Agreement on the Debt service suspension Initiative (DSSI)
Amendment under the extension of the DSSI signed on 16 March 2021
Amendment under the final extension of the DSSI signed on 23 September 2021
Categories of debt treated:
1/ Treatment of arrears as of April 30, 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 Republic of Cabo Verde 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 12 August 2020 and its Amendment dated 16 March 2021
If the Government oof the Republic of Cabo Verde has fulfilled all its commitments under the Memorandum of Understanding dated 12 August 2020, and its Amendment dated 16 March 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 Republic of Cabo Verde 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. Olavo Correia, Minister of Finance.
The amendment was signed by Mr. William Roos, Vice-Chairman of the Paris Club. The head of the debtor country was Mr. Olavo Correia, Minister of Finance.
The amendment under the final extension was signed by Mr. William Ross, Co-Chairman of the Paris Club. The head of the debtor country was Mr. Olavo Correia, Vice Prime Minister and Minister of Finance and Business Development.
Agreement on the Debt service suspension Initiative (DSSI)
Amendment under the extension of the DSSI signed on 19 January 2021
Amendment under the final extension of the DSSI signed on 7 September 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 Republic of Zambia 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 10 August 2020, and its Amendment dated 19 January 2021
If the Government oof the Republic of Zambia has fulfilled all its commitments under the Memorandum of Understanding dated 10 August 2020, and its Amendment dated 19 January 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 Zambia 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 Dr. Bwalya K.E Ng’andu, Minister of Finance.
The amendment was signed by Mr. Christophe Bories, Vice-Chairman of the Paris Club. The head of the debtor country was Dr. Bwalya K.E Ng’andu, Minister of Finance.
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 Mr. Situmbeko Musokotwane, Minister of Finance.
Agreement on the Debt service suspension Initiative (DSSI)
Amendment under the extension of the DSSI signed on 14 April 2021
Amendment under the final extension of the DSSI signed on 18 August 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 Republic of Djibouti 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 10 August 2020 and its Amendment dated 14 April 2021
If the Government oof the Republic of Djibouti has fulfilled all its commitments under the Memorandum of Understanding dated August 10, 2020, and its Amendment dated April 14, 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 Djibouti 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. Almis Mohamamed Abdillahi, Director of Public Debt at the Ministry of Budget.
The amendment was signed by Mr. William Roos, Co-Chairman of the Paris Club. The head of the debtor country was Mr. Almis Mohamamed Abdillahi, Director of Public Debt at the Ministry of Budget.
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 Mrs. Amina Ibrahim Elmi, Director of Public Debt P/I at the Ministry of Budget.
Agreement on the Debt service suspension Initiative (DSSI)
Amendment under the extension of the DSSI signed on 2 March 2021
Amendment under the final extension of the DSSI signed on 16 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 Democratic Republic of Congo 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 27 July 2020, and its Amendment dated 2 March 2021
If the Government of the Democratic Republic of Congo has fulfilled all its commitments under the Memorandum of Understanding dated July 27, 2020, and its Amendment dated March 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 Democratic Republic of Congo 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. Sele YALAGHULI, Minister of Finance.
The amendment was signed by Mr. Christophe BORIES, Vice-Chairman of the Paris Club. The head of the debtor country was Mr. Sele YALAGHULI, Minister of Finance.
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. Nicolas Kazadi Kadima-Nzuji, Minister of Finance.
Agreement on the Debt service suspension Initiative (DSSI)
Amendment under the extension of the DSSI signed on 1 April 2021
Amendment under the final extension of the DSSI signed on 16 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 Republic of Senegal 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 21 July 2020, and its Amendment dated 1 April 2021
If the Government of the Republic of Senegal has fulfilled all its commitments under the Memorandum of Understanding dated 21 July 2020, and its Amendment dated 1 April 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 Senegal 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. Abdoulaye Daouda DIALLO, Minister of Finance and Budget.
The amendment was signed by Mr. William ROOS, Vice-Chairman of the Paris Club. The head of the debtor country was Mr. Abdoulaye Daouda DIALLO, Minister of Finance and Budget.
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.Abdoulaye Daouda DIALLO, Minister of Finance and Budget.
Agreement on the Debt service suspension Initiative (DSSI)
Amendment under the extension of the DSSI signed on 13 April 2021
Amendment under the final extension of the DSSI signed on 8 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 Republic of Guinea 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 24 June 2020, and its Amendment dated 13 April 2021
If the Government of the Republic of Guinea has fulfilled all its commitments under the Memorandum of Understanding dated 24 June 2020, and its Amendment dated 13 April 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 Guinea 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. Mamadi CAMARA, Minister of Economy and Finance.
The amendment was signed by Mr. William ROOS, Co-Chairman of the Paris Club. The head of the debtor country was Mr. Mamadi CAMARA, Minister of Economy and Finance.
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. Lanciné Condé, Minister of Economy, Finance and Planning.
Agreement on the Debt service suspension Initiative (DSSI)
Amendment under the extension of the DSSI signed on 11 February 2021
Amendment under the final extension of the DSSI signed on 24 November 2021
Categories of debt treated:
1/ Treatment of arrears as of April 30, 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 Togolese 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 under the Memorandum of Understanding dated June 15, 2020 and its Amendment dated February 11, 2021
If the Government of the Togolese Republic has fulfilled all its commitments under the Memorandum of Understanding dated June 15, 2020, and its Amendment dated February 11, 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 Togolese Republic 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. Sani YAYA, 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. Sani YAYA, Minister of Economy and Finance.
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.Sani YAYA, Minister of Economy and Finance.
Agreement on the Debt service suspension Initiative (DSSI)
Amendment under the extension of the DSSI signed on 4 January 2021
Amendment under the final extension of the DSSI signed on 30 November 2021
Categories of debt treated:
1/ Treatment of arrears as of April 30, 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 Union of the Comoros 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 15 June 2020 and its Amendment dated 4 January 2021
If the Government of the Union of the Comoros has fulfilled all its commitments under the Memorandum of Understanding dated 15 June 2020 and its Amendment dated 4 January 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 Union of the Comoros 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 and the Amendment were signed by Mr. Guillaume CHABERT, Co-Chairman of the Paris Club.
The head of the debtor country was Mr. SAID ALI SAID CHAYHANE, Minister of Finance, Budget and the Banking Sector.
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. Kamalidini SOUEF, Minister of Finance.
Agreement on the Debt service suspension Initiative (DSSI)
Amendment under the extension of the DSSI signed on 4 January 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 Côte d’Ivoire 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 Côte d’Ivoire has fulfilled all its commitments under the Memorandum of Understanding dated June 11, 2020 and its Amendment dated January 4, 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 Côte d’Ivoire 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 and the Amendment were signed by Mr. Guillaume CHABERT, Co-Chairman of the Paris Club.
The head of the debtor country was Mr. Adama COULIBALY, 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 May 01, 2020 up to December 31, 2020
Repayment profile:
Treatment under Ad Hoc terms
Duration of the suspension of payment : from May 1st, 2020 until end- 2020
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)
Treatment will be achieved either through rescheduling or refinancing.
Specific provisions:
The Government of the Republic of the Union of Myanmar 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 the Union of Myanmar has fulfilled all its commitments under the Memorandum of Understanding dated June 10, 2020, the Participating Creditor Countries declare their intention to envisage a possible extension during 2020 taking into account the report to be produced by the World Bank Group and the International Monetary Fund on the liquidity needs of the eligible countries.
Comparability of treatment provision:
The Government of the Republic of the Union of Myanmar 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. TUN TUN NAING, Minister of Planning, Finance and Industry.
