First phase : From July 01, 1992 up to June 30, 1993, implemented at the signature of the agreement
Second phase : From July 01, 1993 up to June 30, 1994, implemented on January 13, 1994
Third phase : From July 01, 1994 up to March 31, 1995, implemented on August 09, 1994
De minimis threshold of 1 000 000 SDR
Comparability of treatment provision:
yes
Cut-off date:
December 10, 1983
Organisation of the session:
The meeting was chaired by M. Jean-Claude Trichet, Chairman of the Paris Club.
The head of the debtor country's delegation was M. Horacio Tomas Liendo, Undersecretary of Financial Affairs at the Ministry of Economy and Public Works.
Significant reduction of its external debt following the IMF's approval of an arrangement under the Poverty Reduction and Growth Facility on 26 June 2006
Categories of debt treated:
Treatment of arrears as of March 31, 2006
Treatment of maturities falling due from April 01, 2006 up to March 31, 2010
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:
Good will clause
Participating Creditor Countries agree to grant a topping-up of the debt reduction of the Agreed Minutes dated 19 July 2006 to Cologne terms if the Government of the Islamic Republic of Afghanistan reaches its Decision Point under the Enhanced HIPC Initiative, provided that the Government of Afghanistan maintains satisfactory relations with the Participating Creditor Countries and the IMF. Participating Creditor Countries agree to grant additional debt relief if the Government of Afghanistan reaches Completion Point under the Enhanced HIPC initiative.
Free transferability provision
The Government of Afghanistan guarantees the immediate and unrestricted transfer of the foreign exchange counterpart of all amounts paid in local currency as of 19 July 2006 as well as all amounts paid from this date by the private debtors in Afghanistan for servicing their foreign debt owed to or guaranteed by the Participating Creditor Countries or their appropriate institutions, for which the corresponding payments in local currency have been or will be deposited in the Central Bank.
Phases
First phase : From April 01, 2006 up to March 31, 2007, implemented at the signature of the agreement
Second phase : From April 01, 2007 up to March 30, 2008, implemented on July 18, 2007
Third phase : From April 01, 2008 up to March 31, 2010, implemented on April 07, 2008
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 Afghanistan 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 these Agreed Minutes 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 Afghanistan commits to accord all categories of creditors -and in particular creditor countries not participating in these Agreed Minutes, commercial banks and suppliers- a treatment not more favorable than that accorded to the Participating Creditor Countries.
For the purpose of the comparison between the arrangements concluded by the Government of Afghanistan with its creditors not listed in these Agreed Minutes on the one hand, and arrangements with the Participating Creditor Countries on the other hand, all relevant elements will be taken into account, including the exposure of the creditors not listed in the present Agreed Minutes, the level of cash payments received by those creditors from the Government of Afghanistan as compared to their share in the Republic of Afghanistan's external debt, the nature and characteristics of all treatment applied, including debt buy backs, and all characteristics of the reorganised claims and in particular their repayment terms whatever forms they take, and in general the financial relations between the Government of Afghanistan and the creditors not listed in these Agreed Minutes.
Cut-off date:
June 20, 1999
Organisation of the session:
The meeting was chaired by Mr. Ambroise Fayolle, Co Chairman of the Paris Club
The head of the debtor country's delegation was Mr. Anwar Ul-Haq Ahady, Minister of Finance
Treatment of maturities falling due from July 18, 2000 up to February 28, 2003
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:
Good will clause
Given the decision by Paris Club Creditors to contribute to the exceptional assistance in favour of the Republic of Benin under the enhanced Debt Initiative for the Heavily Indebted Poor Countries, the Participating Creditor Countries declare their readiness in principle to hold at completion point a meeting designed to examine the question of the Republic of Benin's outstanding debt stock and to make the necessary effort, in favour of the Republic of Benin to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that :
- the Republic of Benin maintains satisfactory relations with participating Creditor Countries, fully implements all the agreements signed with them and maintains a sound adjustment track record ;
- the Boards of the International Monetary Fund and the International Development Association decide that the Republic of Benin has reached its completion point under the enhanced Debt Initiative for the Heavily Indebted Poor Countries.
De minimis threshold of 100 000 SDR
Payment of non-consolidated amounts before October 30, 2000
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 Benin commits itself 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 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 Benin 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 favorable than that accorded to the Participating Creditor Countries for credits of comparable maturity and legal nature.
For the purpose of the comparison between the arrangements concluded by the Government of the Republic of Benin with its creditors not listed in the 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 exposure of the creditors not listed in the Agreed Minute, the level of cash payments received by those creditors from the Government of the Republic of Benin as compared to their share in the Benin's external debt, the nature and characteristics of all treatment applied, including debt buy backs, and all characteristics of the reorganised claims and in particular their repayment terms whatever forms they take, and in general the financial relations between the Government of the Republic of Benin and the creditors not listed in the Agreed Minute.
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.
