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 ODA loans ; (ii) the amounts of other outstanding credits, up to 20% of the amounts of outstanding credits as of June 30, 1991 or up to an amount of 30 million SDR, whichever is higher.
Payment of non-consolidated amounts before December 31, 2004
Comparability of treatment provision:
The Republic of Senegal was declared eligible to the Enhanced HIPC Initiative by the IDA and the IMF in June 2000 and was declared to have reached its Completion Point respectively on April 15 and 19, 2004. In this context, the Republic of Senegal commits to seek promptly from all its external creditors which are not participating in the present Agreed Minute, their appropriate contribution in terms of debt relief to the Enhanced HIPC Initiative, on top of traditional debt relief mechanisms and consistent with the proportional burden sharing based on their relative exposure in net present value of total external debt at Decision Point after the full use of traditional debt relief mechanisms.
Cut-off date:
January 01, 1983
Organisation of the session:
The meeting was chaired by Mr. Ramon Fernandez, Vice-Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Abdoulaye Diop, Minister of Economy and Finance.
Treatment of maturities falling due from June 01, 1998 up to December 31, 2000
Repayment profile:
Treatment under Naples terms (cancellation rate of 67%)
Specific provisions:
Pullback clause
The Participating Creditor Countries reserve the right to review the implementation of the conditions stated [...] for the comparability of treatment between all external creditors ; if the Participating Creditor Countries determine that these conditions are not substantially fulfilled, or that the Government of Senegal has not met its payments obligations as specified in the present Agreed Minute, the provisions [...] of the present Agreed Minute will become null and void ; b) the Government of Senegal agrees that the International Monetary Fund inform the Chairman of the Paris Club regarding the status of the Senegal's relations with the International Monetary Fund.
De minimis threshold of 1 000 000 SDR
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 Senegal commits itself to seek promptly from all its external creditors debt reduction and reorganization arrangements on terms comparable in net present value to those set forth in the present Agreed Minute 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 Senegal commits itself to accord all categories of creditors -and in particular creditor countries not participating in the present Agreed Minute, commercial banks and suppliers- a treatment not more favourable than that accorded by the Participating Creditor Countries.
For the purpose of the comparison between the arrangements concluded by the Government of Senegal with its creditor countries 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 exposure of the creditor countries not listed in the present Agreed Minute, the level of cash payments received by those creditor countries from the Government of Senegal as compared to their share in the Senegal'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 Senegal and the creditor countries not listed in the present Agreed Minute.
The Government of Senegal will inform regularly in writing the Chairman of the Paris Club of the progress made for this purpose in the negotiations with all its external creditors. A first report should be provided to the Chairman of the Paris Club by December 17, 1998.
The Government of Senegal will inform in writing without delay the Chairman of the Paris Club of the content of any agreement reached with its other external creditors.
The Government of Senegal will inform in writing the Chairman of the Paris Club, on a yearly basis, of the cash payments made by Senegal to its external creditors, and especially to the creditor countries not participating in the present Agreed Minute.
