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 28 July 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 Commonwealth of Dominica 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 May 2020 and its Amendment dated 22 December 2020
If the Government of the Commonwealth of Dominica has fulfilled all its commitments under the Memorandum of Understanding dated 15 May 2020 and its Amendment dated 22 December 2020, 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 Commonwealth of Dominica 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 Hon. Roosevelt SKERRIT, Prime Minister and 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 Hon. Roosevelt SKERRIT, Prime Minister and Minister of Finance.
Agreement on the Debt service suspension Initiative (DSSI)
Amendment under the extension of the DSSI signed on 7 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 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 Mali 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 May 2020 and its Amendment dated 7 January 2021
If the Government of the Republic of Mali has fulfilled all its commitments under the Memorandum of Understanding dated 15 May 2020 and its Amendment dated 7 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 Mali 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. Boubou CISSE, Minister of Finance.
The amendment was signed by Mr. Guillaume CHABERT, Co-Chairman of the Paris Club. The head of the debtor country was Mr. Alousséni SANOU, Minister of Economy and 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. Alousséni SANOU, Minister of Economy and Finance.
$ 11 725 million as of December 2000, representing 434% of exports of goods and services $ 4 324 million being due to the Paris Club as of July 31, 2001
Amounts treated:
$4 324 million, of which $2 743 million being canceled, $ 1581 million being rescheduled
Categories of debt treated:
Treatment of arrears as of July 31, 2001
Treatment of the stock as of March 23, 2005
Repayment profile:
Treatment under Ad Hoc terms
Specific provisions:
Possibility to conduct debt swaps
Phases
First phase: From August 01, 2001 up to March 22, 2002 implemented at the signature of the agreement
Second phase: From March 23, 2002 up to March 22, 2005 implemented on May 29, 2002
Third phase : From March 23, 2005, implemented on February 15, 2006
De minimis threshold of 1 000 000 SDR Payment of non-consolidated amounts before March 22, 2002
Comparability of treatment provision:
Yes
Cut-off date:
December 02, 1982
Organisation of the session:
The meeting was chaired by Mrs Stéphane Pallez, Co-Chairperson of the Paris Club.
The head of the debtor country's delegation was Mr. Miroljub Labus, Deputy Prime Minister.
1/ $ 9 690 million of which being due to Paris Club as of 30 April 2014
2/ $ 1 972 million of which being due to Paris Club as of 30 September 2022
Accorded treatment:
Amendment to the Joint Declaration 2014 signed on 28 October 2022
Categories of debt treated:
1/ Treatment of arrears as of April 30, 2014
2/ Treatment of the debt stock covered by the 2014 Joint Declaration
Repayment profile:
Treatment under Ad Hoc terms
Cut-off date:
10 December 1983
Organisation of the session:
The meeting dated 29 May 2014 was chaired by Mr. Ramon FERNANDEZ, Chairman of the Paris Club. The head of the debtor country's delegation was Dr. Axel KICILLOF, Minister of Economy and Public Finance.
The meeting dated 28 October 2022 was chaired by Mr. Emmanuel MOULIN, Chairperson of the Paris Club. The delegation of the Argentine Republic was headed by Mr. Leonardo MADCUR, Secretary of State and Chief of Staff, Mr. Marco LAVAGNA, Secretary of State and in charge of the Secretariat of International Economic and Financial Affairs.
100% of the amounts of principal and interest due from 01/01/2005 up to 31/12/2005 on loans from Governments or appropriate institutions of the Participating Creditor Countries, having an original maturity of more than one year, concluded before 01/01/2005, shall be deferred
Repayment profile:
Treatment under Ad Hoc terms
Specific provisions:
De minimis threshold of 15 000 SDR
Payment of non-consolidated amounts before September 30, 2005
Organisation of the session:
The meeting was chaired by M. Jean-Pierre Jouyet, Chairman of the Paris Club.
The head of the debtor country's delegation was Mme Chitranganee Wagiswara, Ambassador designate of the Republic of Sri Lanka.
$163 million of which being due to Paris Club as of December 31, 2008
Amounts treated:
$163 million
Categories of debt treated:
1) Immediate Rescheduling and deferral of the arrears due as of 31 October 2008 inclusive and maturities due from 1 November 2008 to 30 June 2009.
2) First Reduction and Reorganization on the outstanding amounts as of 1 July 2009
3) Second Reduction on the remaining outstanding amounts as of 1 July 2010.
Repayment profile:
Treatment under Ad Hoc terms
Specific provisions:
Possibility to conduct debt swaps
On a voluntary and bilateral basis, the Government of each Participating Creditor Country or its appropriate institutions may sell or exchange, in the framework of debt for nature, debt for aid, debt for equity swaps or other local currency debt swaps:
(i) all Official Development Assistance loans;
(ii) amounts of outstanding credits, loans and consolidations on debts other than ODA loans, up to 20% of the amounts of outstanding credits after the implementation of the Second Reduction on 1st July 2010 or up to an amount of 5 million SDR, whichever is higher.
Participating creditor countries and the Republic of Seychelles will inform semi-annually the Secretariat of the Paris Club, who will inform other Creditors, of the debt swap agreements they have implemented. All elements necessary to evaluate the operation, its impact on the Republic of Seychelles' economy and on the evolution of creditor's exposure will be transmitted to the Secretariat, including: its nature and purpose; the parties to the debt swap; the amount, type and value of the debt treated; the price of sale to investors and the expense of the Republic of Seychelles.
Cancellation phasing
First Reduction and Reorganization: - Cancellation of 22.5% of the outstanding amounts as of 1 July 2009, after implementation of the rescheduling - Entry into force on 17 July 2009
Second Reduction: - Cancellation of 29.03% of the remaining outstanding amounts as of 1 July 2010, after implementation of the Firs Reduction and Reorganization - Entry into force on 23 July 2010
Comparability of treatment provision:
In order to secure comparable treatment of its debt due to all its external public or private creditors, the Government of the Republic of Seychelles commits to seek promptly from all its external commercial and bilateral creditors debt reduction and reorganization arrangements on terms comparable in net present value to those set forth in the Agreed Minutes dated 16 April 2009 for credits of comparable maturity. Comparability of treatment for debt reduction in net present value is assessed not only on the basis of the reduction in the face value of the debt but also on the terms of repayment of the debts not cancelled. Consequently, the Government of the Republic of Seychelles commits to accord all categories of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 16 April 2009, commercial banks and bond holders - a treatment not more favourable than that accorded to the Participating Creditor Countries.
For the purpose of the comparison between the arrangements concluded by the Government of the Republic of Seychelles with its creditors not listed in the Agreed Minutes dated 16 April 2009 on the one hand, and with the Participating Creditor Countries on the other hand, all relevant elements will be taken into account, including the real exposure of the creditors not listed in the Agreed Minutes dated 16 April 2009, the level of cash payments received by those creditors from the Government of the Republic of Seychelles as compared to their share in the Republic of Seychelles' external debt, the nature and characteristics of all treatment applied, including debt buy backs, and all characteristics of the reorganized claims and in particular their repayment terms whatever forms they take and in general the financial relations between the Government of the Republic of Seychelles and the creditors not listed in the Agreed Minutes dated 16 April 2009.
Cut-off date:
December 31, 2008
Organisation of the session:
The meeting was chaired by Mr. Benoît COEURE, Co Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Danny FAURE, Minister of Finance.
