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CAMEROON - 19971024

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 24 October, 1997

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

IMF program under the ESAF approved on August 20, 1997

 

Amounts treated: 

$1 270 million

Categories of debt treated: 

Treatment of arrears as of September 30, 1997

Treatment of maturities falling due from October 01, 1997 up to December 31, 2000

Repayment profile: 

Treatment under Naples 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 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 dated October 24, 1997] 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 December 31, 1991 or up to an amount of 20 million SDR, whichever is higher.

 

Entry-into-force provision

The provisions [...] of the Agreed Minute will come into force on March 31, 1998 provided that the Government of the Republic of Cameroon has made all payments due up to that date inclusive pursuant to the present Agreed Minute and especially those pursuant to [the Agreed Minute].

Agreement implemented on March 31, 1998

 

Good will clause

In response to the request of the representatives of the Government of the Republic of Cameroon, the Participating Creditor Countries agreed in principle to a meeting to consider the matter of the Republic of Cameroon's debt service payments falling due after August 31, 2000 and relating to loans or credits pursuant to a contract or other financial arrangement concluded before December 31, 1988 provided :

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

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

 

Special account

To facilitate the implementation of the Agreed Minute, the Government of the Republic of Cameroon will deposit in the special account established with the Banque de France, the equivalent of at least 13 billion CFA francs at the end of each month, commencing in December 1997 through August 2000 inclusive ; out of which for the period from December 1, 1997 up to March 31, 1998 12,5 billion CFA francs at the end of each month as payment of the amounts due pursuant to [...] the Agreed Minute dated November 16, 1995. The Government of the Republic of Cameroon undertakes to have this Bank notify the Chairman of the Paris Club as soon as each deposit has been made. The total amount approximates the amounts estimated to be payable to all Participating Creditor Countries from October 1, 1997 up to August 31, 2000 inclusive under the terms of the bilateral agreements to be concluded pursuant to the Agreed Minute. As specific payments under these agreements become due, the Government of the Republic of Cameroon will draw on the special account to meet these payments ; no drawing will be made on the special account for any other use before all payments due from October 1, 1997 up to August 31, 2000 inclusive under these agreements have been made. Any drawing on this account will be made after a previous 15-day notice to the above Bank, which this Bank will notify immediately to the Chairman of the Paris Club. This scheme could be continued by agreement between the parties.

 

Phases

  • First phase : From October 01, 1997 up to August 31, 1998, implemented on March 31, 1998
  • Second phase : From September 01, 1998 up to August 31, 1999, implemented on December 23, 1998
  • Third phase : From September 01, 1999 up to December 31, 2000, implemented on October 20, 1999

De minimis threshold of 500 000 SDR

Payment of non-consolidated amounts before March 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 Cameroon commits itself to negotiate debt reorganization arrangements with all its external creditors providing for the same debt reduction in net present value.

The Government of the Republic of Cameroon 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.

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

CAMEROON - 19951116

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 16 November, 1995

Status of the treatment: 

Active

Amounts treated: 

$1 348 million

Repayment profile: 

Treatment under Naples 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 40 years with 16 years of grace

 

Specific provisions: 

Possibility to conduct debt swaps

Comparability of treatment provision: 

yes

Organisation of the session: 

Have attended:

Observers (institutions): 

CAMEROON - 19940325

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 25 March, 1994

Status of the treatment: 

Active

Amounts treated: 

$1 258 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 (institutions): 

BURUNDI 20090311

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Wednesday, 11 March, 2009

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

IMF programme supported by an Arrangement under the Poverty Reduction and Growth Facility (PRGF) approved on July 07, 2008
Download the IMF report : PRGF document

Total external debt of the country: 

$1 466 million as of December 31, 2007

$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

Files attached: 

PDF icon PRBurundi200903110cb6.pdf

Observers (countries): 

Observers (institutions): 

BURUNDI - 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 : Poverty reduction and growth facility (PRGF) approved on January 23, 2004
Download the IMF report : PRGF document

 

Total external debt of the country: 

$1 217 million as of January 01, 2004, representing 203,9% of GDP

$130 million of which being due to Paris Club as of January 01, 2004

Amounts treated: 

$85 million of which $4 million being canceled, of which $81 million being rescheduled

Accorded treatment: 

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

Files attached: 

PDF icon prBurundi4mars046870.pdf

Observers (countries): 

Observers (institutions): 

ARGENTINA - 19920722

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Wednesday, 22 July, 1992

Status of the treatment: 

Fully repaid

Amounts treated: 

$2 700 million

Categories of debt treated: 

Treatment of maturities falling due from July 01, 1992 up to March 31, 1995

Repayment profile: 

Treatment under Classic terms

Specific provisions: 

Good will clause

Free transferability provision

Phases

  • 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.

Observers (institutions): 

ARGENTINA - 19910919

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 19 September, 1991

Status of the treatment: 

Fully repaid

Amounts treated: 

$1 476 million

Categories of debt treated: 

Treatment of maturities falling due from October 01, 1991 up to June 30, 1992

Repayment profile: 

Treatment under Classic terms

Specific provisions: 

Good will clause

Free transferability provision

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 Mr. Jean-Claude Trichet, Chairman of the Paris Club.

The head of the debtor country's delegation was Mr. Roque Fernandez, Chairman of the Central Bank.

Observers (institutions): 

ALGERIA - 19950721

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 21 July, 1995

Status of the treatment: 

Fully repaid

Amounts treated: 

$7 320 million

Categories of debt treated: 

Treatment of maturities falling due from June 01, 1995 up to May 31, 1998

Repayment profile: 

Treatment under Classic terms

Specific provisions: 

Possibility to conduct debt swaps

 

Phases

  • First phase : From June 01, 1995 up to June 30, 1996, implemented at the signature of the agreement
  • Second phase : From July 01, 1996 up to June 30, 1997, implemented on November 26, 1996
  • Third phase : From July 01, 1997 up to May 31, 1998, implemented on July 17, 1997

De minimis threshold of 1 000 000 SDR

Comparability of treatment provision: 

yes

Cut-off date: 

September 30, 1993

Organisation of the session: 

The meeting was chaired by M. Christian Noyer, Chairman of the Paris Club.

The head of the debtor country's delegation was M. Ahmed Benbitour, Minister of Finance.

Observers (institutions): 

AFGHANISTAN - 20060719

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Wednesday, 19 July, 2006

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

program with the IMF: Arrangement under the Poverty Reduction and Growth Facility (PRGF) approved on June 26, 2006
Download the IMF report : PRGF document

Total external debt of the country: 

$2 362 million of which being due to Paris Club as of April 01, 2006

Amounts treated: 

$2 388 million of which $1 533 million being canceled, of which $855 million being rescheduled

Accorded treatment: 

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

Files attached: 

PDF icon PRAfgha1907066870.pdf

Observers (countries): 

Observers (institutions): 

BENIN - 20001024

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Tuesday, 24 October, 2000

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

Program with the IMF supported by an Arrangement under the Poverty Reduction and Growth Facility (PRGF) approved on July 17, 2000
Download the IMF report : letter of intent

Download the IMF report : Decision Point Document for the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative

Total external debt of the country: 

$178 million of which being due to Paris Club as of July 18, 2000

Amounts treated: 

$5 million of which $5 million being canceled

Accorded treatment: 

Decision point reached on July 17, 2000

Categories of debt treated: 

Treatment of maturities falling due from July 18, 2000 up to February 28, 2003

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: 

Good will clause

Given the decision by Paris Club Creditors to contribute to the exceptional assistance in favour of the Republic of Benin under the enhanced Debt Initiative for the Heavily Indebted Poor Countries, the Participating Creditor Countries declare their readiness in principle to hold at completion point a meeting designed to examine the question of the Republic of Benin's outstanding debt stock and to make the necessary effort, in favour of the Republic of Benin to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that :

- the Republic of Benin maintains satisfactory relations with participating Creditor Countries, fully implements all the agreements signed with them and maintains a sound adjustment track record ;

- the Boards of the International Monetary Fund and the International Development Association decide that the Republic of Benin has reached its completion point under the enhanced Debt Initiative for the Heavily Indebted Poor Countries.

De minimis threshold of 100 000 SDR

Payment of non-consolidated amounts before October 30, 2000

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 Benin commits itself 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 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 Benin commits itself to accord all categories of creditors -and in particular creditor countries not participating in the Agreed Minute, commercial banks and suppliers- a treatment not more favorable than that accorded to the Participating Creditor Countries for credits of comparable maturity and legal nature.

For the purpose of the comparison between the arrangements concluded by the Government of the Republic of Benin with its creditors not listed in the 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 exposure of the creditors not listed in the Agreed Minute, the level of cash payments received by those creditors from the Government of the Republic of Benin as compared to their share in the Benin'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 Benin and the creditors not listed in the Agreed Minute.

Cut-off date: 

March 31, 1989

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

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