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NIGER - 19940304

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 4 March, 1994

Status of the treatment: 

Fully repaid

Amounts treated: 

$160 million

Repayment profile: 

Treatment under London terms (cancellation rate of 50%)

  • repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 50%
  • repayment of ODA credits over 30 years with 12 years of grace

Specific provisions: 

Possibility to conduct debt swaps

Comparability of treatment provision: 

yes

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

NIGER - 19900918

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Tuesday, 18 September, 1990

Status of the treatment: 

Fully repaid

Amounts treated: 

$116 million

Repayment profile: 

Treatment under Toronto terms

Comparability of treatment provision: 

yes

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

NIGER - 19881216

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 16 December, 1988

Status of the treatment: 

Fully repaid

Amounts treated: 

$43 million

Repayment profile: 

Treatment under Toronto terms (cancellation rate of 33%)

  • repayment of non ODA credits over 14 years, with 8 years of grace, after cancellation to a rate of 33%
  • repayment of ODA credits over 25 years with 14 years of grace

Comparability of treatment provision: 

yes

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

NIGER - 19861120

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 20 November, 1986

Status of the treatment: 

Fully repaid

Amounts treated: 

$26 million

Repayment profile: 

Treatment under Classic terms

Comparability of treatment provision: 

yes

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

NIGER - 19851121

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 21 November, 1985

Status of the treatment: 

Fully repaid

Amounts treated: 

$32 million

Repayment profile: 

Treatment under Classic terms

Comparability of treatment provision: 

yes

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

NIGER - 19841130

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 30 November, 1984

Status of the treatment: 

Fully repaid

Amounts treated: 

$32 million

Repayment profile: 

Treatment under Classic terms

Comparability of treatment provision: 

yes

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

NIGER - 19831114

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Monday, 14 November, 1983

Status of the treatment: 

Fully repaid

Amounts treated: 

$30 million

Repayment profile: 

Treatment under Classic terms

Comparability of treatment provision: 

yes

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

NICARAGUA - 20040304

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 4 March, 2004

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

Program with the IMF supported by the Poverty Reduction and Growth Facility approved on December 13, 2002

Download the IMF report : Letter of Intent

Total external debt of the country: 

$6 689 million as of December 31, 2002

$1 579 million of which being due to Paris Club as of January 01, 2004

Amounts treated: 

$1 579 million of which $1 338 million being canceled, of which $241 million being rescheduled

Accorded treatment: 

Reduction of the stock of debt

Completion point reached on January 23, 2004

Categories of debt treated: 

Treatment of arrears as of December 31, 2003

Treatment of the stock as of January 01, 2004

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; (ii) the amounts of other outstanding credits, loans and consolidations mentioned in Article II-1, up to 20% of the amounts of outstanding credits as of December 31, 1991 or up to an amount of 15 million SDR, whichever is higher. Participating Creditor Countries and the Government of the Republic of Nicaragua 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 Nicaragua's economy and on the evolution of the 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 Nicaragua.

 

Free transferability provision

The Government of the Republic of Nicaragua guarantees the immediate and unrestricted transfer of the foreign exchange counterpart of all amounts paid in local currency by the private debtors in Nicaragua 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 deposited in the Central Bank of Nicaragua on or after December 31, 1991.

Payment of non-consolidated amounts before September 01, 2004

Comparability of treatment provision: 

The Republic of Nicaragua 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 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 Nicaragua'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 Nicaragua and creditors not listed in the present Agreed Minute.

Consequently, the Republic of Nicaragua commits not to accord any category of creditors -including but not limited to creditor countries not participating in the present Agreed Minute, commercial banks, investment funds, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.

Cut-off date: 

November 01, 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. Eduardo Montealegre R., Minister of Finance.

Files attached: 

PDF icon Pr3et4mars046870.pdf

Observers (countries): 

Observers (institutions): 

NICARAGUA - 20021213

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 13 December, 2002

Status of the treatment: 

Fully repaid

Supporting agreements with the international institutions: 

Program with the IMF under the Poverty Reduction and Growth Facility approved on December 04, 2002

Download the IMF report : letter of intent

Total external debt of the country: 

$6 374 million as of December 31, 2001, representing 250,3% of GDP

$1 638 million of which being due to Paris Club as of September 30, 2002

Amounts treated: 

$580 million of which $406 million being canceled, of which $174 million being rescheduled

Accorded treatment: 

Restructuring of the public external debt

Decision point reached on December 21, 2000

Categories of debt treated: 

Treatment of arrears as of September 30, 2002

Treatment of maturities falling due from October 01, 2002 up to September 30, 2005

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 Official Development Assistance loans; (ii) the amounts of other outstanding credits, loans and consolidations mentioned in Article II paragraph 1, up to 20% of the amounts of outstanding credits as of 31 December 1991 or up to an amount of 15 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 Republic of Nicaragua under the enhanced Debt Initiative for the Heavily Indebted Poor Countries, the Participating Creditor Countries declare their readiness in principle to hold a meeting at the completion point designed to examine the question of the Republic of Nicaragua's outstanding debt stock and to make the necessary effort, in favour of the Republic of Nicaragua 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 Nicaragua 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 Nicaragua has reached its completion point under the enhanced Debt Initiative for the Heavily Indebted Poor Countries.

 

Free transferability provision

The Government of the Republic of Nicaragua guarantees the immediate and unrestricted tranfer of the foreign exchange counterpart of all amounts paid in local currency by the private debtors in Nicaragua for servicing their foreign debt owed to or gbuaranteed by the Participating or Observer Creditor Countries or their appropriate institutions, for which the corresponding payments in local currency have been deposited in theCentral Bank of Nicaragua on or after 31 December 1991.

 

Phases

  • First phase : From October 01, 2002 up to September 30, 2003, implemented at the signature of the agreement
  • Second phase : From October 01, 2003 up to September 29, 2004, implemented on November 17, 2003
  • Third phase : From October 01, 2004 up to September 30, 2005, not implemented

Payment of non-consolidated amounts before June 30, 2003

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 Nicaragua 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 Nicaragua 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 favourable 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 Nicaragua 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 Nicaragua as compared to their share in the Republic of Nicaragua'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 Nicaragua and the creditors not listed in the present Agreed Minute.

Cut-off date: 

November 01, 1988

Organisation of the session: 

The meeting was chaired by Mr. Ambroise Fayolle, Vice Chairman of the Paris Club.

The head of the debtor country's delegation was Mr. Mario B. Alonso I., President of the Central Bank of Nicaragua.

Files attached: 

PDF icon NicaraguaPR016870.pdf

Observers (countries): 

Observers (institutions): 

NICARAGUA - 19980422

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Wednesday, 22 April, 1998

Status of the treatment: 

Fully repaid

Supporting agreements with the international institutions: 

IMF program approved on March 18, 1998

Download the IMF report : IMF report

Amounts treated: 

$213 million

Categories of debt treated: 

Treatment of arrears as of February 28, 1998

Treatment of maturities falling due from March 01, 1998 up to February 28, 2001

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 present Agreed Minute] as regards Official Development Aid loans ; (ii) the amounts of other outstanding credits, loans and consolidations [treated in the present Agreed Minute], up to 20% of the amounts of outstanding credits as of December 31, 1991 or up to an amount of 15 million SDR, whichever is higher

 

Entry-into-force provision

Agreement implemented on August 18, 1998

 

Good will clause

In response to the request of the representatives of the Government of the Republic of Nicaragua :

a) the Participating Creditor Countries agreed in principle to hold a meeting to consider the matter of the Republic of Nicaragua's debt service payments falling due after February 28, 2001 and relating to loans or credits pursuant to a contract or other financial arrangement concluded before November 1, 1988 provided :

- that the Republic of Nicaragua continues to have an appropriate arrangement with the International Monetary Fund ;

- that the Republic of Nicaragua has reached with other creditors effective arrangements meeting the conditions described in [the present Agreed Minute]and has reported in writing to the Chairman of the Paris Club, pursuant to [the present Agreed Minute] ;

- and that the Republic of Nicaragua has complied with all conditions set out in this Agreed Minute.

b) Alternatively, if during the three years following the date of the signature of the present Agreed Minute, the Government of the Republic of Nicaragua has maintained satisfactory relations with the Participating or Observer Creditor Countries, and notably has fully implemented all agreements signed with them and continues to have an appropriate arrangement with the International Monetary Fund, the Participating Creditor Countries agree in principle to hold a meeting to consider the matter of the Republic of Nicaragua's stock of debt.
 

Free transferability provision

The Government of the Republic of Nicaragua guarantees the immediate and unrestricted transfer of the foreign exchange counterpart of all amounts paid in local currency by the private debtors in Nicaragua 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 deposited in the Central Bank of Nicaragua on or after December 31, 1991.

 

Pullback clause

The Participating Creditor Countries reserve the right to review and agree to the implementation of the conditions stated [...] for the comparability of treatment between all creditor countries. If the Participating Creditor Countries determine that these conditions are not substantially fulfilled, and do not agree to their implementation, the provisions [...] of the present Agreed Minute will become null and void. In this case, the total amount of debts covered by the present Agreed Minute will be due and payable at that time, with the exception of maturities which have not yet fallen due on these debts. Any payments of principal and interest already made under Article II paragraph 2. will be taken into account.

 

Phases

  • First phase : From March 01, 1998 up to February 28, 1999, implemented on August 18, 1998
  • Second phase : From March 01, 1999 up to February 28, 2000, implemented on September 21, 1999
  • Third phase : From March 01, 2000 up to February 28, 2001, implemented on February 21, 2001

De minimis threshold of 750 000 SDR

Payment of non-consolidated amounts before July 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 Nicaragua commits itself to negotiate debt reorganization arrangements with all its external creditors providing for comparable debt reduction in net present value as well as comparable terms of repayment of the debts not cancelled.

The Government of the Republic of Nicaragua commits itself not to accord any category of creditors -and in particular creditor countries not participating in the present 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 Nicaragua will inform in writing the Chairman of the Paris Club not later than September 30, 1998 of the status of its negotiations and of the contents of its bilateral agreements with other creditors. The Government of the Republic of Nicaragua will further regularly inform in writing 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 present Agreed Minute].

Cut-off date: 

November 01, 1988

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

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