Agreement on the Debt service suspension Initiative (DSSI)
Amendment under the extension of the DSSI signed on 24 December 2020
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 Federal Democratic Republic of Ethiopia 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 Federal Democratic Republic of Ethiopia has fulfilled all its commitments under the Memorandum of Understanding dated June 9, 2020, and its Amendment dated December 24, 2020, 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 Federal Democratic Republic of Ethiopia 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. Ahmed SHIDE, Minister of Finance.
Agreement on the Debt service suspension Initiative (DSSI)
Amendment under the extension of the DSSI signed on 3 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 :
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
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 Chad 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 9 June 2020
If the Government of the Republic of Chad has fulfilled all its commitments under the Memorandum of Understanding dated 9 June 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 Chad 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. Tahir Hamid NGUILIN, Minister of Finance and Budget.
The agreement under the extension was signed by Mr. William ROOS. The head of the debtor country was Mr. Tahir Hamid NGUILIN, Minister of Finance and Budget.
Agreement on the Debt service suspension Initiative (DSSI)
Amendment under the extension of the DSSI signed on 22 December 2020
Amendment under the final extension of the DSSI signed on 24 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 Islamic Republic of Pakistan 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 9 June 2020 and its Amendment dated 22 December 2020
If the Government of the Islamic Republic of Pakistan has fulfilled all its commitments under the Memorandum of Understanding dated 9 June 2020 and its Amendment dated 22 December 2020, 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 Islamic Republic of Pakistan 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. Noor AHMED, Secretary of the Economic Affairs Division.
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. Mian Asad Hayaud Din, Secretary of the Ministry of Economic Affairs.
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 24 August 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
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 the 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 9 June 2020 and its Amendment dated 4 January 2021
If the Government of the Republic of the Congo has fulfilled all its commitments under the Memorandum of Understanding dated 9 June 2020 and its Amendment dated 4 January 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 the 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 and the Amendment were signed by Mr. Guillaume CHABERT, Co-Chairman of the Paris Club. The head of the debtor country was Mr. Ludovic NGATSE, Minister Delegate, in charge 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 Mr. Rigobert Roger ANDELY, Minister of Finance, Budget and Public Portfolio.
Agreement on the Debt service suspension Initiative (DSSI)
Amendment under the extension of the DSSI signed on 15 March 2021
Amendment under the final extension of the DSSI signed on 23 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 Republic of Niger 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 4, 2020 and its Amendment dated March 15, 2021
If the Government of the Republic of Niger has fulfilled all its commitments under the Memorandum of Understanding dated June 4, 2020, and its Amendment dated March 15, 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 Niger 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. Mamadou DIOP, 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. Mamadou DIOP, 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. Ahmat JIDOUD, Minister of Finance.
Agreement on the Debt service suspension Initiative (DSSI)
Amendment under the extension of the DSSI signed on 1 February 2021
Amendment under the final extension of the DSSI signed on 7 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 Islamic Republic of Mauritania 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 2 June 2020 and its Amendment dated 1 February 2021
If the Government of the Islamic Republic of Mauritania has fulfilled all its commitments under the Memorandum of Understanding dated 2 June 2020 and its Amendment dated 1 February 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 Islamic Republic of Mauritania 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. Abdel Aziz DAHI, Minister of Economy and Industry.
The amendment was signed by Mr. Christophe BORIES, Vice-Chairman of the Paris Club. The head of the debtor country was Mr. Mohamed Lemine DHEHBY, 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. Ousmane Mamoudou KANE, Minister of Economic Affairs and Promotion of Productive Sectors.
Agreement on the Debt service suspension Initiative (DSSI)
Amendment under the extension of the DSSI signed on 5 February 2021
Amendment under the final extension of the DSSI signed on 17 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 Burkina Faso 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 Burkina Faso has fulfilled all its commitments under the Memorandum of Understanding dated May 26, 2020 and its Amendment dated February 5, 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 Burkina Faso 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. Lassané KABORE, Minister for the Economy, Finance and Development.
The amendment was signed by Mr. Christophe BORIES, Vice-Chairman of the Paris Club. The head of the debtor country was Mr. Lassané KABORE, Minister for the Economy, Finance and Development.
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.Lassané KABORE, Minister for the Economy, Finance and Development.
Agreement on the Debt service suspension Initiative (DSSI)
Amendment under the extension of the DSSI signed on 18 March 2021
Amendment under the final extension of the DSSI signed on 14 October 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 Cameroon 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 19 May 2020 and its Amenndment dated 18 March 2021
If the Government of the Republic of Cameroon has fulfilled all its commitments under the Memorandum of Understanding dated 19 May 2020 and its Amendment dated 18 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 Cameroon 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. Louis Paul MOTAZE, 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. Louis Paul MOTAZE, 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. Louis Paul MOTAZE, Minister of Finance.
Agreement on the Debt service suspension Initiative (DSSI)
Amendment under the extension of the DSSI signed on 1 June 2021
Amendment under the final extension of the DSSI signed on 14 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 Nepal 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 1 June 2021
If the Government of Nepal has fulfilled all its commitments under the Memorandum of Understanding dated 25 November 2020, and its Amendment dated 1 June 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 Nepal 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. Shreekrishna NEPAL, Joint-Secretary, Ministry of Finance.
The amendment was signed by Mr. William ROOS, Co-Chairman of the Paris Club. The head of the debtor country was Mr. Shreekrishna NEPAL, Joint-Secretary, Ministry 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. Ram Sharma as Joint-Secretary, Ministry 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 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 Grenada 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 Grenada has fulfilled all its commitments under the Memorandum of Understanding dated May 18, 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 Grenada 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. The Right Hon. Keith C. MITCHELL, Prime Minister and Minister for Finance.
