Supporting agreements with the international institutions:
IMF programme supported by the arrangements under the Extended Credit Facility (ECF) approved on 31 August 2022, in an amount equivalent to SDR 978.2 million (about USD 1.3 billion).
IMF approved an augmentation of SDR 293.46 million (about USD 385.7 million) at the completion of the third review, increasing the total access to SDR 1271.66 million (about USD 1.7 billion) on June 26, 2024.
Total external debt of the country:
USD 20.9 billion as of 31 December 2022, including USD 6.8 billion to external private creditors (32% of the total external debt), USD 6.3 billion to official bilateral creditors (30%), mostly due to Official Creditors Committee (OCC) members, USD 3.6 billion to multilateral creditors (17%), USD 2.6 billion to non-resident holders of domestic debt (12%) and USD 1.7 billion of other arrears (8%).
Accorded treatment:
For the OCC, a stock treatment is applied, with the total outstanding amount of principal and arrears due as of 31 December 2022 rescheduled through lowering interest rates and extending maturities until 2043 (“baseline treatment”).
Repayment profile:
Rescheduling of the debt stock until 2043 under the baseline treatment.
Specific provisions:
Upside treatment: in the event that Zambia upgrades to medium debt carrying capacity (DCC) based on the methodology outlined in the 2017 IMF-World Bank LIC-DSF by the end of its ECF programme, official bilateral creditors would benefit from an “upside treatment” from 1 January 2026 with higher interest rates than those of “baseline treatment” and extending maturities for a shorter period, until 2038.
Comparability of treatment provision:
In order to secure comparable treatment of its debt due to all its other external creditors in the scope of the debt treatment, the Zambian Government commits to promptly seek from such creditors a treatment on terms at least as favourable as those on which Participating Creditor Countries have reached consensus. The Zambian Government shall, on a quarterly basis, inform the Creditor Committee, through its Secretariat and its Chairs, on the progress of negotiations with other creditors from the date of the signing of the MoU.
Cut-off date:
24 March 2020
Organisation of the session:
Key dates:
- Staff-Level Agreement: 3 December 2021
- Formation of the OCC: 16 June 2022
- OCC financing assurances: 18 July 2022
- IMF programme approval: 31 August 2022
- Agreement-in-principle (AIP) on main terms: 22 June 2023
- IMF 1st Review: 13 July 2023
- Agreement on the MoU: 13 October 2023
- IMF 2nd Review: 20 December 2023
Members of the Official Creditors Committee:
- OCC co-chairs: China, France.
- OCC vice-chair: South Africa.
- OCC members: Belgium, China, Denmark, France, India, Israel, Italy, Japan, the Netherlands, the Russian Federation, Saudi Arabia, South Africa, Sweden, Switzerland, United Kingdom, United States
Press-releases are available on the following links:
Supporting agreements with the international institutions:
IMF programme supported by the arrangements under the Extended Credit Facility (ECF) approved on 17 May 2023, in an amount equivalent to SDR 2.242 billion (about USD 3 billion).
USD 30.6 billion as of 31 December 2022, including USD 15.9 billion to external private creditors (51% of the total external debt), USD 8.1 billion to multilateral creditors (26%), USD 5.1 billion to official bilateral creditors (16%), mostly due to Official Creditors Committee (OCC) members and USD 1.6 billion to non-resident holders of domestic debt (5%).
Accorded treatment:
For the OCC, a flow treatment is applied, with the total debt service due during the years of the IMF programme period (from 1 January 2023 to 31 December 2026) rescheduled through maturity extension and reduced interest rate. The debt service due from 20 December to 31 December 2022 is also included in the flow debt treatment.
Repayment profile:
Maturities falling due in a specific year N are to form a debt stock which will accrue an annual restructuring interest to be capitalized until repayment in years N+16 and N+17. The weighted average maturity was extended from 2029 to 2038. The level of the restructuring interest rate will depend on the contractual interest rate of each claim.
Specific provisions:
New disbursements: disbursements made by the OCC on or after 1 January 2023 are not included in the scope of the treatment.
Comparability of treatment provision:
In order to secure comparable treatment of its debt due to all its other external creditors in the scope of the debt treatment, the Ghanaian Government commits to promptly seek from such creditors a treatment on terms at least as favourable to Ghana as those on which it reached consensus with the OCC. The Ghanaian Government commits to, on a quarterly basis, inform the OCC, through its Secretariat and Chairs, on the progress of negotiations with all other external creditors in the scope of the debt treatment.
Cut-off date:
31 December 2022
Organisation of the session:
Key dates:
- Staff-Level Agreement: 12 December 2022
- Formation of the OCC: 12 May 2023
- OCC financing assurances: 12 May 2023
- IMF programme approval: 17 May 2023
- Agreement-in-principle (AIP) on main terms: 12 January 2024
- IMF 1st Review: 19 January 2024
- Agreement on the MoU: 11 June 2024
- IMF 2nd Review: 28 June 2024
Members of the Official Creditors Committee:
- OCC co-chairs: China, France.
- OCC members: Austria, Belgium, Brazil, Canada, China, Czech Republic, Denmark, Finland, France, Germany, India, Israel, Italy, Japan, Netherlands, Norway, Saudi Arabia, South Africa, South Korea, Spain, Sweden, Switzerland, Türkiye, United Kingdom, United States.
Press-releases are available on the following links:
Supporting agreements with the international institutions:
IMF programme supported by the arrangements under the Extended Credit Facility (ECF) approved on 10 December 2021, in an amount equivalent to SDR 392.56 million (about USD 570.75 million)
USD 3.0 billion as of 31 December 2020, including USD 1.1 billion to an external private creditor (36% of the total external debt), USD 1.1 billion to multilateral creditors (36%) and USD 837 million to official bilateral creditors (27%), of which Official Creditor Committee (OCC) members hold USD 461 million.
Accorded treatment:
After collective assessment, OCC members agreed that the financing gap identified in the ECF programme approved by the IMF had been filled due to the surge of oil prices, and that it was no longer necessary for OCC members to provide a debt treatment to Chad at the current stage.
Specific provisions:
Preparatory debt treatment process: OCC members agreed to reconvene to assess and address the need for a debt treatment, on the condition that a financing gap has reappeared during the current ECF programme (2022-2024), and that the government of Chad has fulfilled its commitment under the signed Memorandum of Understanding (MoU).
Up to January 2025, only two reviews were completed under the IMF ECF programme and the programme lapsed on 22 June 2024. The OCC members have collectively determined in January 2025 that the MoU was terminated and the Chad case was closed.
Comparability of treatment provision:
If OCC Members agree to a debt treatment in accordance with the Common Framework, the Republic of Chad will commit to seeking from all its other official bilateral creditors and other private creditors a treatment on terms at least as favorable as those agreed by OCC Members.
The preparatory debt treatment process provided by OCC facilitated Chad’s negotiation and agreement with its largest private creditor.
Cut-off date:
NA
Organisation of the session:
Key dates:
- Staff-Level Agreement: 27 January 2021
- Formation of the OCC: 15 April 2021
- OCC financing assurances: 11 June 2021
- IMF programme approval: 10 December 2021
- Agreement on the MoU: 20 October 2022
- IMF 1st and 2nd Reviews: 22 December 2022
- Termination of the IMF programme: June 22, 2024
Members of the Official Creditors Committee:
- OCC co-chairs: France, Saudi Arabia.
- OCC members: China, France, India, Saudi Arabia.
Agreement on the Debt service suspension Initiative (ISSD)
Categories of debt treated:
Treatment of maturities falling due from 1 July to 31 December 2021
Repayment profile:
Treatment under Ad Hoc terms
Duration of the suspension of payment : from 1 July to 31 December 2021
Perimeter of maturities and cut-off date
Suspension of principal repayments and interest payments
Cut-off date protecting new financing in case of possible future restructuring: March 24, 2020 (included)
Modalities for the debt service suspension
NPV-neutral for the suspension of payments
Repayment period: 5 years with a one-year grace period (6 years total)
Treatment will be achieved either through rescheduling or refinancing.
Specific provisions:
The Government of the Republic of Fiji is required to commit :
to use the created fiscal space to increase social, health or economic spending in response to the crisis. A monitoring system is expected to be put in place by the IFIs;
to disclose all public sector financial commitments (debt) , respecting commercially sensitive information. Technical Assistance is expected to be provided by the IFIs as appropriate to achieve this;
to comply with the debt limits on contracting new non-concessional during the suspension period agreed under the IMF Debt Limit Policy (DLP) or WBG policy.
Comparability of treatment provision:
The Government of the Republic of Fiji commits to seek from all its other bilateral official creditors a debt service treatment that is in line with the agreed term sheet and its Addendum providing the key features of the time-bound suspension of debt service payments initiative set out in Annexes I and II of the Memorandum of Understanding dated 13 October 2021 and commits not to accord any of these creditors a treatment more favourable than the elements described in Annexes I and II of the Memorandum of Understanding dated 13 October 2021.
Organisation of the session:
The agreement was signed by Mr. William Roos, Co-Chairman of the Paris Club.
The head of the debtor country was Mr. Aiyaz Sayed-Khaiyum, Attorney-General and Minister for Economy, Civil Service and Communications.
Agreement on the Debt service suspension Initiative (ISSD)
Categories of debt treated:
Treatment of maturities falling due from 1 July to 31 December 2021
Repayment profile:
Treatment under Ad Hoc terms
Duration of the suspension of payment : from 1 July to 31 December 2021
Perimeter of maturities and cut-off date
Suspension of principal repayments and interest payments
Cut-off date protecting new financing in case of possible future restructuring: March 24, 2020 (included)
Modalities for the debt service suspension
NPV-neutral for the suspension of payments
Repayment period: 5 years with a one-year grace period (6 years total)
Treatment will be achieved either through rescheduling or refinancing.
Specific provisions:
The Government of the Kyrgyz Republic is required to commit :
to use the created fiscal space to increase social, health or economic spending in response to the crisis. A monitoring system is expected to be put in place by the IFIs;
to disclose all public sector financial commitments (debt) , respecting commercially sensitive information. Technical Assistance is expected to be provided by the IFIs as appropriate to achieve this;
to comply with the debt limits on contracting new non-concessional during the suspension period agreed under the IMF Debt Limit Policy (DLP) or WBG policy.
Comparability of treatment provision:
The Government of the Kyrgyz Republic commits to seek from all its other bilateral official creditors a debt service treatment that is in line with the agreed term sheet and its Addendum providing the key features of the time-bound suspension of debt service payments initiative set out in Annexes I and II of the Memorandum of Understanding dated 10 September 2021 and commits not to accord any of these creditors a treatment more favourable than the elements described in Annexes I and II of the Memorandum of Understanding dated 10 September 2021.
Organisation of the session:
The agreement was signed by Mr. William ROOS, Co-Chairman of the Paris Club.
The head of the debtor country was Mr. Akylbek ZHAPAROV, Deputy Chairman of the Cabinet of Ministers, Minister of Economy and Finance.
Agreement on the Debt service suspension Initiative (DSSI)
Categories of debt treated:
Treatment of arrears as of April 30, 2020
Treatment of maturities falling due from 1 January to 30 June 2021
Repayment profile:
Treatment under Ad Hoc terms
Duration of the suspension of payment : from 1 January to 30 June 2021
Perimeter of maturities and cut-off date
Suspension of principal repayments and interest payments
Cut-off date protecting new financing in case of possible future restructuring: 24 March 2020
Modalities for the debt service suspension
NPV-neutral for the suspension of payments
Repayment period: 5 years, with a one-year grace period (6 years total)
Treatment will be achieved either through rescheduling or refinancing.
Specific provisions:
The Government of the Republic of Guinea-Bissau is required to commit :
to use the created fiscal space to increase social, health or economic spending in response to the crisis. A monitoring system is expected to be put in place by the IFIs;
to disclose all public sector financial commitments (debt) respecting commercially sensitive information. Technical Assistance is expected to be provided by the IFIs as appropriate to achieve this;
to comply with the debt limits on contracting new non-concessional during the suspension period agreed under the IMF Debt Limit Policy (DLP) or WBG policy.
Good will clause
If the Government of the Republic of Guinea-Bissau has fulfilled all its commitments under the Memorandum of Understanding dated 26 April 2021, the Participating Creditor Countries declare their intention to consider before 1 July 2021 a revision of the Memorandum of Understanding in order to possibly extend the period during which payments due on concerned debts are to be deferred, if the economic and financial situation requires to extend further the Debt Service Suspension Initiative.
Comparability of treatment provision:
The Government of the Republic of Guinea-Bissau commits to seek from all its other bilateral official creditors a debt service treatment that is in line with the agreed term sheet and its Addendum providing the key features of the time-bound suspension of debt service payments initiative set out in Annexes I and II of the Memorandum of Understanding dated 26 April 2021 and commits not to accord any of these creditors a treatment more favourable than the elements described in Annexes I and II of the Memorandum of Understanding.
Organisation of the session:
The agreement was signed by Mr. William Roos, Co-Chairman of the Paris Club.
The head of the debtor country was Mr. João Aladje Mamadu Fadia, Minister of Finance.
Agreement on the Debt service suspension Initiative (DSSI)
Categories of debt treated:
Treatment of arrears as of April 30, 2020
Treatment of maturities falling due from 1 January to 30 June 2021
Repayment profile:
Treatment under Ad Hoc terms
Duration of the suspension of payment : from 1 January to 30 June 2021
Perimeter of maturities and cut-off date
Suspension of principal repayments and interest payments
Cut-off date protecting new financing in case of possible future restructuring: 24 March 2020
Modalities for the debt service suspension
NPV-neutral for the suspension of payments
Repayment period: 5 years, with a one-year grace period (6 years total)
Treatment will be achieved either through rescheduling or refinancing.
Specific provisions:
The Government of the Central African Republic is required to commit :
to use the created fiscal space to increase social, health or economic spending in response to the crisis. A monitoring system is expected to be put in place by the IFIs;
to disclose all public sector financial commitments (debt) respecting commercially sensitive information. Technical Assistance is expected to be provided by the IFIs as appropriate to achieve this;
to comply with the debt limits on contracting new non-concessional during the suspension period agreed under the IMF Debt Limit Policy (DLP) or WBG policy.
Good will clause
If the Government of the Central African Republic has fulfilled all its commitments under the Memorandum of Understanding dated 26 April 2021, the Participating Creditor Countries declare their intention to consider before 1 July 2021 a revision of the Memorandum of Understanding in order to possibly extend the period during which payments due on concerned debts are to be deferred, if the economic and financial situation requires to extend further the Debt Service Suspension Initiative.
Comparability of treatment provision:
The Government of the Central African Republic commits to seek from all its other bilateral official creditors a debt service treatment that is in line with the agreed term sheet and its Addendum providing the key features of the time-bound suspension of debt service payments initiative set out in Annexes I and II of the Memorandum of Understanding dated 26 April 2021 and commits not to accord any of these creditors a treatment more favourable than the elements described in Annexes I and II of the Memorandum of Understanding.
Organisation of the session:
The agreement was signed by Mr. William ROOS, Co-Chairman of the Paris Club.
The head of the debtor country was Mr. Henri-Marie DONDRA, Minister of Finance and Budget.
Agreement on the Debt service suspension Initiative (DSSI)
Amendment under the final extension of the DSSI signed on 22 June 2021
Categories of debt treated:
1/ Treatment of arrears as of April 30, 2020. Treatment of maturities falling due from 1 January to 30 June 2021
2./ Treatment of maturities from 1 July to 31December 2021
Repayment profile:
Treatment under Ad Hoc terms
Duration of the suspension of payment :
- from 1 January to 30 June 2021
- from 1 July to 31December 2021
Perimeter of maturities and cut-off date
Suspension of principal repayments and interest payments
Cut-off date protecting new financing in case of possible future restructuring: March 24, 2020
Modalities for the debt service suspension
NPV-neutral for the suspension of payments
Repayment period: 5 years, with a one-year grace period (6 years total)
Treatment will be achieved either through rescheduling or refinancing.
Specific provisions:
The Government of Saint Vincent and the Grenadines is required to commit :
to use the created fiscal space to increase social, health or economic spending in response to the crisis. A monitoring system is expected to be put in place by the IFIs;
to disclose all public sector financial commitments (debt) respecting commercially sensitive information. Technical Assistance is expected to be provided by the IFIs as appropriate to achieve this;
to comply with the debt limits on contracting new non-concessional during the suspension period agreed under the IMF Debt Limit Policy (DLP) or WBG policy.
Good will clause under the Memorandum of Understanding dated 18 March 2021
If the Government of Saint Vincent and the Grenadines has fulfilled all its commitments under the Memorandum of Understanding dated 18 March 2021, the Participating Creditor Countries declare their intention to consider before 1 July 2021 a revision of the Memorandum of Understanding in order to possibly extend the period during which payments due on concerned debts are to be deferred, if the economic and financial situation requires to extend further the Debt Service Suspension Initiative.
Comparability of treatment provision:
The Government of Saint Vincent and the Grenadines commits to seek from all its other bilateral official creditors a debt service treatment that is in line with the agreed term sheet and its Addendum providing the key features of the time-bound suspension of debt service payments initiative set out in Annexes I and II of the Memorandum of Understanding dated 18 March 2021 and commits not to accord any of these creditors a treatment more favourable than the elements described in Annexes I and II of the Memorandum of Understanding.
Organisation of the session:
The agreement was signed by Mr. William ROOS, Co-Chairman of the Paris Club. The head of the debtor country was Mr. Edmond A. JACKSON, Director General, Ministry of Finance, Economic Planning and Information Technology.
The amendment was signed by Mr. William ROOS, Co-Chairman of the Paris Club. The head of the debtor country was Mr. Edmond A. JACKSON, Director General, Ministry of Finance, Economic Planning and Information Technology.
Agreement on the Debt service suspension Initiative (DSSI)
Categories of debt treated:
Treatment of arrears as of April 30, 2020
Treatment of maturities falling due from 1 January to 30 June 2021
Repayment profile:
Treatment under Ad Hoc terms
Duration of the suspension of payment : from 1 January to 30 June 2021
Perimeter of maturities and cut-off date
Suspension of principal repayments and interest payments
Cut-off date protecting new financing in case of possible future restructuring: 24 March 2020
Modalities for the debt service suspension
NPV-neutral for the suspension of payments
Repayment period: 5 years, with a one-year grace period (6 years total)
Treatment will be achieved either through rescheduling or refinancing.
Specific provisions:
The Government of the Republic of Uganda is required to commit :
to use the created fiscal space to increase social, health or economic spending in response to the crisis. A monitoring system is expected to be put in place by the IFIs;
to disclose all public sector financial commitments (debt) respecting commercially sensitive information. Technical Assistance is expected to be provided by the IFIs as appropriate to achieve this;
to comply with the debt limits on contracting new non-concessional during the suspension period agreed under the IMF Debt Limit Policy (DLP) or WBG policy.
Good will clause
If the Government of the Republic of Uganda has fulfilled all its commitments under the Memorandum of Understanding dated 28 January 2021, the Participating Creditor Countries declare their intention to consider before 1 July 2021 a revision of the Memorandum of Understanding in order to possibly extend the period during which payments due on concerned debts are to be deferred, if the economic and financial situation requires to extend further the Debt Service Suspension Initiative.
Comparability of treatment provision:
The Government of the Republic of Uganda commits to seek from all its other bilateral official creditors a debt service treatment that is in line with the agreed term sheet and its Addendum providing the key features of the time-bound suspension of debt service payments initiative set out in Annexes I and II of the Memorandum of Understanding dated 28 January 2021 and commits not to accord any of these creditors a treatment more favourable than the elements described in Annexes I and II of the Memorandum of Understanding.
Organisation of the session:
The agreement was signed by Mr. Christophe BORIES, Vice-Chairman of the Paris Club.
The head of the debtor country was Mr. Matia KASAIJA (M.P), Minister of Finance, Planning and Economic Development.
Agreement on the Debt service suspension Initiative (DSSI)
Amendment under the final extension of the DSSI signed on 7 September 2021
Categories of debt treated:
Treatment of arrears as of April 30, 2020
Treatment of maturities falling due from 1 January to 30 June 2021
Treatment of maturities from 1 July 2021 up to 31 December 2021
Repayment profile:
Treatment under Ad Hoc terms
Duration of the suspension of payment :
- from 1 January 2021 to 30 June 2021
- from 1 July 2021 to 31 December 2021
Perimeter of maturities and cut-off date
Suspension of principal repayments and interest payments
Cut-off date protecting new financing in case of possible future restructuring: 24 March 2020
Modalities for the debt service suspension
NPV-neutral for the suspension of payments
Repayment period: 5 years, with a one-year grace period (6 years total)
Treatment will be achieved either through rescheduling or refinancing.
Specific provisions:
The Government of the Republic of Kenya is required to commit :
to use the created fiscal space to increase social, health or economic spending in response to the crisis. A monitoring system is expected to be put in place by the IFIs;
to disclose all public sector financial commitments (debt) respecting commercially sensitive information. Technical Assistance is expected to be provided by the IFIs as appropriate to achieve this;
to comply with the debt limits on contracting new non-concessional during the suspension period agreed under the IMF Debt Limit Policy (DLP) or WBG policy.
Good will clause under the Memorandum of Understanding dated 11 January 2021
If the Government of the Republic of Kenya has fulfilled all its commitments under the Memorandum of Understanding dated 11 January 2021, the Participating Creditor Countries declare their intention to consider before 1 July 2021 a revision of the Memorandum of Understanding in order to possibly extend the period during which payments due on concerned debts are to be deferred, if the economic and financial situation requires to extend further the Debt Service Suspension Initiative.
Comparability of treatment provision:
The Government of the Republic of Kenya commits to seek from all its other bilateral official creditors a debt service treatment that is in line with the agreed term sheet and its Addendum providing the key features of the time-bound suspension of debt service payments initiative set out in Annexes I and II of the Memorandum of Understanding dated 11 January 2021 and commits not to accord any of these creditors a treatment more favourable than the elements described in Annexes I and II of the Memorandum of Understanding.
Organisation of the session:
The agreement was signed by Mr. Christophe BORIES, Vice-Chairman of the Paris Club. The head of the debtor country was Hon. Amb. UKUR YATANI, Cabinet Secretary of the National Treasury and Planning.
The amendment under the final extension was signed by Mr. William ROOS, Co-Chairman of the Paris Club. The head of the debtor country was Hon. Amb. UKUR YATANI, Cabinet Secretary of the National Treasury and Planning.
