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BENIN - 19961024

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 24 October, 1996

Status of the treatment: 

Active

Amounts treated: 

$209 million

Categories of debt treated: 

Treatment of the stock as of October 24, 1996.

 

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

Pullback clause

De minimis threshold of 1 400 000 SDR

Comparability of treatment provision: 

yes

Cut-off date: 

March 31, 1989

Organisation of the session: 

The meeting was chaired by M. Francis Mayer, Co President of the Paris Club.

The head of the debtor country's delegation was M. Moïse Mensah, Minister of Finance.

Observers (countries): 

Observers (institutions): 

MALI - 20001025

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Wednesday, 25 October, 2000

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

IMF program approved on August 06, 1999

Download the IMF report : letter on intent

Total external debt of the country: 

$213 million of which being due to Paris Club as of September 08, 2000

Amounts treated: 

$3 million of which $3 million being canceled

Accorded treatment: 

Decision point reached on September 06, 2000

Categories of debt treated: 

Treatment of maturities falling due from September 08, 2000 up to December 31, 2002

Repayment profile: 

Treatment under Cologne terms

Specific provisions: 

Good will clause

De minimis threshold of 100 000 SDR

Payment of non-consolidated amounts before October 30, 2000

Comparability of treatment provision: 

yes

Cut-off date: 

January 01, 1988

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

MALI - 19960520

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Monday, 20 May, 1996

Status of the treatment: 

Active

Amounts treated: 

$32 million

Categories of debt treated: 

Treatment of the stock as of May 20, 1996

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

Pullback clause

Comparability of treatment provision: 

yes

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

MALI - 19921029

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 29 October, 1992

Status of the treatment: 

Active

Amounts treated: 

$20 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): 

ZAMBIA - 20050511

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Wednesday, 11 May, 2005

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 16, 2004
Download the IMF report : IMF report

Total external debt of the country: 

$7 000 million as of December 31, 2003

$1 920 million of which being due to Paris Club as of March 31, 2005

Amounts treated: 

$1 763 million of which $1 403 million being canceled, of which $360 million being rescheduled

Accorded treatment: 

Reduction of the stock of debt

Completion point reached on April 08, 2005

Categories of debt treated: 

Treatment of arrears as of March 31, 2005. Treatment of the stock as of April 01, 2005

 

Repayment profile: 

Treatment under HIPC Initiative Exit terms

 

Specific provisions: 

Payment of non-consolidated amounts before December 01, 2005

Comparability of treatment provision: 

The Republic of Zambia was declared eligible to the enhanced HIPC initiative by the IDA and the IMF in 2000 and was declared to have reached its Completion Point on April 8, 2005. In this context, the Republic of Zambia commits to seek promptly from all its external creditors which are not participating in these Agreed Minutes, 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 Zambia'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 Zambia and creditor countries not listed in these Agreed Minutes.

Consequently, the Republic of Zambia commits not to accord any category of creditors -and in particular creditor countries not participating in these Agreed Minutes, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.

Cut-off date: 

January 01, 1983

Organisation of the session: 

The meeting was chaired by Mrs Odile Renaud-Basso, Co President of the Paris Club.

The head of the debtor country's delegation was Mr. Ng'andu P. Magande, MP, Minister of Finance and National Planning.

Files attached: 

PDF icon PrZamMay1120056870.pdf

Observers (countries): 

Observers (institutions): 

ZAMBIA - 20020913

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 13 September, 2002

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

Program with the IMF approved on March 25, 1999

Download the IMF report : letter of intent

Accorded treatment: 

Decision point reached on December 08, 2000

Categories of debt treated: 

Treatment of maturities falling due from January 01, 2001 up to June 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

Good will clause

Pullback clause

De minimis threshold of 100 000 SDR

Payment of non-consolidated amounts before November 30, 2002

Comparability of treatment provision: 

yes

Cut-off date: 

January 01, 1983

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

ZAMBIA - 19990416

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 16 April, 1999

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

IMF program approved on March 25, 1999

Download the IMF report : IMF report

Amounts treated: 

$1 062 million

Categories of debt treated: 

Treatment of arrears as of June 30, 1999

Treatment of maturities falling due from April 01, 1999 up to December 31, 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, 1992 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 provided that the Government of the Republic of Zambia has made all payments due to Participating Creditor Countries due pursuant to [...] the Agreed Minute, and following notification by the Chairman of the Paris Club.

Agreement implemented on March 31, 2000

 

Good will clause

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

a) the Participating Creditor Countries agreed in principle to a meeting to consider the matter of the Republic of Zambia's debt service payments falling due after March 31, 2002 and relating to loans or credits pursuant to a contract or other financial arrangement concluded before January 1, 1983, provided:

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

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

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

b) alternatively, if as at April 1, 2002, the Government of the Republic of Zambia has maintained satisfactory relations with the Participating 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 Zambia's stock of debt.
 

Special account

To facilitate the implementation of this Agreed Minute, the Government of the Republic of Zambia will deposit in the special account established with the Bank for International Settlements, the equivalent of at least SDR 3,3 million at the end of each month, commencing in July 1999 through March 2002 inclusive. The Government of the Republic of Zambia 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 April 1, 1999 up to March 31, 2002 inclusive under the terms of the bilateral agreements to be concluded pursuant to this Agreed Minute. As specific payments under these agreements become due, the Government of the Republic of Zambia 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 April 1, 1999 up to March 31, 2002 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 April 01, 1999 up to March 31, 2000, implemented on March 31, 2000
  • Second phase : From April 01, 2000 up to March 31, 2001, implemented on September 22, 2000

De minimis threshold of 500 000 SDR

Payment of non-consolidated amounts before June 30, 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 Republic of Zambia commits itself to seek promptly from 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. 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 Zambia 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 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 Zambia 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 Agreed Minute, the level of cash payments received by those creditor countries from the Government of the Republic of Zambia as compared to their share in the Republic of Zambia'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 Republic of Zambia and the creditor countries not listed in the Agreed Minute.
 

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

ZAMBIA - 19960228

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Wednesday, 28 February, 1996

Status of the treatment: 

Fully repaid

Amounts treated: 

$566 million

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

Comparability of treatment provision: 

yes

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

ZAMBIA - 19920723

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 23 July, 1992

Status of the treatment: 

Fully repaid

Amounts treated: 

$918 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

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

ZAMBIA - 19900712

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

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 12 July, 1990

Status of the treatment: 

Fully repaid

Amounts treated: 

$963 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): 

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