Supporting agreements with the international institutions:
IMF program under the stand by approved on May 29, 1998
Amounts treated:
$588 million
Categories of debt treated:
Treatment of arrears as of June 30, 1998
Treatment of maturities falling due from July 01, 1998 up to April 30, 1999
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 present Agreed Minute] as regards official development aid loans ; (ii) the amounts of other outstanding credits, loans and consolidations [treated in the present Agreed Minute], up to 20% of the amounts of outstanding credits as of June 30, 1998 or up to an amount of 20 million SDR, whichever is higher.
Good will clause
In response to the request of the representatives of the Government of Bosnia and Herzegovina, the Participating Creditor Countries agreed in principle to hold a meeting to consider the matter of the Government of Bosnia and Herzegovina's debt service payments falling due after April 30, 1999 and relating to loans or credits mentioned in [the present Agreed Minute] provided :
- that Bosnia and Herzegovina continues to have an appropriate arrangement with the International Monetary Fund ;
- that Bosnia and Herzegovina has reached with other creditors effective arrangements meeting the conditions described in [the present Agreed Minute] and has reported in writing to the Chairman of the Paris Club, pursuant to [the present Agreed Minute] ;
- and that Bosnia and Herzegovina has complied with all conditions set out in the present Agreed Minute.
Free transferability provision
The Government of Bosnia and Herzegovina will continue to allow unrestricted and immediate access to the foreign exchange required for servicing private sector debts owed to or guaranteed by the Participating or Observer Creditor Countries or their appropriate institutions.
De minimis threshold of 550 000 SDR
Payment of non-consolidated amounts before April 30, 1999
Comparability of treatment provision:
In order to secure comparable treatment of public and private external creditors on their debts, the Government of Bosnia and Herzegovina commits itself to seek from its external creditors, in particular banks and suppliers, rescheduling or refinancing arrangements on terms comparable to those set forth in this Agreed Minute for credits of comparable maturity, making sure to avoid inequality between different categories of creditors.
The Government of Bosnia and Herzegovina will seek to secure, from each of its Creditor Countries not participating in this Agreed Minute, rescheduling or refinancing arrangements on terms comparable to those set forth in this Agreed Minute. The Government of Bosnia and Herzegovina agrees not to accord any such Creditor Country repayment terms more favourable to such Creditor Countries than those accorded to the Participating Creditor Countries.
The Government of Bosnia and Herzegovina agrees that it will promptly negotiate rescheduling or refinancing arrangements with all other creditors on debts of a comparable term.
Restructuring of Côte d'Ivoire's public external debt, following the approval of an arrangement under the Poverty Reduction and Growth Facility with the International Monetary Fund on March 27, 2002
Categories of debt treated:
Treatment of arrears as of March 31, 2002
Treatment of maturities falling due from April 01, 2002 up to December 31, 2004
Repayment profile:
Treatment under Lyon terms (cancellation rate of 80%)
repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 80%
repayment of ODA credits over 40 years with 16 years of grace
Rescheduling of ODA credits at a rate at least as favorable as the original contractual rate
Specific provisions:
Possibility to conduct debt swaps
20%-30MSDR
Good will clause
Participating Creditor Countries agree to grant a topping-up of the debt reduction of the present agreement from Lyon terms to Cologne terms on loans, credits or consolidations pursuant to a contract or other financial arrangement concluded before July 1, 1983, as soon as the Republic of Côte d'Ivoire has reached the Decision Point under the Enhanced Debt Initiative for the Heavily Indebted Poor Countries, provided that the Government of the Republic of Côte d'Ivoire maintains satisfactory relations with the Participating Creditor Countries and the International Monetary Fund.
Phases
First phase : From April 01, 2002 up to March 31, 2003, implemented at the signature of the agreement
Second phase : From April 01, 2003 up to March 30, 2004, not implemented
Third phase : From April 01, 2004 up to December 31, 2004, not implemented
De minimis threshold of 1 000 000 SDR
Payment of non-consolidated amounts before September 30, 2002
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 Côte d'Ivoire 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 10 April 2002 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:
July 01, 1983
Organisation of the session:
The meeting was chaired by Mr. Jean-Pierre Jouyet, president of the Paris Club
The head of the debtor country's delegation was Mr. Bohoun Bouabre, Ministry of Economy and Finance of the Republic of Côte d'Ivoire
Treatment of maturities falling due from September 01, 1998 up to June 30, 2001
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:
Entry-into-force provision
Agreement implemented on June 30, 1999
Good will clause
In response to the request of the representatives of the Government of the Central African Republic, the Participating Creditor Countries agreed in principle to a meeting to consider the matter of the Central African Republic 's debt service payments falling due after June 30, 2001 and relating to loans or credits pursuant to a contract or other financial arrangement concluded before January 1, 1983 provided:
- that the Central African Republic continues to have an appropriate arrangement with the International Monetary Fund;
- that the Central African Republic has reached with other creditors effective arrangements meeting the conditions described in [the Agreed Minute]. above and has reported in writing to the Chairman of the Paris Club, pursuant to [the Agreed Minute];
- and that the Central African Republic has complied with all conditions set out in this Agreed Minute.
If as at June 30, 2001, the Government of the Central African Republic has maintained satisfactory relations with the Participating or Observer 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 Central African Republic 's stock of debt.
Free transferability provision
The Government of the Central African Republic will take the relevant administrative measures or extend existing measures to ensure that the private debtors in the Central African Republic will be permitted to pay into the Central Bank the local currency counterpart of their obligations past due or falling due, corresponding to their debt of any nature owed to or guaranteed by the Participating or Observer Creditor Countries or their appropriate institutions.
Phases
First phase : From September 01, 1998 up to June 30, 1999, implemented on June 30, 1999
Second phase : From July 01, 1999 up to June 29, 2000, implemented on February 12, 2001
Third phase : From July 01, 2000 up to June 30, 2001, implemented on February 12, 2001
De minimis threshold of 250 000 SDR
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 Central African Republic commits itself to negotiate debt reorganization arrangements with all its external creditors providing for comparable debt reduction in net present value as well as comparable terms of repayment of the debts not cancelled.
The Government of the Central African Republic commits itself not to accord any category of creditors - and in particular creditor countries not participating in the 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.
The Government of the Central African Republic will inform in writing the Chairman of the Paris Club not later than December 31, 1998 of the status of its negotiations and of the contents of its bilateral agreements with other creditors. The Government of the Central African Republic will further inform in writing regularly the Chairman of the Paris Club of the status of its negotiations with other creditors, as well as of the payments made to them, and in any case before the meeting mentioned in [the Agreed Minute], the Chairman of the Paris Club of the status of its negotiations with other creditors and effective payments in their favour.
Cut-off date:
January 01, 1983
Organisation of the session:
The meeting was chaired by Mr. Philippe de FONTAINE VIVE, Vice President of the Paris Club.
The head of the debtor country's delegation was Mr. Anicet Georges DOLOGUELE, Minister of Finance and Budget.
Treatment under Lyon terms (cancellation rate of 80%)
repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 80%
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 present Agreed Minute] as regards official development aid loans ; (ii) the amounts of other outstanding credits, loans and consolidations [treated in the present Agreed Minute], up to 30% of the amounts of outstanding credits as of December 31, 1992 or up to an amount of 30 million SDR, whichever is higher.
Good will clause
The Participating Creditor Countries understand that the Boards of the International Monetary Fund and of the International Bank for Reconstruction and Development intend to consider in 1999 enhancement to the Debt Initiative for the Heavily Indebted Poor Countries. The Participating Creditor Countries agree in principle to review in that light the matter of the Republic of Mozambique's stock of debt with a view to providing additional relief if needed to achieve the objective of debt sustainability.
Pullback clause
The Participating Creditor Countries reserve the right to review the implementation of the conditions [...] for the comparability of treatment between all external creditors ; if the Participating Creditor Countries determine that these conditions are not substantially fulfilled, or that the Government of the Republic of Mozambique has not met its payments obligations as specified in the present Agreed Minute, the provisions [...] of the present Agreed Minute will become null and void
Payment of non-consolidated amounts before September 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 Mozambique 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 present 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 Mozambique commits itself to accord all categories of creditors -and in particular creditor countries not participating in the present Agreed Minute, commercial banks and suppliers- a treatment not more favourable than that accorded the Participating Creditor Countries.
For the purpose of the comparison between the arrangements concluded by the Government of the Republic of Mozambique 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 present Agreed Minute, the level of cash payments received by those creditor countries from the Government of the Republic of Mozambique as compared to their share in the Republic of Mozambique'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 Mozambique and the creditor countries not listed in the present Agreed Minute.
The Government of the Republic of Mozambique will inform in writing the Chairman of the Paris Club not later than June 30, 2000 of the progress made for this purpose in negotiations with other creditors. It will inform afterwards on a semi annual basis, the Chairman of the Paris Club of the status of its relationships with other creditors.
