Restructuring of Côte d'Ivoire's public external debt, following the approval of an arrangement under the Poverty Reduction and Growth Facility with the International Monetary Fund on March 27, 2002
Categories of debt treated:
Treatment of arrears as of March 31, 2002
Treatment of maturities falling due from April 01, 2002 up to December 31, 2004
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
Rescheduling of ODA credits at a rate at least as favorable as the original contractual rate
Specific provisions:
Possibility to conduct debt swaps
20%-30MSDR
Good will clause
Participating Creditor Countries agree to grant a topping-up of the debt reduction of the present agreement from Lyon terms to Cologne terms on loans, credits or consolidations pursuant to a contract or other financial arrangement concluded before July 1, 1983, as soon as the Republic of Côte d'Ivoire has reached the Decision Point under the Enhanced Debt Initiative for the Heavily Indebted Poor Countries, provided that the Government of the Republic of Côte d'Ivoire maintains satisfactory relations with the Participating Creditor Countries and the International Monetary Fund.
Phases
First phase : From April 01, 2002 up to March 31, 2003, implemented at the signature of the agreement
Second phase : From April 01, 2003 up to March 30, 2004, not implemented
Third phase : From April 01, 2004 up to December 31, 2004, not implemented
De minimis threshold of 1 000 000 SDR
Payment of non-consolidated amounts before September 30, 2002
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 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 10 April 2002 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.
Cut-off date:
July 01, 1983
Organisation of the session:
The meeting was chaired by Mr. Jean-Pierre Jouyet, president of the Paris Club
The head of the debtor country's delegation was Mr. Bohoun Bouabre, Ministry of Economy and Finance of the Republic of Côte d'Ivoire
