$134 million of which being due to Paris Club as of December 31, 2008
Amounts treated:
$134 million of which $129 million being canceled, of which $5 million being rescheduled
Accorded treatment:
Reduction of the stock of debt of the Republic of Burundi, this country having reached its Completion Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) on 29 January 2009
Categories of debt treated:
Treatment of arrears as of December 31, 2008. Treatment of the stock as of January 01, 2009
Repayment profile:
Treatment under HIPC Initiative Exit terms
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 the Republic of Burundi 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 Burundi'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 Burundi.
Comparability of treatment provision:
The Republic of Burundi was declared eligible to the enhanced HIPC Initiative by the IDA and the IMF in 2005 and was declared to have reached its Completion Point on 29 January 2009. In this context, the Republic of Burundi commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 11 March 2009, 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 Burundi'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 Burundi and creditor countries not listed in the Agreed Minutes dated 11 March 2009.
Consequently, the Republic of Burundi commits not to accord any category of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 11 March 2009, 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 Mr. Julien RENCKI, Vice Chairman of the Paris Club
The head of the debtor country's delegation was Mrs Clotilde NIZIGAMA, Minister of Finance
Restructuring of Burundi's public external debt, following the approval of an arrangement under the Poverty Reduction and Growth Facility by the International Monetary Fund on January 23, 2004
Categories of debt treated:
Treatment of maturities falling due from January 01, 2004 up to June 30, 2009
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) all ODA loans and credits ; (II) other amouts of outstanding credits and loans, up to 10% of the amounts of outstanding credits as of March 4, 2004 or up to an amount of 10 million SDR, whichever is higher.
Good will clause
Participating Creditor Countries agree to grant a topping-up of the debt reduction of the Agreed Minute dated 4 March 2004 to Cologne terms once the Government of the Republic of Burundi reaches its Decision Point under the Enhanced Debt Initiative for the Heavily Indebted Poor Countries, provided that the Government of the Republic of Burundi maintains satisfactory relations with the Participating Creditor Countries and the IMF.
Free transferability provision
The Government of the Republic of Burundi guarantees the immediate and unrestricted transfer of the foreign exchange counterpart of all amounts paid in local currency as at March 4, 2004 by the private debtors in the Republic of Burundi for servicing their foreign debt owed to or guaranteed by the Participating or Observer Creditor Countries or their appropriate institutions, for which the corresponding payments in local currency have been or will be deposited in the Central Bank of the Republic of Burundi.
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 September 15, 2005
Third phase : From January 01, 2006 up to June 30, 2009, implemented on December 04, 2006
De minimis threshold of 100 000 SDR
Payment of non-consolidated amounts before September 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 Burundi 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 4 March 2004 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:
June 20, 1999
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. Athanase Gahungu, Minister of Finance
First phase : From July 01, 1992 up to June 30, 1993, implemented at the signature of the agreement
Second phase : From July 01, 1993 up to June 30, 1994, implemented on January 13, 1994
Third phase : From July 01, 1994 up to March 31, 1995, implemented on August 09, 1994
De minimis threshold of 1 000 000 SDR
Comparability of treatment provision:
yes
Cut-off date:
December 10, 1983
Organisation of the session:
The meeting was chaired by M. Jean-Claude Trichet, Chairman of the Paris Club.
The head of the debtor country's delegation was M. Horacio Tomas Liendo, Undersecretary of Financial Affairs at the Ministry of Economy and Public Works.
Significant reduction of its external debt following the IMF's approval of an arrangement under the Poverty Reduction and Growth Facility on 26 June 2006
Categories of debt treated:
Treatment of arrears as of March 31, 2006
Treatment of maturities falling due from April 01, 2006 up to March 31, 2010
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:
Good will clause
Participating Creditor Countries agree to grant a topping-up of the debt reduction of the Agreed Minutes dated 19 July 2006 to Cologne terms if the Government of the Islamic Republic of Afghanistan reaches its Decision Point under the Enhanced HIPC Initiative, provided that the Government of Afghanistan maintains satisfactory relations with the Participating Creditor Countries and the IMF. Participating Creditor Countries agree to grant additional debt relief if the Government of Afghanistan reaches Completion Point under the Enhanced HIPC initiative.
Free transferability provision
The Government of Afghanistan guarantees the immediate and unrestricted transfer of the foreign exchange counterpart of all amounts paid in local currency as of 19 July 2006 as well as all amounts paid from this date by the private debtors in Afghanistan for servicing their foreign debt owed to or guaranteed by the Participating Creditor Countries or their appropriate institutions, for which the corresponding payments in local currency have been or will be deposited in the Central Bank.
Phases
First phase : From April 01, 2006 up to March 31, 2007, implemented at the signature of the agreement
Second phase : From April 01, 2007 up to March 30, 2008, implemented on July 18, 2007
Third phase : From April 01, 2008 up to March 31, 2010, implemented on April 07, 2008
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 Afghanistan 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 these 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 Afghanistan commits to accord all categories of creditors -and in particular creditor countries not participating in these 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 Afghanistan with its creditors not listed in these Agreed Minutes 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 present Agreed Minutes, the level of cash payments received by those creditors from the Government of Afghanistan as compared to their share in the Republic of Afghanistan'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 Afghanistan and the creditors not listed in these Agreed Minutes.
Cut-off date:
June 20, 1999
Organisation of the session:
The meeting was chaired by Mr. Ambroise Fayolle, Co Chairman of the Paris Club
The head of the debtor country's delegation was Mr. Anwar Ul-Haq Ahady, Minister of Finance
Treatment of arrears as of March 31, 2005. Treatment of the stock as of April 01, 2005
Repayment profile:
Treatment under HIPC Initiative Exit terms
Specific provisions:
Payment of non-consolidated amounts before December 01, 2005
Comparability of treatment provision:
The Republic of Zambia 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 on April 8, 2005. In this context, the Republic of Zambia commits to seek promptly from all its external creditors which are not participating in these Agreed Minutes, 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 Zambia'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 Zambia and creditor countries not listed in these Agreed Minutes.
Consequently, the Republic of Zambia commits not to accord any category of creditors -and in particular creditor countries not participating in these Agreed Minutes, 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 Mrs Odile Renaud-Basso, Co President of the Paris Club.
The head of the debtor country's delegation was Mr. Ng'andu P. Magande, MP, Minister of Finance and National Planning.
