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.
Agreement on the Debt service suspension Initiative (DSSI)
Amendment under the extension of the DSSI signed on 4 May 2021
Amendment under the final extension of the DSSI signed on 22 December 2021
Categories of debt treated:
1/ Treatment of arrears as of 30 April 2020 and maturities falling due from 1 May 2020 up to 31 December 2020
2/ Treatment of maturities from 1 January 2021 up to 30 June 2021
3/ 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 May 2020 until end- 2020
- 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: March 24, 2020
Modalities for the debt service suspension
NPV-neutral for the suspension of payments
Repayment period:
- 3 years with a one-year grace period (4 years total)
- 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 Lucia 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 25 November 2020, and its Amendment dated 4 May 2021
If the Government of Saint Lucia has fulfilled all its commitments under the Memorandum of Understanding dated 25 November 2020, and its Amendment dated 4 May 2021, the Participating Creditor Countries declare their intention to consider before July 1st, 2021 a revision of the Memorandum of Understanding and its Amendment 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 Lucia commits to seek from all its other bilateral official creditors a debt service treatment that is in line with the agreed term sheet providing the key features of the time-bound suspension of debt service payments initiative set out in Annex I and commits not to accord any of these creditors a treatment more favourable.
Organisation of the session:
The agreement was signed by Mr. Guillaume CHABERT, Co-Chairman of the Paris Club. The head of the debtor country was Mr. Allen CHASTANET, Prime Minister, Minister for Finance, Economic Growth, Job Creation, External Affairs and the Public Service.
The amendment was signed by Mr. William ROOS, Co-Chairman of the Paris Club. The head of the debtor country was Mr. Allen CHASTANET, Prime Minister, Minister for Finance, Economic Growth, Job Creation, External Affairs and the Public Service.
The amendment under the final extension was signed by Mr. William ROOS, Vice-Chairman of the Paris Club. The head of the debtor country was Mr. Philip J. PIERRE, Prime Minister, Minister of Finance, Economic Development and Youth Economy.
Agreement on the Debt service suspension Initiative (DSSI)
Amendment under the extension of the DSSI signed on 24 September 2021
Amendment under the final extension of the DSSI signed on 13 December 2021
Categories of debt treated:
1/ Treatment of arrears as of 30 April 2020 and maturities falling due from 1 May 2020 up to 31 December 2020
2/ Treatment of maturities from 1 January 2021 up to 30 June 2021
3/ 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 May 2020 until end- 2020
- 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: March 24, 2020
Modalities for the debt service suspension
NPV-neutral for the suspension of payments
Repayment period:
- 3 years with a one-year grace period (4 years total)
- 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 United Republic of Tanzania 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 23 October 2020 and its Amendement dated 24 September 2021
If the Government of the United Republic of Tanzania has fulfilled all its commitments under the Memorandum of Understanding dated 23 October 2020 and its Amendement dated 24 September 2021, the Participating Creditor Countries declare their intention to consider before 1 July 2021 a revision of the Memorandum of Understanding and its Amendment 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 United Republic of Tanzania commits to seek from all its other bilateral official creditors a debt service treatment that is in line with the agreed term sheet providing the key features of the time-bound suspension of debt service payments initiative set out in Annex I and commits not to accord any of these creditors a treatment more favourable.
Organisation of the session:
The agreement was signed by Mr. Guillaume CHABERT, Co-Chairman of the Paris Club. The head of the debtor country was Mr. Doto M. JAMES, Permanent Secretary, Ministry of Finance and Planning.
The amendment was signed by Mr. William ROOS, Vice-Chairman of the Paris Club. The head of the debtor country was Mr. Emmanuel M. TUTUBA, Permanent Secretary, Ministry of Fiannce and Planning.
The amendment under the final extension was signed by Mr. William ROOS, Vice-Chairman of the Paris Club. The head of the debtor country was Mr. Emmanuel M. TUTUBA, Permanent Secretary, Ministry of Finance and Planning.
Agreement on the Debt service suspension Initiative (DSSI)
Amendment under the extension of the DSSI signed on 2 February 2021
Categories of debt treated:
1/ Treatment of arrears as of April 30, 2020 and maturities falling due from May 01, 2020 up to December 31, 2020
2/ Treatment of maturities from January 01, 2021 up to June 30, 2021
Repayment profile:
Treatment under Ad Hoc terms
Duration of the suspension of payment:
- from May 1st, 2020 until end- 2020
- from January 1st, 2021 to June 30, 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:
- 3 years with a one-year grace period (4 years total)
- 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 Madagascar 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 Madagascar has fulfilled all its commitments under the Memorandum of Understanding dated October 12, 2020, and its Amendment dated February 2, 2021, the Participating Creditor Countries declare their intention to consider before July 1st, 2021 a revision of the Memorandum of Understanding and its Amendment 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 Madagascar commits to seek from all its other bilateral official creditors a debt service treatment that is in line with the agreed term sheet providing the key features of the time-bound suspension of debt service payments initiative set out in Annex I and commits not to accord any of these creditors a treatment more favourable.
Organisation of the session:
The agreement was signed by Mr. Guillaume CHABERT, Co-Chairman of the Paris Club. The head of the debtor country was Mr. Richard RANDRIAMANDRATO, Minister of Economy and Finance.
The amendment was signed by Mr. Christophe BORIES, Vice-Chairman of the Paris Club. The head of the debtor country was Mr. James ichard RANDRIAMANDRATO, Minister of Economy and Finance.
