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.
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.
Treatment of maturities falling due from August 06, 1998 up to March 31, 2000
Repayment profile:
Treatment under Ad Hoc terms
Specific provisions:
Free transferability provision
The Government of the Republic of Indonesia will continue to allow unrestricted and immediate access to the foreign exchange required for servicing private sector debts owed to or guaranteed by the Participating Creditor Countries or their appropriate institutions.
Phases
First phase : From August 06, 1998 up to March 31, 1999
Second phase : From April 01, 1999 up to March 30, 2000, implemented on December 24, 1999
Payment of non-consolidated amounts before December 31, 1998
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 Indonesia commits itself to seek promptly from all its external creditors a rescheduling or a refinancing on terms comparable to those set forth in the present Memorandum of Understanding for credits of comparable maturity, while trying to avoid any discrimination among various categories of creditors.
The Government of the Republic of Indonesia commits itself not to accord any external creditor conditions of repayment more favourable than those accorded by the Participating Creditor Countries for credits of comparable maturity.
The Government of the Republic of Indonesia will inform in writing the Chairman of the Group of Official Creditor Countries of Indonesia not later than December 31, 1998 of the status of its negotiations and of the contents of its bilateral agreements with other creditors. Afterwards, the Government of the Republic of Indonesia will further inform in writing regularly the Chairman of the Group of Official Creditor Countries of Indonesia of the status of its negotiations with other creditors, as well as of the payments made to them.
