World Bank

Possibility to conduct debt swaps

On a voluntary basis, the Government of each Participating Creditor Country or its appropriate institutions may sell or exchange, in the framework of debt swaps, the amounts of outstanding credits, loans and consolidations [treated in the present agreed minute]. On a voluntary basis, the Government of each Participating Creditor Country or its appropriate institutions may sell or exchange, in the framework of debt swaps, the amounts of outstanding credits, loans and consolidations [treated in the present agreed minute], up to 10 % of the total amount, or up to an amount of 20 million US dollars, whichever is higher.

Pullback clause

The Participating Creditor Countries reserve the right to review the implementation of the conditions stated in [the present agreed minute] for the comparability of treatment between all external creditors; if the Participating Creditor Countries determine that these conditions are not substantially fulfilled, or if the Government of the Arab Republic of Egypt has not met its payments obligations under this Agreed Minute to the Participating Creditor Countries during the first three years, the provisions of [the recommendations] of the present Agreed Minute will become null and void.

Special account

To facilitate the implementation of this Agreed Minute, the Central Bank of Egypt will deposit in the special account established with the Banque de France the equivalent of SDR 2400 Million in 12 quarterly installments of SDR 200 Million each, the first one to be made on October 15, 1991. The Central Bank of Egypt will arrange to have the Banque de France notify the Chairman of the Paris Club as soon as each deposit has been made. The total amount approximates the amount estimated to be payable to all Participating Creditor Countries during the next three years. As specific payments under this Agreed Minute become due, the Central Bank of Egypt will draw on the special account to meet these payments ; no drawing will be made on the special account for any other repayment before all payments due through June 30, 1994 inclusive under this Agreed Minute have been made. Any drawing on this account will be made after a previous 15-day notice to the Banque de France, which will notify immediately the Chairman of the Paris Club.

De minimis threshold of 10 000 000 SDR

Payment of non-consolidated amounts before October 31, 1991

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 debt swaps: (i) all Official Development Assistance loans (ODA); (ii) amounts of outstanding credits, loans and consolidations on debts mentioned in Article II paragraph 1 other than ODA loans, up to 20% of the amounts of outstanding credits as of December 31, 1991 or up to an amount of 20 million SDR, whichever is higher.

Entry-into-force provision

The provisions of Article II-2 paragraphs A/ and B/ will come into force provided that the IMF has approved no later than July 31, 2003 the 1st review under the programme supported by the current Stand-by Arrangement.

Agreement implemented on August 07, 2003

The Participating Creditor Countries welcome the results of the debt sustainability analysis described in the IMF staff report for the 2003 Article IV consultation and acknowledge the Government of the Republic of Ecuador's efforts to reduce its public debt. In response to the request of the Government of the Republic of Ecuador, they agreed to continue to monitor closely the external debt situation of the country and to examine an updated debt sustainability analysis from the IMF staff in the context of the 2004 Article IV consultation.

De minimis threshold of 1 000 000 SDR

Payment of non-consolidated amounts before September 30, 2003

Possibility to conduct debt swaps