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 Official Development Assistance loans; (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 January 1, 2005 after the implementation of the First Reduction or up to an amount of 20 million SDR, whichever is higher. Participating creditor countries and the Republic of Iraq 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 Iraq'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 Iraq.
Cancellation phasing
First Reduction : cancellation of 30% of the debt stock as of the date of the signature of the agreement.
Second Reduction : cancellation of 30% of the initial debt stock as soon as an Arrangement with the IMF in the upper credit tranches is approved, implemented on 23 December 2005.
Third Reduction : cancellation of 20% of the initial debt stock as soon as the last review of an Agreement with the IMF in the upper credit tranches is approved, implemented on 22 December 2008.
Payment of non-consolidated amounts before June 01, 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 Republic of Iraq commits 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 Minutes 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 Iraq commits to accord all categories of creditors -and in particular creditor countries not participating in the present Agreed Minutes, commercial banks and suppliers- a treatment not more favorable than that accorded to the Participating Creditor Countries.
For the purpose of the comparison between the arrangements concluded by the Government of the Republic of Iraq with its creditors not listed in the present Agreed Minutes 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 creditors not listed in the present Agreed Minutes, the level of cash payments received by those creditors from the Government of the Republic of Iraq as compared to their share in the Republic of Iraq'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 Iraq and the creditors not listed in the present Agreed Minutes.
Cut-off date:
May 22, 2003
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. Adil A. Mahdi, Minister of Finance.
Payment of non-consolidated amounts before December 01, 2005
Comparability of treatment provision:
The Republic of Honduras was declared eligible to the Enhanced HIPC initiative by the IDA and the IMF in 1999 and was declared to have reached its Completion Point respectively on March 28 and April 5, 2005. In this context, the Republic of Honduras commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated May 12, 2005, 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 shall be taken into account, including the level of cash payments received by those creditors as compared to their share in the Republic of Honduras' 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 Honduras and creditor countries not listed in the Agreed Minutes.
Consequently, the Republic of Honduras commits not to accord any category of creditors -and in particular creditor countries not participating in the Agreed Minutes, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
June 01, 1990
Organisation of the session:
The meeting was chaired by M. Ramon Fernandez, Vice President of the Paris Club.
The head of the debtor country's delegation was M. William Chong Wong, Minister of Finance.
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 mentioned in Article II paragraph 1 above as regards Official Development Assistance loans; (ii) the amounts of other outstanding credits mentioned in Article II paragraph 1, up to 20% of the amounts of outstanding credits as of May 6, 1993 or up to an amount of 10 million SDR, whichever is higher.
Payment of non-consolidated amounts before July 01, 2004
Comparability of treatment provision:
The Republic of Guyana 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:
December 31, 1988
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. Saisnarine Kowlessar, Minister of Finance.
Debt relief of the external public debt on 11th April 2012, following the approval by the International Monetary Fund (IMF) of a new three-year arrangement under the Extended Credit Facility on 24th February 2012
Categories of debt treated:
Treatment of arrears as of December 31, 2011. Treatment of the stock as of January 01, 2012
Treatment of maturities falling due from January 01, 2012 up to December 31, 2014
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
On an exceptional basis, considering the Republic of Guinea's limited capacity of payment, creditors have also agreed to defer and reschedule over an eight-year period the repayment of maturities due by the Republic of Guinea on short term and post cut-off date debts; and, over a three-year period the arrears on those claims. They also agreed to defer all the interest due on the amounts treated.
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) all official development assistance loans;
(ii) the amounts of outstanding credits, loans and consolidations, up to 20% of the amounts of outstanding credits as of 31st December 1992 or up to an amount of 20 million SDR, whichever is higher.
Phases
First phase : From January 01, 2012 up to December 31, 2012, implemented at the signature of the agreement
Second phase : From January 01, 2013 up to December 31, 2013, not implemented
Third phase : From January 01, 2014 up to December 31, 2014, not implemented
Comparability of treatment provision:
The Republic of Guinea was declared eligible to the Enhanced HIPC initiative by the IDA and the IMF in 2000 and was declared to have reached its Decision Point in December 2000. In this context, the Republic of Guinea commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 11 April 2012, 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 Guinea'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 Guinea and creditor countries not listed in the Agreed Minutes dated 11 April 2012.
Consequently, the Republic of Guinea commits not to accord any category of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 11 April 2012, 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. Ramon FERNANDEZ, Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Kerfalla YANSANE, Minister of Economy and Finance.
