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MOZAMBIQUE - 19990709

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 9 July, 1999

Status of the treatment: 

Fully repaid

Supporting agreements with the international institutions: 

IMF program under the Enhanced Structural Adjustment Facility (ESAF) approved on June 28, 1999
Download the IMF report : Letter of Intent of the government of Mozambique

Download the IMF report : Completion Point Document for the Heavily Indebted Poor Countries (HIPC) Initiative

Total external debt of the country: 

Amounts treated: 

$1 860 million

Categories of debt treated: 

Treatment of the stock as of July 01, 1999.

 

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 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 30% of the amounts of outstanding credits as of December 31, 1992 or up to an amount of 30 million SDR, whichever is higher.

 

Good will clause

The Participating Creditor Countries understand that the Boards of the International Monetary Fund and of the International Bank for Reconstruction and Development intend to consider in 1999 enhancement to the Debt Initiative for the Heavily Indebted Poor Countries. The Participating Creditor Countries agree in principle to review in that light the matter of the Republic of Mozambique's stock of debt with a view to providing additional relief if needed to achieve the objective of debt sustainability.

 

Pullback clause

The Participating Creditor Countries reserve the right to review the implementation of the conditions [...] 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 the Republic of Mozambique 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

Payment of non-consolidated amounts before September 30, 1999

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 Mozambique 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 the Republic of Mozambique 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 the Participating Creditor Countries.

For the purpose of the comparison between the arrangements concluded by the Government of the Republic of Mozambique 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 real 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 the Republic of Mozambique as compared to their share in the Republic of Mozambique'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 Mozambique and the creditor countries not listed in the present Agreed Minute.

The Government of the Republic of Mozambique will inform in writing the Chairman of the Paris Club not later than June 30, 2000 of the progress made for this purpose in negotiations with other creditors. It will inform afterwards on a semi annual basis, the Chairman of the Paris Club of the status of its relationships with other creditors.

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

MOZAMBIQUE - 19961121

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 21 November, 1996

Status of the treatment: 

Fully repaid

Total external debt of the country: 

Amounts treated: 

$663 million

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

Comparability of treatment provision: 

yes

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

MOZAMBIQUE - 19930323

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Tuesday, 23 March, 1993

Status of the treatment: 

Fully repaid

Amounts treated: 

$440 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 (countries): 

Observers (institutions): 

MOZAMBIQUE - 20011117

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Saturday, 17 November, 2001

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

IMF programme under the Enhanced Structural Adjustment Facility (ESAF) approved on June 28, 1999
 

Download the IMF report : Letter of Intent of the government of Mozambique

Download the IMF report : Completion Point Document for the enhanced Heavily Indebted Poor Countries (HIPC) Initiative

Total external debt of the country: 

$5 130 million as of December 31, 2000

$2 802 million of which being due to Paris Club as of September 01, 2001

Amounts treated: 

$2 800 million of which $2 270 million being canceled, of which $530 million being rescheduled

Accorded treatment: 

Completion point reached on September 25, 2001

Categories of debt treated: 

Treatment of arrears as of September 01, 2001

Treatment of the stock as of September 01, 2001

 

Repayment profile: 

Treatment under HIPC Initiative Exit terms

Specific provisions: 

Possibility to conduct debt swaps

On 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.

Payment of non-consolidated amounts before March 31, 2002

Comparability of treatment provision: 

The Government of Mozambique 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 favourable than that accorded to the Participating Creditor Countries.

For the purpose of the comparison between the arrangements concluded by the Government of the Mozambique 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 Mozambique as compared to their share in Mozambique'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 Mozambique and the creditors not listed in the Agreed Minute.

Cut-off date: 

February 01, 1984

Organisation of the session: 

The meeting was chaired by Ambroise Fayolle, Vice President of the Paris Club.

The head of the debtor country's delegation was Luisa Dias Diogo, Ministry of Planning and Finance.

Observers (countries): 

Observers (institutions): 

COTE D'IVOIRE - 19980424

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 24 April, 1998

Status of the treatment: 

Active

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 (countries): 

Observers (institutions): 

BURKINA FASO - 20020620

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 20 June, 2002

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

program with the IMF under the PRGF approved on September 10, 1999
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: 

$1 431 million as of December 31, 2001

$62 million of which being due to Paris Club as of June 01, 2002

Amounts treated: 

$36 million of which $35 million being canceled, of which $1 million being rescheduled

Accorded treatment: 

Completion point reached on April 11, 2002

Categories of debt treated: 

Treatment of arrears as of June 01, 2002. Treatment of the stock as of June 01, 2002

 

Repayment profile: 

Treatment under HIPC Initiative Exit terms

Specific provisions: 

Payment of non-consolidated amounts before December 31, 2002

Comparability of treatment provision: 

yes

Cut-off date: 

January 01, 1991

Organisation of the session: 

The meeting was chaired by Ambroise FAYOLLE, vice-president of the Paris Club.

The head of the debtor country's delegation was Jean Baptiste M.P COMPAORE, minister of finances and budget.

Observers (countries): 

Observers (institutions): 

SOMALIA - 19870722

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Wednesday, 22 July, 1987

Status of the treatment: 

Active

Amounts treated: 

$132 million

Repayment profile: 

Treatment under Ad Hoc terms

Comparability of treatment provision: 

yes

Cut-off date: 

October 01, 1984

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

SOMALIA - 19850306

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Wednesday, 6 March, 1985

Status of the treatment: 

Active

Amounts treated: 

$39 million

Repayment profile: 

Treatment under Classic terms

 

Comparability of treatment provision: 

yes

Cut-off date: 

October 01, 1984

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

LIBERIA 20080417

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 17 April, 2008

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

IMF programme supported by an arrangement under the Poverty Reduction and Growth Facility (PRGF) and the Extended Fund Facility (EFF) approved on March 14, 2008
Download the IMF report : PRGF and EFF document

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

Total external debt of the country: 

$4 732 million as of June 30, 2007

$1 514 million of which being due to Paris Club as of March 01, 2008

Amounts treated: 

$1 043 million of which $254 million being canceled, of which $789 million being rescheduled

Accorded treatment: 

Restructuring of its external public debt, this country having reached its Decision Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) in March 2008.

Categories of debt treated: 

Treatment of arrears as of February 29, 2008

Treatment of maturities falling due from March 01, 2008 up to December 31, 2010

Repayment profile: 

Treatment under Cologne terms

  • repayment of non ODA credits over 23 years, with 6 years of grace
  • repayment of ODA credits over 40 years with 16 years of grace

Specific provisions: 

Good will clause

Given the decision by Paris Club Creditors to contribute to the exceptional assistance in favour of the Government of the Republic of Liberia under the Enhanced HIPC Initiative, 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 Liberia's outstanding debt stock and to make the necessary effort in favour of the Republic of Liberia to allow it to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that:

- the Government of the Republic of Liberia maintains satisfactory relations with the Participating Creditor Countries and a sound reform track record;

- the Executive Boards of the IMF and the IDA decide that the Republic of Liberia has reached its Completion Point under the enhanced HIPC initiative.

 

Phases

  • First phase : From March 01, 2008 up to December 31, 2008, implemented at the signature of the agreement
  • Second phase : From January 01, 2009 up to December 31, 2009, implemented on May 29, 2009
  • Third phase : From January 01, 2010 up to December 31, 2010, implemented on July 21, 2010

Comparability of treatment provision: 

The Republic of Liberia was declared eligible to the Enhanced HIPC initiative by the IDA and the IMF in February 2008 and was declared to have reached its Decision Point in March 2008. In this context, the Republic of Liberia commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated April 17, 2008, 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.

The appropriate nature of the debt relief provided will be assessed not only on the basis of the reduction in the net present value of the debt as computed under Appropriate Market Rate, but also on the terms of repayment of the debts not cancelled. For this purpose, all relevant elements will be taken into account, including the level of cash payments received by those creditors as compared to their share in the Republic of Liberia'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 Republic of Liberia and creditor countries not listed in these Agreed Minutes.

Consequently, the Republic of Liberia commits not to accord any category of creditors -and in particular creditor countries not participating in these Agreed Minutes, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.

Cut-off date: 

January 01, 1983

Organisation of the session: 

The meeting was chaired by M. Benoît Coeuré, Co-Chairman of the Paris Club.

The head of the debtor country's delegation was Ms Antoinette M. Sayeh, Minister of Finance.

Files attached: 

PDF icon prliberia17042008f02b.pdf

Observers (countries): 

Observers (institutions): 

CONGO 20081211

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 11 December, 2008

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

IMF programme supported by an Arrangement under the Poverty Reduction and Growth Facility (PRGF) approved on December 08, 2008

 

Total external debt of the country: 

$3 354 million of which being due to Paris Club as of July 01, 2008

Amounts treated: 

$961 million of which $806 million being canceled, of which $155 million being rescheduled

Accorded treatment: 

Congo's debt relief, following the approval by the International Monetary Fund (IMF) of a new three year arrangement under the Poverty Reduction and Growth Facility on 8 December 2008

Categories of debt treated: 

Treatment of arrears as of June 30, 2008

Treatment of maturities falling due from July 01, 2008 up to June 30, 2011

Repayment profile: 

Treatment under Cologne terms

  • repayment of non ODA credits over 23 years, with 6 years of grace
  • 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:

- the amounts of outstanding loans and consolidations as regards ODA debts;

- the amounts of other outstanding credits, loans and consolidations, up to 20% of the amounts of outstanding loans, credits and consolidations as of August 31, 1990 or up to an amount of 20 million SDR, whichever is higher.

 

Good will clause

Given the decision by Paris Club Creditors to contribute to the exceptional assistance in favour of the Government of the Republic of Congo under the Enhanced HIPC Initiative, 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 Congo's outstanding debt stock and to make the necessary effort in favour of the Republic of Congo to allow it to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that:

- the Government of the Republic of Congo maintains satisfactory relations with the Participating Creditor Countries and a sound adjustment track record;

- the Executive Boards of the IMF and the IDA decide that the Republic of Congo has reached its Completion Point under the enhanced HIPC initiative.

 

Phases

  • First phase : From July 01, 2008 up to June 30, 2009, implemented at the signature of the agreement
  • Second phase : From July 01, 2009 up to June 30, 2010, implemented on December 24, 2009
  • Third phase : From July 01, 2010 up to June 30, 2011, not implemented

Comparability of treatment provision: 

The Republic of Congo was declared eligible for the Enhanced HIPC initiative by the IDA and the IMF in 2005 and was declared to have reached its Decision Point in March 2006. In this context, the Republic of Congo commits to seek promptly from all its external creditors that are not participating in the Agreed Minutes dated 11 December 2008, 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.

The appropriate nature of the debt relief provided will be assessed not only on the basis of the reduction in the net present value of the debt as computed under Appropriate Market Rate, but also on the terms of repayment of the debts not cancelled. For this purpose, all relevant elements will be taken into account, including the level of cash payments received by those creditors as compared to their share in the Republic of Congo's external debt, the nature and characteristics of all treatment applied, including debt buybacks, 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 Republic of Congo and creditor countries not listed in the Agreed Minutes dated 11 December 2008.

Consequently, the Republic of Congo commits not to accord any category of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 11 December 2008, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.

Cut-off date: 

January 01, 1986

Organisation of the session: 

The meeting was chaired by Mr. Benoît COEURE, Co Chairman of the Paris Club

The head of the debtor country's delegation was Mr. Pacifique ISSOIBEKA, Minister of Economy, Finance and Budget

Files attached: 

PDF icon prcongo20081211.pdf

Observers (countries): 

Observers (institutions): 

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