010124

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Wednesday, 24 January, 2001

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

Program with the IMF supported by an Arrangement under the Enhanced Poverty Reduction Growth Facility (PRGF) approved on December 21, 2000
Download the IMF report : Letter of Intent

Download the IMF report : Decision Point document for the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative

Total external debt of the country: 

$7 800 million as of June 30, 1999

$5 400 million of which being due to Paris Club as of June 30, 1999

Amounts treated: 

$1 300 million of which $900 million being canceled, of which $400 million being rescheduled

Accorded treatment: 

Restructuring of the public external debt. Given its strong track-record of reforms as well as the burden of its external indebtedness, Cameroon reached in October 2000 its decision point under the enhanced HIPC Initiative. This Paris Club agreement also follows the International Monetary Fund's approval of a Poverty Reduction and Growth Facility on December 21, 2000.

Categories of debt treated: 

Treatment of arrears as of December 31, 2000.

Treatment of maturities falling due from January 01, 2001 up to March 31, 2006

Repayment profile: 

Treatment under Cologne terms (cancellation rate of 90%)

  • repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 90%
  • repayment of ODA credits over 40 years with 16 years of grace

Rescheduling of ODA credits at a rate at least as favorable as the original contractual rate

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) all ODA loans ; (ii) the amounts of other outstanding credits, loans and consolidations, up to 20% of the amounts of outstanding credits as of December 31, 1991 or up to an amount of SDR 20 million, whichever is higher. Participating creditor countries and the Government of the Republic of Cameroon 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 the Republic of Cameroon'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 Cameroon.

 

Good will clause

Given the decision by Paris Club Creditors to contribute to the exceptional assistance in favour of the Republic of Cameroon under the Enhanced Debt Initiative for the Heavily Indebted Poor Countries, 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 Cameroon's outstanding debt stock and to make the necessary effort, in favour of the Republic of Cameroon to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that :

- the Republic of Cameroon maintains satisfactory relations with participating Creditor Countries, fully implements all the agreements signed with them and maintains a sound adjustment track record ;

- the Boards of the International Monetary Fund and the International Development Association decide that the Republic of Cameroon has reached its completion point under the Enhanced Debt Initiative for the Heavily Indebted Poor Countries.

 

Pullback clause

The Participating Creditor Countries will review the implementation of the conditions stated in paragraph 3. hereabove. If, in light of the decisions taken by the Board of the International Monetary Fund, the Participating Creditor Countries determine that these conditions were not fulfilled for the implementation of the present Agreed Minute they may declare part or all of the provisions set forth in Article II-2 above in the Agreement null and void.

 

Phases

  • First phase : From January 01, 2001 up to December 31, 2001, implemented at the signature of the agreement
  • Second phase : From January 01, 2002 up to December 31, 2002, implemented on February 26, 2002
  • Third phase : From January 01, 2003 up to March 31, 2006, implemented on December 26, 2003

De minimis threshold of 500 000 SDR

Payment of non-consolidated amounts before April 30, 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 the Republic of Cameroon commits itself to seek from all its external creditors debt reduction and reorganisation arrangements on terms comparable in net present value to those set forth in the Agreed Minute dated January 24, 2001 for credits of comparable maturity. Comparability of treatment for debt reduction in net present value is assessed not only on the basis of the reduction in the face value of the debt but also on the terms of repayment of the debts not cancelled.

Consequently, the Government of the Republic of Cameroon commits itself to accord all categories of creditors -and in particular creditor countries not participating in the Agreed Minute, commercial banks and suppliers- a treatment not more favorable than that accorded to the Participating Creditor Countries.

For the purpose of the comparison between the arrangements concluded by the Government of the Republic of Cameroon with its creditors not listed in the Agreed Minute on the one hand, and arrangements with the Participating Creditor Countries on the other hand, all relevant elements will be taken into account, including the exposure of the creditors not listed in the Agreed Minute, the level of cash payments received by those creditors from the Government of the Republic of Cameroon as compared to their share in the Cameroon's external debt, the nature and characteristics of all treatment applied, including debt buy backs, and all characteristics of the reorganised claims and in particular their repayment terms whatever forms they take, and in general the financial relations between the Government of the Republic of Cameroon and the creditors not listed in the Agreed Minute.

Cut-off date: 

December 31, 1988

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. Edouard AKAME MFOUMOU, State minister in charge of Economy and Finance.

Files attached: 

PDF icon CM24012001CPEN6870.pdf

Observers (countries): 

Observers (institutions): 

CAMEROON - 19971024

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 24 October, 1997

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

IMF program under the ESAF approved on August 20, 1997

 

Amounts treated: 

$1 270 million

Categories of debt treated: 

Treatment of arrears as of September 30, 1997

Treatment of maturities falling due from October 01, 1997 up to December 31, 2000

Repayment profile: 

Treatment under Naples terms (cancellation rate of 50%)

  • repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 50%
  • 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 October 24, 1997] 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 December 31, 1991 or up to an amount of 20 million SDR, whichever is higher.

 

Entry-into-force provision

The provisions [...] of the Agreed Minute will come into force on March 31, 1998 provided that the Government of the Republic of Cameroon has made all payments due up to that date inclusive pursuant to the present Agreed Minute and especially those pursuant to [the Agreed Minute].

Agreement implemented on March 31, 1998

 

Good will clause

In response to the request of the representatives of the Government of the Republic of Cameroon, the Participating Creditor Countries agreed in principle to a meeting to consider the matter of the Republic of Cameroon's debt service payments falling due after August 31, 2000 and relating to loans or credits pursuant to a contract or other financial arrangement concluded before December 31, 1988 provided :

- that the Republic of Cameroon continues to have an appropriate arrangement with the International Monetary Fund ;

- that the Republic of Cameroon 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 Cameroon has complied with all conditions set out in this Agreed Minute.

 

Special account

To facilitate the implementation of the Agreed Minute, the Government of the Republic of Cameroon will deposit in the special account established with the Banque de France, the equivalent of at least 13 billion CFA francs at the end of each month, commencing in December 1997 through August 2000 inclusive ; out of which for the period from December 1, 1997 up to March 31, 1998 12,5 billion CFA francs at the end of each month as payment of the amounts due pursuant to [...] the Agreed Minute dated November 16, 1995. The Government of the Republic of Cameroon 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 October 1, 1997 up to August 31, 2000 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 Cameroon 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 October 1, 1997 up to August 31, 2000 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 October 01, 1997 up to August 31, 1998, implemented on March 31, 1998
  • Second phase : From September 01, 1998 up to August 31, 1999, implemented on December 23, 1998
  • Third phase : From September 01, 1999 up to December 31, 2000, implemented on October 20, 1999

De minimis threshold of 500 000 SDR

Payment of non-consolidated amounts before March 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 Republic of Cameroon commits itself to negotiate debt reorganization arrangements with all its external creditors providing for the same debt reduction in net present value.

The Government of the Republic of Cameroon 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 legal nature.

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

CAMEROON - 19951116

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 16 November, 1995

Status of the treatment: 

Active

Amounts treated: 

$1 348 million

Repayment profile: 

Treatment under Naples terms (cancellation rate of 50%)

  • repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 50%
  • repayment of ODA credits over 40 years with 16 years of grace

 

Specific provisions: 

Possibility to conduct debt swaps

Comparability of treatment provision: 

yes

Organisation of the session: 

Have attended:

Observers (institutions): 

CAMEROON - 19940325

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 25 March, 1994

Status of the treatment: 

Active

Amounts treated: 

$1 258 million

Repayment profile: 

Treatment under London terms (cancellation rate of 50%)

  • repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 50%
  • repayment of ODA credits over 30 years with 12 years of grace

Specific provisions: 

Possibility to conduct debt swaps

Comparability of treatment provision: 

yes

Organisation of the session: 

Have attended:

Observers (institutions): 

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