repayment of non ODA credits over 12 years, with 5 years of grace
repayment of ODA credits over 12 years with 5 years of grace
Specific provisions:
Good will clause
At the request of the representatives of Grenada, Paris Club Creditors agreed in principle to meet in order to examine the situation of Grenada's debt under the Evian Approach at the end of the current Agreement. They shall assess the sustainability of Grenada's debt and Grenada's commitment to policies that shall secure an exit from the Paris Club and to implementing a comparable treatment from its other external creditors.
Based on that assessment and if Grenada fulfils the criteria here above mentioned and provided that Grenada has established a satisfactory track-record under these Agreed Minutes, made all payments on due date, and concluded a follow-up IMF programme, Paris Club creditors expressed their willingness to consider a debt treatment under the Evian Approach on terms tailored to Grenada's debt situation.
Phases
First phase : From January 01, 2006 up to December 31, 2006, implemented at the signature of the agreement
Second phase : From January 01, 2007 up to December 31, 2007, implemented on September 19, 2008
Third phase : From January 01, 2008 up to December 31, 2009, implemented on September 19, 2008
Payment of non-consolidated amounts before November 30, 2006
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 Grenada commits to seek promptly from all its external creditors debt reorganisation arrangements on terms comparable to those set forth in these Agreed Minutes, while trying to avoid discrimination among different categories of creditors. Consequently, the Government of Grenada 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 Grenada with its creditors not listed in these Agreed Minutes on the one hand, and with the Participating Creditor Countries on the other hand, all relevant elements shall be taken into account, including the real exposure of the creditors not listed in these Agreed Minutes, the level of cash payments received by those creditors from the Government of Grenada as compared to their share in Grenada'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 Grenada and the creditors not listed in these Agreed Minutes.
Cut-off date:
June 30, 2004
Organisation of the session:
The meeting was chaired by M. Ambroise Fayolle, Co Chairman of the Paris Club.
The head of the debtor country's delegation was M. Anthony Boatswain, Minister of Finance and Planning.
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; (ii) the amounts of other outstanding credits, loans and consolidations mentioned in Article II-1, up to 10% of the amounts of outstanding credits as of July 1, 1995 or up to an amount of 10 million US dollars, whichever is higher. Participating Creditor Countries and the Government of the Republic of Ghana 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 the operation, its impact on the Republic of Ghana's economy and on the evolution of 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 Republic of Ghana.
Payment of non-consolidated amounts before January 31, 2005
Comparability of treatment provision:
The Republic of Ghana was declared eligible to the Enhanced HIPC initiative by the IDA and the IMF in December 2000 and was declared to have reached its Completion Point on July 13, 2004. In this context, the Republic of Ghana 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.
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 Ghana'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 Ghana and creditor countries not listed in the present Agreed Minute.
Consequently, the Republic of Ghana commits not to accord any category of creditors -and in particular creditor countries not participating in the present Agreed Minute, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
June 20, 1999
Organisation of the session:
The meeting was chaired by Me Odile Renaud-Basso, Co-Chairperson of the Paris Club.
The head of the debtor country's delegation was M. Yaw Osafo-Maafo, Minister of Finance and Economic Planning.
Treatment of maturities falling due from February 01, 2002 up to September 30, 2004
Repayment profile:
Treatment under Cologne terms (cancellation rate of 90%)
repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 90%
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) all ODA loans; (ii) the amounts of other outstanding credits, loans and consolidations mentioned in Article II paragraph 1, up to 10% of the amounts of outstanding credits as of July 1, 1995 or up to an amount of 10 million US dollars, whichever is higher. Participating Creditor Countries and the Government of the Republic of Ghana 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 the operation, its impact on the Republic of Ghana's economy and on the evolution of 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 Republic of Ghana.
Good will clause
Participating Creditor Countries declare their readiness in principle to extend under the same conditions, by amendment to the present Agreed Minute, the period of consolidation if, after November 30, 2002, the Executive Board of the International Monetary Fund has approved an appropriate follow-up arrangement and Ghana maintained satisfactory relations with Participating Creditor Countries
Payment of non-consolidated amounts before October 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 Ghana 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 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 Ghana commits 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 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 Ghana with its creditors not listed in the present Agreed Minute on the one hand, and arrangements with the Participating Creditor Countries on the other hand, all relevant elements shall be taken into account, including the exposure of the creditors not listed in the present Agreed Minute, the level of cash payments received by those creditors from the Government of the Republic of Ghana as compared to their share in the Republic of Ghana'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 the Republic of Ghana and the creditors not listed in the present Agreed Minute.
Cut-off date:
June 20, 1999
Organisation of the session:
The meeting was chaired by Mr. Ambroise Fayolle, Vice President of the Paris Club.
The head of the debtor country's delegation was Mr. Yaw Osafo-Maafo, Minister of Finances.
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 ; (ii) amounts of outstanding credits and loans on debts mentioned in Article II-1 other than ODA loans, up to 20% of the amounts of outstanding credits as of December 31, 2000 or up to an amount of 5 million SDR, whichever is higher. Participating creditor countries and the Government of Georgia will inform semi-annually the Secretariat of the Paris Club, who will inform other creditors, of the debt swaps agreements they have implemented. All elements necessary to evaluate the operation, its impact on Georgia's economy and on the evolution of creditors' 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 Georgia.
Good will clause
At the request of the representatives of Georgia, Paris Club Creditors agreed in principle to meet in order to examine the situation of Georgia's debt under the Evian Approach at the end of the current Agreement. They will assess the sustainability of Georgia's debt and Georgia's commitment to policies that will secure an exit from the Paris Club and to implementing a comparable treatment from its other external creditors.
Based on that assessment and if Georgia fulfils the criteria here above mentioned and provided that Georgia has established a satisfactory track-record under the present Agreed Minute, made all payments on due date, and concluded a follow-up IMF programme, Paris Club creditors expressed their willingness to consider a debt treatment under the Evian Approach on terms tailored to Georgia's debt situation.
Phases
First phase : From June 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 August 09, 2005
Third phase : From January 01, 2006 up to December 31, 2006, implemented on July 26, 2006
De minimis threshold of 250 000 SDR
Payment of non-consolidated amounts before January 31, 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 Georgia commits 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 discrimination among different categories of creditors.
Consequently, the Government of Georgia commits 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.
For the purpose of the comparison between the arrangements concluded by the Government of Georgia with its creditors 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 creditors not listed in the present Agreed Minute, the level of cash payments received by those creditors from the Government of Georgia as compared to their share in Georgia'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 Georgia and the creditors not listed in the present Agreed Minute.
Cut-off date:
November 01, 1999
Organisation of the session:
The meeting was chaired by Mr. Ramon Fernandez, Vice-President of the Paris Club.
The head of the debtor country's delegation was Mr. Zurab Nogaideli, Minister of Finance.
Reduction of the stock of debt of the Republic of The Gambia, this country having reached its Completion Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) in December 2007
Categories of debt treated:
Treatment of the stock as of December 01, 2007
Repayment profile:
Treatment under HIPC Initiative Exit terms
Comparability of treatment provision:
The Republic of The Gambia was declared eligible to the Enhanced HIPC initiative by the IDA and the IMF in 2000 and was declared to have reached its Completion Point in December 2007. In this context, the Republic of The Gambia commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 24 January 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 The Gambia'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 The Gambia and creditor countries not listed in the Agreed Minutes dated 24 January 2008.
Consequently, the Republic of The Gambia commits not to accord any category of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 24 January 2008- a treatment more favourable than that accorded to the Participating Creditor Countries.
Organisation of the session:
The meeting was chaired by M. Julien Rencki, Vice-Chairman of the Paris Club.
The head of the debtor country's delegation was M. Mousa Gibril Bala-Gaye, Secretary of State for Finance and Economic Affairs.
repayment of non ODA credits over 14 years, with 3 years of grace
repayment of ODA credits over 14 years with 3 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 credits and loans mentioned in paragraph 1. above other than Official Development Assistance loans, as well as consolidation of such credits, up to 10% of the amounts of these outstanding credits and consolidations as of December 31, 1999, or up to an amount of 15 million SDR, whichever is higher.
Good will clause
If the Government of the Republic of Gabon implements fully the present Agreed Minute, maintains satisfactory relations with the Participating Creditor Countries and the IMF, successfully completes the Stand-By Arrangement with the International Monetary Fund, approved on May 28, 2004, and has a new appropriate follow-on medium term arrangement with the IMF, the representatives of the Participating Creditor Countries agreed in principle to consider a treatment of maturities of the debt after June 30, 2005, that is consistent with the Republic of Gabon's financing needs.
Phases
First phase : From May 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 February 11, 2005
De minimis threshold of 1 500 000 SDR
Payment of non-consolidated amounts before December 31, 2004
Comparability of treatment provision:
In order to secure comparable treatment of its debt due to its other external public or private creditors, the Government of the Republic of Gabon commits to seek promptly from its external creditors debt reorganization arrangements on terms comparable to those set forth in the present Agreed Minute, while trying to avoid discrimination among different categories of creditors. The Government of the Republic of Gabon commits to accord all categories of creditors -and in particular creditor countries not participating in the present Agreed Minute, and private sector- a treatment not more favorable than that accorded to the Participating Creditor Countries for credits of comparable maturity.
Cut-off date:
July 01, 1986
Organisation of the session:
The meeting was chaired by Mr. Ramon Fernandez, Vice-President of the Paris Club.
The head of the debtor country's delegation was Mr. Paul Toungui, State Minister, Minister of Economy, Finance, Budget and Privatisation.
