Treatment of maturities falling due from December 01, 2000 up to June 30, 2005
Repayment profile:
Treatment under Cologne terms (cancellation rate of 90%), after cancellation to a rate of 90%
Specific provisions:
Possibility to conduct debt swaps
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, the amounts of other outstanding credits, loans and consolidations, up to 20 % of the amounts of outstanding credits as of June 30, 1998 or up to an amount of 15 million SDR, whichever is higher.
De minimis threshold of 100 000 SDR
Payment of non-consolidated amounts before April 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 Rwanda commits itself to promptly negotiate debt reduction arrangements with all its external creditors debt reduction and reorganization arrangements on terms comparable in net present value to those set forth in the Agreed Minute for credits of comparable maturity.
Treatment of maturities falling due from July 01, 1998 up to November 30, 2000
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) the amounts of outstanding loans [treated in the Agreed Minute] as regards official development aid loans ; (ii) the amounts of other outstanding credits, loans and consolidations [treated in the Agreed Minute], up to 20% of the amounts of outstanding credits as of June 30, 1998 or up to an amount of 15 million SDR, whichever is higher.
Entry-into-force provision
Agreement implemented on June 30, 1999
Good will clause
In response to the request of the representatives of the Government of the Republic of Rwanda, the Participating Creditor Countries agreed in principle to a meeting to consider the matter of the Republic of Rwanda's debt service payments falling due after May 31, 2001 and relating to loans or credits pursuant to a contract or other financial arrangement concluded before December 31, 1994 provided :
- that the Republic of Rwanda continues to have an appropriate arrangement with the International Monetary Fund ;
- that the Republic of Rwanda has reached with other creditors effective arrangements meeting the conditions described in [the Agreed Minute] and has reported in writing to the Chairman of the Paris Club, pursuant to [the Agreed Minute] ;
- and that the Republic of Rwanda has complied with all conditions set out in this Agreed Minute.
Phases
First phase : From July 01, 1998 up to July 31, 1999, implemented on June 30, 1999
Second phase : From August 01, 1999 up to July 31, 2000, implemented on December 21, 1999
Third phase : From August 01, 2000 up to November 30, 2000, implemented on May 30, 2001
De minimis threshold of 500 000 SDR
Payment of non-consolidated amounts before December 31, 1998
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 Rwanda commits itself to promptly negotiate debt reduction arrangements with all its external creditors.
Consequently, the Government of the Republic of Rwanda commits itself not to accord any category of creditors -and in particular creditor countries not participating in the Agreed Minute, commercial banks and suppliers - a treatment more favourable than that accorded by the Participating Creditor Countries for credits of comparable maturity and legal nature.
The Government of the Republic of Rwanda will inform in writing the Chairman of the Paris Club not later than December 31, 1998 of the status of its negotiations and of the contents of its bilateral agreements with other creditors. Afterwards, the Government of the Republic of Rwanda 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, and in any case before the meeting mentioned in [the Agreed Minute].
In response to the request of the Government of the Russian Federation and in order to support Russia's efforts toward macroeconomic stability and sustainable growth, the Participating Creditor Countries agreed to continue to deal with the problem of the debts of the Russian Federation owed to Participating Creditor Countries contracted or guaranteed on behalf of the Government of the Former Soviet Union for which the Government of the Russian Federation has agreed to be responsible by the Declaration made in Paris on April 2, 1993 referred to hereabove in Article II paragraph 1., aiming at comprehensive solutions.
Discussions between the Government of the Russian Federation and the Participating Creditor Countries of comprehensive solutions will begin in the autumn of 2000, provided that the Government of the Russian Federation continues to implement the program supported by the stand-by arrangement approved by the International Monetary Fund Executive Board on July 28, 1999.
Negotiations aiming at an agreement providing for such solutions will take place expeditiously upon approval by the International Monetary Fund of a new arrangement in the upper credit tranches supporting an ambitious economic reform program, and compliance with all the conditions set out in this Agreed Minute, and especially the following :
- that the Government of the Russian Federation has made all payments due to the Participating Creditor Countries referred to in the present Agreed Minute ;
- that the Government of the Russian Federation has made substantial progress in concluding the bilateral agreements implementing the present Agreed Minute ;
- that the Government of the Russian Federation has complied with its commitments, referred to in Article IV paragraphs 1. and 2. above, to seek comparable treatment from its external creditors and not accord them more favourable repayment conditions than those accorded to the Participating Creditor Countries ; and
- that the Government of the Russian Federation has reported in writing to the Chairman of the Paris Club pursuant to Article IV paragraph 3. above.
De minimis threshold of 1 000 000 SDR
Payment of non-consolidated amounts before November 30, 1999
Comparability of treatment provision:
In order to secure comparable treatment of debts due to external public or private creditors, the Government of the Russian Federation commits itself to seek from its external creditors, including inter alia other official creditors, financial institutions and suppliers, rescheduling or refinancing arrangements on terms comparable to those set forth in the present Agreed Minute for credits of comparable maturity making sure to avoid inequality between different categories of creditors.
The Government of the Russian Federation commits itself not to accord any external creditors conditions of repayment for comparable credits more favourable than those accorded to the Participating Creditor Countries.
The Government of the Russian Federation will inform in writing the Chairman of the Paris Club not later than March 31, 2000 of the progress made for this purpose in negotiations with other external creditors and, when appropriate, of the content of its bilateral agreements with creditors mentioned in paragraphs 1. and 2. hereabove.
Cut-off date:
January 01, 1991
Organisation of the session:
The meeting was chaired by Mr. Francis MAYER, Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Mikhail KASIANOV, Minister of Finance.
Reduction of the debt following the DRC having reached its Completion Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) on 1 July 2010
Categories of debt treated:
Treatment of arrears as of June 30, 2010
Treatment of the stock as of July 01, 2010
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:
(i) all ODA loans with the exception of loans;
(ii) the amounts of other outstanding credits, loans and consolidations with the exception of loans, up to 20% of the amounts of outstanding credits as of 30 June 2009 or up to an amount of 20 million dollars of the United States of America, whichever is higher.
Comparability of treatment provision:
The Democratic Republic of the Congo was declared eligible to the enhanced HIPC Initiative by the IDA and the IMF in 2003 and was declared to have reached its Completion Point in July 2010. In this context, the Democratic Republic of the Congo commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 17 November 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 Democratic Republic of the Congo'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 Democratic Republic of the Congo and creditor countries not listed in the Agreed Minutes dated 17 November 2010.
Consequently, the Democratic Republic of the Congo commits not to accord any category of external creditors -and in particular creditor countries not participating in the Agreed Minutes dated 17 November 2010, commercial banks, suppliers and bondholders and litigating creditors- a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
June 30, 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. MATATA PONYO Mapon, Minister of Finance.
Restructuring of the external public debt, following the approval by the International Monetary Fund (IMF) of a new three-year arrangement under the Extended Credit Facility on 11 December 2009
Categories of debt treated:
Treatment of arrears as of June 30, 2009
Treatment of maturities falling due from July 01, 2009 up to June 30, 2012
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 Democratic Republic of Congo's limited capacity of payment, creditors have also agreed to defer until after 1st July 2012 the repayment of maturities due by the Democratic Republic of Congo on short term and post-cut off date debts, as well as a significant part of the arrears on those claims. They also agreed to defer all the interest due on the amounts treated.
These measures are expected to reduce by 97% the debt service (including the arrears) due by the Democratic Republic of Congo to Paris Club creditors between 1st July 2009 and 30 June 2012.
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 and consolidations as regards ODA debts;
(ii) the amounts of other outstanding credits, loans and consolidations, up to 20% of the amounts of outstanding loans, credits and consolidations as of 30 June 2009 or up to an amount of 20 million SDR, 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 Democratic Republic of Congo 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 Democratic Republic of Congo's outstanding debt stock and to make the necessary effort in favour of the Democratic Republic of Congo 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 Democratic Republic of Congo 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 Democratic Republic of Congo has reached its Completion Point under the enhanced HIPC initiative.
Phases
First phase : From July 01, 2009 up to June 30, 2010, implemented at the signature of the agreement
Second phase : From July 01, 2010 up to June 30, 2011, not implemented
Third phase : From July 01, 2011 up to June 30, 2012, not implemented
Comparability of treatment provision:
The Democratic Republic of Congo was declared eligible to the Enhanced HIPC initiative by the IDA and the IMF in 2002 and was declared to have reached its Decision Point in July 2003. In this context, the Government of the Democratic Republic of Congo commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 25 April 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 Democratic Republic of Congo'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 Democratic Republic of Congo and creditor countries not listed in the Agreed Minutes dated 25 April 2010.
Consequently, the Government of the Democratic Republic of Congo commits not to accord any category of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 25 April 2010, commercial banks, suppliers, bondholders and litigating creditors- a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
June 30, 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. César LUBAMBA NGIMBI, Minister of Urban Development and Housing.
