Programme with the IMF under the Poverty Reduction and Growth Facility (PRGF) approved on September 18, 1998

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

$685 million of which $685 million being cancelled

Treatment of the stock as of July 1, 2001

Treatment under HIPC Initiative Exit terms

Payment of non consolidated amounts before October 31, 2001

In the context of its eligibility to the Enhanced Debt Initiative for the Heavily Indebted Poor Countries decided by the Boards of the IMF and the International Development Association on February 8, 2000 and having reached its completion point under the Enhanced Debt Initiative for the Heavily Indebted Poor Countries as indicated in the decision by the International Development Association and the IMF Boards respectively dated June 5 and June 8, 2001, the Government of the Republic of Bolivia commits itself to seek promptly from all its external creditors which are not participating in the Agreed Minutes their appropriate contribution in terms of debt relief to the Enhanced Debt Initiative for the Heavily Indebted Poor Countries, 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 from the Government of the Republic of Bolivia as compared to their share in Bolivia'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 Bolivia and creditor countries not listed in the Agreed Minutes.

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

December 31, 1985