You are here

Home » UNCTAD

UNCTAD

Institution website URL page: 

http://unctad.org/en/pages/AboutUs.aspx
English

BOSNIA AND HERZEGOVINA - 19981028

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Wednesday, 28 October, 1998

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

IMF program under the stand by approved on May 29, 1998

 

Amounts treated: 

$588 million

Categories of debt treated: 

Treatment of arrears as of June 30, 1998

Treatment of maturities falling due from July 01, 1998 up to April 30, 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 June 30, 1998 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 Bosnia and Herzegovina, the Participating Creditor Countries agreed in principle to hold a meeting to consider the matter of the Government of Bosnia and Herzegovina's debt service payments falling due after April 30, 1999 and relating to loans or credits mentioned in [the present Agreed Minute] provided :

- that Bosnia and Herzegovina continues to have an appropriate arrangement with the International Monetary Fund ;

- that Bosnia and Herzegovina has reached with other creditors effective arrangements meeting the conditions described in [the present Agreed Minute] and has reported in writing to the Chairman of the Paris Club, pursuant to [the present Agreed Minute] ;

- and that Bosnia and Herzegovina has complied with all conditions set out in the present Agreed Minute.

 

Free transferability provision

The Government of Bosnia and Herzegovina will continue to allow unrestricted and immediate access to the foreign exchange required for servicing private sector debts owed to or guaranteed by the Participating or Observer Creditor Countries or their appropriate institutions.

De minimis threshold of 550 000 SDR

Payment of non-consolidated amounts before April 30, 1999

Comparability of treatment provision: 

In order to secure comparable treatment of public and private external creditors on their debts, the Government of Bosnia and Herzegovina commits itself to seek from its external creditors, in particular banks and suppliers, rescheduling or refinancing arrangements on terms comparable to those set forth in this Agreed Minute for credits of comparable maturity, making sure to avoid inequality between different categories of creditors.

The Government of Bosnia and Herzegovina will seek to secure, from each of its Creditor Countries not participating in this Agreed Minute, rescheduling or refinancing arrangements on terms comparable to those set forth in this Agreed Minute. The Government of Bosnia and Herzegovina agrees not to accord any such Creditor Country repayment terms more favourable to such Creditor Countries than those accorded to the Participating Creditor Countries.

The Government of Bosnia and Herzegovina agrees that it will promptly negotiate rescheduling or refinancing arrangements with all other creditors on debts of a comparable term.
 

Cut-off date: 

December 02, 1982

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

COTE D'IVOIRE - 20020410

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Wednesday, 10 April, 2002

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

Program with the IMF under the PRGF approved on March 27, 2002
Download the IMF report : letter of intent

 

Total external debt of the country: 

$10 520 million as of December 31, 2001, representing 397% of GDP

$4 160 million of which being due to Paris Club as of January 31, 2002

Amounts treated: 

$1 822 million of which $911 million being canceled, of which $911 million being rescheduled

Accorded treatment: 

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

Files attached: 

PDF icon 20020410-cote_divoire-restructuring_debt.pdf

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): 

ARGENTINE 20140529

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 29 May, 2014

Status of the treatment: 

Active

Total external debt of the country: 

1/ $ 9 690 million of which being due to Paris Club as of 30 April 2014

2/ $ 1 972 million of which being due to Paris Club as of 30 September 2022

Accorded treatment: 

Amendment to the Joint Declaration 2014 signed on 28 October 2022

Categories of debt treated: 

1/ Treatment of arrears as of April 30, 2014

2/ Treatment of the debt stock covered by the 2014 Joint Declaration

 

Repayment profile: 

Treatment under Ad Hoc terms

Cut-off date: 

10 December 1983

Organisation of the session: 

The meeting dated 29 May 2014 was chaired by Mr. Ramon FERNANDEZ, Chairman of the Paris Club. The head of the debtor country's delegation was Dr. Axel KICILLOF, Minister of Economy and Public Finance.

The meeting dated 28 October 2022 was chaired by Mr. Emmanuel MOULIN, Chairperson of the Paris Club. The delegation of the Argentine Republic was headed by Mr. Leonardo MADCUR, Secretary of State and Chief of Staff, Mr. Marco LAVAGNA, Secretary of State and in charge of the Secretariat of International Economic and Financial Affairs.

 

Files attached: 

PDF icon PR20140529_Argentine85e2.pdf
PDF icon 20221028_pr_argentine-vf.pdf

Observers (countries): 

Observers (institutions): 

CENTRAL AFRICAN REPUBLIC - 19980925

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 25 September, 1998

Status of the treatment: 

Fully repaid

Supporting agreements with the international institutions: 

IMF program approved on July 20, 1998

Download the IMF report : IMF report

Amounts treated: 

$23 million

Categories of debt treated: 

Treatment of arrears as of August 31, 1998

Treatment of maturities falling due from September 01, 1998 up to June 30, 2001

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: 

Entry-into-force provision

Agreement implemented on June 30, 1999

 

Good will clause

In response to the request of the representatives of the Government of the Central African Republic, the Participating Creditor Countries agreed in principle to a meeting to consider the matter of the Central African Republic 's debt service payments falling due after June 30, 2001 and relating to loans or credits pursuant to a contract or other financial arrangement concluded before January 1, 1983 provided:

- that the Central African Republic continues to have an appropriate arrangement with the International Monetary Fund;

- that the Central African Republic has reached with other creditors effective arrangements meeting the conditions described in [the Agreed Minute]. above and has reported in writing to the Chairman of the Paris Club, pursuant to [the Agreed Minute];

- and that the Central African Republic has complied with all conditions set out in this Agreed Minute.

If as at June 30, 2001, the Government of the Central African Republic has maintained satisfactory relations with the Participating or Observer Creditor Countries, and notably has fully implemented all agreements signed with them and continues to have an appropriate arrangement with the International Monetary Fund, the Participating Creditor Countries agree in principle to hold a meeting to consider the matter of the Central African Republic 's stock of debt.

 

Free transferability provision

The Government of the Central African Republic will take the relevant administrative measures or extend existing measures to ensure that the private debtors in the Central African Republic will be permitted to pay into the Central Bank the local currency counterpart of their obligations past due or falling due, corresponding to their debt of any nature owed to or guaranteed by the Participating or Observer Creditor Countries or their appropriate institutions.

 

Phases

  • First phase : From September 01, 1998 up to June 30, 1999, implemented on June 30, 1999
  • Second phase : From July 01, 1999 up to June 29, 2000, implemented on February 12, 2001
  • Third phase : From July 01, 2000 up to June 30, 2001, implemented on February 12, 2001

De minimis threshold of 250 000 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 the Central African Republic commits itself to negotiate debt reorganization arrangements with all its external creditors providing for comparable debt reduction in net present value as well as comparable terms of repayment of the debts not cancelled.

The Government of the Central African Republic 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 by the Participating Creditor Countries for credits of comparable maturity and legal nature.

The Government of the Central African Republic will inform in writing the Chairman of the Paris Club not later than December 31, 1998 of the status of its negotiations and of the contents of its bilateral agreements with other creditors. The Government of the Central African Republic will further inform in writing regularly the Chairman of the Paris Club of the status of its negotiations with other creditors, as well as of the payments made to them, and in any case before the meeting mentioned in [the  Agreed Minute], the Chairman of the Paris Club of the status of its negotiations with other creditors and effective payments in their favour.

Cut-off date: 

January 01, 1983

Organisation of the session: 

The meeting was chaired by Mr. Philippe de FONTAINE VIVE, Vice President of the Paris Club.

The head of the debtor country's delegation was Mr. Anicet Georges DOLOGUELE, Minister of Finance and Budget.

Observers (countries): 

Observers (institutions): 

CENTRAL AFRICAN REPUBLIC - 19940412

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Tuesday, 12 April, 1994

Status of the treatment: 

Fully repaid

Amounts treated: 

$47 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: 

The meeting was chaired by Mr. Bertrand de MAZIERES, Vice President of the Paris Club.

The head of the debtor country's delegation was Mr. Koumba BOUNANDELE, State Secretary for Finance, Planning and International Cooperation.

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): 

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): 

Pages

Zircon - This is a contributing Drupal Theme
Design by WeebPal.