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.
In response to the request of the Government of the Russian Federation and in order to support Russia's efforts toward macroeconomic stability and sustainable growth, the Participating Creditor Countries agreed to continue to deal with the problem of the debts of the Russian Federation owed to Participating Creditor Countries contracted or guaranteed on behalf of the Government of the Former Soviet Union for which the Government of the Russian Federation has agreed to be responsible by the Declaration made in Paris on April 2, 1993 referred to hereabove in Article II paragraph 1., aiming at comprehensive solutions.
Discussions between the Government of the Russian Federation and the Participating Creditor Countries of comprehensive solutions will begin in the autumn of 2000, provided that the Government of the Russian Federation continues to implement the program supported by the stand-by arrangement approved by the International Monetary Fund Executive Board on July 28, 1999.
Negotiations aiming at an agreement providing for such solutions will take place expeditiously upon approval by the International Monetary Fund of a new arrangement in the upper credit tranches supporting an ambitious economic reform program, and compliance with all the conditions set out in this Agreed Minute, and especially the following :
- that the Government of the Russian Federation has made all payments due to the Participating Creditor Countries referred to in the present Agreed Minute ;
- that the Government of the Russian Federation has made substantial progress in concluding the bilateral agreements implementing the present Agreed Minute ;
- that the Government of the Russian Federation has complied with its commitments, referred to in Article IV paragraphs 1. and 2. above, to seek comparable treatment from its external creditors and not accord them more favourable repayment conditions than those accorded to the Participating Creditor Countries ; and
- that the Government of the Russian Federation has reported in writing to the Chairman of the Paris Club pursuant to Article IV paragraph 3. above.
De minimis threshold of 1 000 000 SDR
Payment of non-consolidated amounts before November 30, 1999
Comparability of treatment provision:
In order to secure comparable treatment of debts due to external public or private creditors, the Government of the Russian Federation commits itself to seek from its external creditors, including inter alia other official creditors, financial institutions and suppliers, rescheduling or refinancing arrangements on terms comparable to those set forth in the present Agreed Minute for credits of comparable maturity making sure to avoid inequality between different categories of creditors.
The Government of the Russian Federation commits itself not to accord any external creditors conditions of repayment for comparable credits more favourable than those accorded to the Participating Creditor Countries.
The Government of the Russian Federation will inform in writing the Chairman of the Paris Club not later than March 31, 2000 of the progress made for this purpose in negotiations with other external creditors and, when appropriate, of the content of its bilateral agreements with creditors mentioned in paragraphs 1. and 2. hereabove.
Cut-off date:
January 01, 1991
Organisation of the session:
The meeting was chaired by Mr. Francis MAYER, Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Mikhail KASIANOV, Minister of Finance.
On a voluntary basis, the Government of each Participating Creditor Country or its appropriate institutions may sell or exchange, in the framework of debt swaps, the amounts of outstanding credits, loans and consolidations [treated in the present Agreed Minute], up to 10 % of the Relevant Principal, or up to an amount of 20 million US dollars, whichever is higher.
Pullback clause
a) The Participating Creditor Countries reserve the right to review the implementation of the conditions stated [...] for the comparability of treatment between all external creditors ; if the Participating Creditor Countries determine that these conditions are not substantially fulfilled, or if the Government of the Republic of Poland has not met its payments obligations to the Participating Creditor Countries during the first three years, the provisions [...] of the present Agreed Minute will become null and void.
Special account
To facilitate the implementation of this Agreed Minute, the Narodowy Bank Polski will deposit in a special account to be established with the Bank of International Settlements the equivalent of at least 1 800 Million Dollars of the United States of America in 12 quarterly instalments of at least 150 Million Dollars of the United States of America, the first one to be made on July 1, 1991. The Narodowy Bank Polski will arrange to have the Bank of International Settlements notify the Chairman of the Paris Club as soon as each deposit has been made. The total amount approximates the amount estimated to be payable to all Participating Creditor Countries during the next three years. As specific payments under this Agreed Minute become due, the Narodowy Bank Polski will draw on the special account to meet these payments ; no drawing will be made on the special account for any other repayment before all payments due through March 31, 1994 inclusive under this Agreed Minute have been made. Any drawing on this account will be made after a previous 15-day notice to the Bank of International Settlements, which this Bank will notify immediately to the Chairman of the Paris Club.
Payment of non-consolidated amounts before July 31, 1991
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 Poland commits itself to seek from all its external creditors debt reduction and reorganization arrangements on terms comparable to those set forth in this Agreed Minute for credits of comparable maturity.
This means that the Government of the Republic of Poland commits itself to accord all categories of creditors - and in particular creditor countries not participating in this Agreed Minute, commercial banks and suppliers - a treatment not more favourable than that accorded the Participating Creditor Countries.
The Government of the Republic of Poland will inform regularly in writing the Chairman of the Paris Club of the progress made for this purpose in the negotiations with all its external creditors. A first report should be provided to the Chairman of the Paris Club by June 1, 1991.
The Government of the Republic of Poland will inform without delay the Chairman of the Paris Club of the content of any agreement reached with its other external creditors.
(a) In particular, the Government of the Republic of Poland commits itself to seek from its creditor banks a debt reduction and reorganization agreement in terms comparable to the provisions set forth in the present Agreed Minute.
(b) For the purpose of the comparison between the arrangements concluded by the Government of the Republic of Poland with its creditor banks 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 banks, the level of cash payments received by the banks from the Government of the Republic of Poland as compared to their share in the Republic of Poland's external debt, the nature and characteristics of all options offered, including debt buy backs, and all characteristics of the reorganized claims. The latter will include the enhancements, if any, granted to the banks such as those supported by international financial institutions and value recovery provisions, if any.
The Government of the Republic of Poland will inform in writing the Chairman of the Paris Club, on a yearly basis, of the cash payments made by the Republic of Poland to its external creditors, and especially to the commercial banks.
The Government of the Republic of Poland will seek to secure from each of its creditor countries not participating in this Agreed Minute a debt reduction and reorganization agreement in terms comparable to those set forth in this Agreed Minute. The Government of the Republic of Poland agrees not to accord any such creditor country repayment terms more favourable than those accorded to the Participating Creditor Countries.
The Government of the Republic of Poland agrees that it will promptly negotiate debt reduction and reorganization agreements with all other creditors on debts of a comparable term.
