Debt cancellation for the Republic of Liberia following its Completion Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) reached on 29 June 2010
Categories of debt treated:
Treatment of the stock as of July 01, 2010
Repayment profile:
Treatment under HIPC Initiative Exit terms
Creditors also committed on a bilateral basis to cancel the remaining USD 107 million.
As a result of this agreement and additional bilateral debt relief, the Republic of Liberia's debt to Paris Club will be entirely cancelled.
Comparability of treatment provision:
The Republic of Liberia was declared eligible to the enhanced HIPC Initiative by the IDA and the IMF in February 2007 and was declared to have reached its Completion Point in June 2010. 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 16 September 2010, 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 all their other creditors.
Consequently, the Republic of Liberia commits not to accord any category of external creditors -and in particular litigating creditors, creditor countries not participating in the Agreed Minutes dated 16 September 2010, 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 Ms. Delphine d'AMARZIT, Co Chairperson of the Paris Club.
The head of the debtor country's delegation was Mr. Augustine NGAFUAN, Minister of Finance.
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) all ODA loans, credits and consolidations; (ii) amounts of outstanding credits, loans and consolidations on debts mentioned in Article II-1, other than ODA loans, up to 20% of the amounts of outstanding credits as of December 6, 2001 or up to an amount of 5 million SDR, whichever is higher. Participating Creditor Countries and the Government of the Kyrgyz Republic shall inform semi-annually the Secretariat of the Paris Club, who shall inform other creditors, of the debt swaps agreements they have implemented. All elements necessary to evaluate this operation, its impact on the Kyrgyz Republic's economy and on the evolution of the creditor's exposure shall 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 Government of the Kyrgyz Republic.
Payment of non-consolidated amounts before September 30, 2005
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 Kyrgyz Republic commits to seek promptly from all its external creditors debt reorganisation arrangements on terms comparable to those set forth in these Agreed Minutes, while avoiding discrimination among different categories of creditors. Consequently, the Government of the Kyrgyz Republic commits to accord all categories of creditors -and in particular creditor countries not participating in these Agreed Minutes, 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 Kyrgyz Republic with the creditors not listed in these Agreed Minutes and with the Participating Creditor Countries, all relevant elements shall be taken into account, including the real exposure of the creditor not listed in these Agreed Minutes, the level of cash payments received by those creditors as compared to their share in the Kyrgyz Republic'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 Kyrgyz Republic and the creditors not listed in these Agreed Minutes.
Cut-off date:
August 31, 2001
Organisation of the session:
The meeting was chaired by Mr. Jean-Pierre Jouyet, Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Bolot E. Abildaev, Minister of Finance.
Restructuring of the external debt of the Republic of Kenya in order to further support the continuing efforts on economic recovery undertaken by the Government of the Republic of Kenya under the current IMF arrangement
Categories of debt treated:
Treatment of arrears as of December 31, 2003
Treatment of maturities falling due from January 01, 2004 up to December 31, 2006
repayment of non ODA credits over 15 years, with 5 years of grace
repayment of ODA credits over 20 years with 10 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 debt swaps: (i) all ODA loans; (ii) amounts of outstanding credits, loans and consolidations, other than ODA loans, on debts, up to 20% of the amounts of outstanding claims as December 31, 1993 or up to an amount of 20 million SDR, whichever is higher. Participating Creditor Countries and the Republic of Kenya will inform semi-annually the Secretariat of the Paris Club, who will inform other creditors, of the debt swap agreements they have implemented. All elements necessary to evaluate the operation, its impact on the Republic of Kenya'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 to the Republic of Kenya.
Phases
First phase : From January 01, 2004 up to December 31, 2004, implemented at the signature of the agreement
Second phase : From January 01, 2005 up to December 31, 2005, implemented on December 27, 2004
Third phase : From January 01, 2006 up to December 31, 2006, implemented on May 15, 2007
De minimis threshold of 1 000 000 SDR
Payment of non-consolidated amounts before July 01, 2004
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 Kenya commits to seek promptly from all its external creditors a rescheduling or a refinancing on terms comparable to those set forth in the present Agreed Minute, while trying to avoid discriminations among different categories of creditors.
The Government of the Republic of Kenya agrees 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.
The Government of the Republic of Kenya will inform in writing the Chairman of the Paris Club not later than July 1, 2004 of the status of its negotiations and of the contents of its bilateral agreements with other creditors. The Government of the Republic of Kenya 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.
Cut-off date:
December 31, 1991
Organisation of the session:
The meeting was chaired by Mrs Stéphane Pallez, Co-Président of the Paris Club.
The head of the debtor country's delegation was Mr. David Mwiraria, Minister for Finance.
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 debt swaps : (i) all ODA loans ; (ii) amounts of outstanding credits, loans and consolidations, other than Official Development Aid loans, on debts [treated in the present Agreed Minute], up to 20% of the amounts of outstanding claims as December 31, 1993 or up to an amount of 20 million SDR, whichever is higher. Participating Creditor Countries and the Republic of Kenya will inform semi-annually the Secretariat of the Paris Club, who will inform other creditors, of the debt swap agreements they have implemented. All elements necessary to evaluate the operation, its impact on the Republic of Kenya'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 Kenya.
Free transferability provision
The Government of the Republic of Kenya will continue to guarantee with an appropriate exchange rate system the immediate and unrestricted transfer of foreign exchange counterpart of all amounts paid in local currency by the private debtors in Kenya for servicing their foreign debt owed to or guaranteed by the Participating or Observer Creditor Countries or their appropriate institutions.
De minimis threshold of 500 000 SDR
Payment of non-consolidated amounts before June 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 Kenya 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 discriminations among different categories of creditors.
Consequently, the Government of the Republic of Kenya 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.
Cut-off date:
December 31, 1991
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 Hon. Chrisanthus B. OKEMO, Minister of Finance.
