repayment of non ODA credits over 18 years, with 3 years of grace
repayment of ODA credits over 20 years with 10 years of grace
Specific provisions:
Possibility to conduct debt swaps
Moreover, on a voluntary and bilateral basis, Participating Creditors Countries 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 the pre cut off ODA loans as well as the pre cut off date commercial credits (up to 30% of the amounts of outstanding credits as of December 31, 1991 or up to an amount of 40 million SDR, whichever is higher).
Free transferability provision
The Government of the Hashemite Kingdom of Jordan undertakes to continue to permit the unrestricted transfer of foreign exchange due by the private debtors in the Hashemite Kingdom of Jordan for servicing their foreign debt owed to or guaranteed by the Participating Creditor Countries or their appropriate institutions and not subject to the present reorganization.
Phases
First phase : From July 01, 2002 up to June 30, 2003, implemented at the signature of the agreement
Second phase : From July 01, 2003 up to June 29, 2004, implemented on July 16, 2003
Third phase : From July 01, 2004 up to December 31, 2007, implemented on June 24, 2004
De minimis threshold of 500 000 SDR
Comparability of treatment provision:
The Government of the Hashemite Kingdom of Jordan 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 credits of comparable maturity and legal basis.
Cut-off date:
January 01, 1989
Organisation of the session:
The meeting was chaired by Mrs Stéphane Pallez, Co-Chairperson of the Paris Club.
The head of the debtor country's delegation was Mr. Michel Marto, Minister of Finance.
The Government of the Hashemite Kingdom of Jordan undertakes to continue to permit the unrestricted transfer of foreign exchange due by the private debtors in the Hashemite Kingdom of Jordan for servicing their foreign debt owed to or guaranteed by the Participating Creditor Countries or their appropriate institutions and not subject to the present reorganization.
Phases
First phase : From April 01, 1999 up to April 30, 2000, implemented on April 30, 2000
Second phase : From May 01, 2000 up to April 30, 2001, implemented on July 28, 2000
Third phase : From May 01, 2001 up to April 30, 2002, implemented on October 04, 2001
De minimis threshold of 500 000 SDR
Payment of non-consolidated amounts before July 31, 1999
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 Hashemite Kingdom of Jordan commits itself to seek promptly from all its external creditors debt reorganization arrangements on terms comparable to those set forth in the present Agreed Minute.
Consequently, the Government of the Hashemite Kingdom of Jordan commits itself 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 credits of comparable maturity and legal basis.
For the purpose of the comparison between the arrangements concluded by the Government of the Hashemite Kingdom of Jordan with its creditor countries 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 creditor countries not listed in the present Agreed Minute, the level of cash payments received by those creditor countries from the Government of the Hashemite Kingdom of Jordan as compared to their share in of the Hashemite Kingdom of Jordan'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 the Hashemite Kingdom of Jordan and the creditor countries not listed in the present Agreed Minute.
