repayment of non ODA credits over 15 years, with 8 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 currency debt swaps all ODA loans.
Participating creditor countries and the Government of Djibouti 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 Djibouti'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 Djibouti.
Good will clause
Paris Club Creditors agreed in principle to meet in order to examine the situation of Djibouti's debt under the Evian Approach at the end of the Agreement. They will assess the sustainability of Djibouti's debt and Djibouti'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 Djibouti fulfils the criteria here above mentioned and provided that Djibouti has established a satisfactory track-record under the 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 Djibouti's debt situation.
Phases
First phase : From September 01, 2008 up to August 31, 2009, implemented at the signature of the agreement
Second phase : From September 01, 2009 up to August 31, 2010, implemented on February 14, 2011
Third phase : From September 01, 2010 up to August 31, 2011, implemented on February 14, 2011
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 Djibouti commits to seek promptly from all its external creditors debt reorganisation arrangements on terms comparable to those set forth in the Agreed Minutes dated 16 October 2008, while trying to avoid discrimination among different categories of creditors.
Consequently, the Government of Djibouti commits to accord all categories of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 16 October 2008, 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 Djibouti with its creditors not listed in the Agreed Minutes dated 16 October 2008 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 Agreed Minutes dated 16 October 2008 , the level of cash payments received by those creditors from the Government of Djibouti as compared to their share in Djibouti‘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 Djibouti and the creditors not listed in the Agreed Minutes dated 16 October 2008.
Cut-off date:
March 31, 1998
Organisation of the session:
The meeting was chaired by Mr. Benoît Coeuré, Co Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Simon MIBRATHU, Secretary General of the Ministry of Economy, Finance and Planning in charge of Privatisation.
Debt cancellation, the Republic of Côte d’Ivoire having reached its Completion Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) on 26 June 2012
Categories of debt treated:
Treatment of the stock as of June 01, 2012
Repayment profile:
Treatment under HIPC Initiative Exit terms
Paris Club creditors also confirmed their willingness to grant additional debt relief on a bilateral basis for an amount of USD 4.725 million
This agreement and additional bilateral efforts will result in a reduction of the deb of the Republic of Côte d'Ivoire to Paris Club creditors of 99.5%, i.e. USD 6.496,6 million
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 ODA loans;
(ii) the amounts of other outstanding credits, loans and consolidations, up to 20% of the amounts of outstanding credits as of 30 September 1991 or up to an amount of SDR 30 million, whichever is higher.
Comparability of treatment provision:
The Republic of Côte d'Ivoire was declared eligible to the enhanced HIPC Initiative by the IDA and the IMF in 2008 and was declared to have reached its Completion Point in June 2012. In this context, the Republic of Côte d'Ivoire commits to promptly seek from all its bilateral and commercial external creditors which are not participating in the Agreed Minutes dated 26 June 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 the 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 Côte d'Ivoire's external debt, the nature and characteristics of all treatment applied, including debt buy backs, all characteristics of the reorganized claims -and in particular their repayment terms, regardless of the forms they take- and, more generally, the financial relations between the Republic of Côte d'Ivoire and all their other creditors.
Consequently, the Republic of Côte d'Ivoire commits not to grant any category of external bilateral and commercial creditors -and in particular litigating creditors, creditor countries not participating in the Agreed Minutes dated 26 June 2012, commercial banks, suppliers and bondholders- a treatment more favourable than that granted to the Participating Creditor Countries.
Cut-off date:
July 01, 1983
Organisation of the session:
The meeting was chaired by Mrs. Delphine d'AMARZIT, Co-Chairperson of the Paris Club.
The head of the debtor country's delegation was Mr. Charles Koffi DIBY, Minister of Economy and Finance.
Debt relief of the external public debt on 15th November 2011, following the approval by the International Monetary Fund (IMF) of a new three year arrangement under the Extended Credit Facility on 4 November 2011
Categories of debt treated:
Treatment of arrears as of June 30, 2011
Treatment of maturities falling due from July 01, 2011 up to June 30, 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 Côte d'Ivoire's limited capacity of payment, creditors have also agreed to defer and reschedule over a ten-year period the repayment of maturities due by the Republic of Côte d'Ivoire on short term and post-cut off date debts; and, over an eight-year period the arrears on those claims.
They also agreed to defer all the interest due on the amounts treated. Participating creditors welcomed that these measures are expected to reduce the debt service (including the arrears) due by the Republic of Côte d'Ivoire to Paris Club creditors between 1st July 2011 and 30 June 2014 by more than 78% which corresponds to 1 822 million USD, of which 397 million USD cancelled.
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 as regards ODA loans;
(ii) the amounts of other outstanding credits, loans and consolidations, up to 20% of the amounts of outstanding credits as of 30 September 1991 or up to an amount of SDR 30 million, 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 Côte d'Ivoire under the Enhanced HIPC Initiative, the Participating Creditor Countries declare their readiness in principle to hold a meeting following the Completion Point designed to examine the question of the Republic of Côte d'Ivoire's outstanding debt stock and to make the necessary effort in favour of the Republic of Côte d'Ivoire 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 Côte d'Ivoire 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 Côte d'Ivoire has reached its Completion Point under the enhanced HIPC initiative.
Phases
First phase : From July 01, 2011 up to June 30, 2012, implemented at the signature of the agreement
Second phase : From July 01, 2012 up to June 30, 2013, not implemented
Third phase : From July 01, 2013 up to June 30, 2014, not implemented
Comparability of treatment provision:
The Republic of Côte d'Ivoire was declared eligible to the Enhanced HIPC initiative by the IDA and the IMF in 2008 and was declared to have reached its Decision Point in March 2009. In this context, the Government of the Republic of Côte d'Ivoire commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 15 November 2011, 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 Côte d'Ivoire'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 Côte d'Ivoire and creditor countries not listed in the Agreed Minutes dated 15 November 2011.
Consequently, the Government of the Republic of Côte d'Ivoire commits not to accord any category of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 15 November 2011, commercial banks, suppliers, bondholders and litigating creditors- a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
July 01, 1983
Organisation of the session:
The meeting was chaired by Mr. Rémy RIOUX, Vice Chairman.
The head of the debtor country's delegation was Mr. Charles Koffi DIBY, Minister of Economy and Finance.
