Stand-By Arrangement approved on May 28, 2004

Download the IMF report: Letter of intent

Treatment of arrears as of April 30, 2004

Treatment of maturities falling due from May 1, 2004 up to June 30, 2005

Treatment under Classic terms

• repayment of non ODA credits over 14 years, with 3 years of grace
• repayment of ODA credits over 14 years with 3 years of grace

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 the amounts of outstanding credits and loans mentioned in paragraph 1. above other than Official Development Assistance loans, as well as consolidation of such credits, up to 10% of the amounts of these outstanding credits and consolidations as of December 31, 1999, or up to an amount of 15 million SDR, whichever is higher.

Good will clause

If the Government of the Republic of Gabon implements fully the Agreed Minutes, maintains satisfactory relations with the Participating Creditor Countries and the IMF, successfully completes the Stand-By Arrangement with the International Monetary Fund, approved on May 28, 2004, and has a new appropriate follow-on medium term arrangement with the IMF, the representatives of the Participating Creditor Countries agreed in principle to consider a treatment of maturities of the debt after June 30, 2005, that is consistent with the Republic of Gabon's financing needs.

Phases

• First phase : From May 1, 2004 up to December 31, 2004, implemented at the signature of the agreement
• Second phase : From January 1, 2005 up to December 31, 2005, implemented on February 11, 2005

De minimis threshold of 1,500,000 SDR

Payment of non-consolidated amounts before December 31, 2004