IMF programme supported by a three year arrangement under the Extended Credit Facility (ECF) approved on February 24, 2012

Download the IMF report: ECF Document

Download the IMF report: IMF programme supported by an Arrangement under the Enhanced Initiative for Heavily Indebted Poor Countries (HIPC)

$3,190 million as of December 31, 2011

$661 million of which being due to Paris Club as of September 1, 2012

Treatment under HIPC Initiative Exit terms

Paris Club creditors also confirmed their willingness to grant additional debt relief on a voluntary and bilateral basis for an amount of $299.6 million. The Paris Club agreement and additional bilateral efforts will result in a reduction of the debt of the Republic of Guinea to Paris Club creditors of 99.2%, i.e. $655.9 million.

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 official development assistance loans;

(ii) the amounts of outstanding credits, loans and consolidations, other than official development assistance loans, up to 20% of the amounts of outstanding credits as of 31st December 1992 or up to an amount of 20 million SDR, whichever is higher.

The Republic of Guinea 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 in September 2012. In this context, the Republic of Guinea commits to promptly seek from all its bilateral and commercial external creditors which are not participating in the 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 the 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 Guinea's external debt, the nature and characteristics of all treatment applied, including debt buy backs, all characteristics of the reorganized claims -and in particular their repayment terms, regardless of the forms they take- and, more generally, the financial relations between the Republic of Guinea and all their other creditors.

Consequently, the Republic of Guinea commits not to grant any category of external bilateral and commercial creditors -and in particular litigating creditors, creditor countries not participating in the Agreed Minutes, commercial banks, suppliers and bondholders- a treatment more favourable than that granted to Participating Creditor Countries.