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.
On a voluntary and bilateral basis, the Government of each 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 ODA loans ; (ii) the amounts of other outstanding credits, loans and consolidations mentioned in paragraph 1. above, up to 20% of the amounts of outstanding credits as of December 31, 1998 or up to an amount of 30 million SDR, whichever is higher. Participating Creditor Countries and the Islamic Republic of Pakistan will inform semi-annually the Secretariat of the Paris Club, who will inform other creditors, of the debt swaps agreements they have implemented. All elements necessary to evaluate the operation, its impact on the Islamic Republic of Pakistan's 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 Islamic Republic of Pakistan.
Free transferability provision
The Islamic Republic of Pakistan 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.
De minimis threshold of 5 000 000 SDR
Payment of non-consolidated amounts before April 01, 2002
Comparability of treatment provision:
In order to secure comparable treatment of its debt due to all its external public or private creditors, the Islamic Republic of Pakistan commits itself to seek promptly from all its external creditors debt reorganisation arrangements on terms comparable to those set forth in the present Agreed Minute, while trying to avoid discrimination among different categories of creditors.
Consequently, the Islamic Republic of Pakistan commits itself to accord all categories of creditors -and in particular creditor countries not participating in the present Agreed Minute, and private creditors- a treatment not more favourable than that accorded to the Participating Creditor Countries for credits of comparable maturity.
For the purpose of the comparison between the arrangements concluded by the Islamic Republic of Pakistan with its creditors not listed in the present Agreed Minute 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 participating in the present Agreed Minute, the level of cash payments received by those creditors from the Islamic Republic of Pakistan as compared to their share of the Islamic Republic of Pakistan's 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 Islamic Republic of Pakistan and the creditors not listed in the present Agreed Minute.
The Islamic Republic of Pakistan will inform in writing the Chairman of the Paris Club not later than September 1, 2002 of the progress made in negotiations with other creditors, as well as of the contents of the negotiations. The Islamic Republic of Pakistan will further inform in writing regularly the Chairman of the Paris Club of the status of its negotiations with other creditors, as well as of the payments made to them.
Cut-off date:
September 30, 1997
Organisation of the session:
The meeting was chaired by Mr. Jean-Pierre Jouyet, Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Shaukat Aziz, Minister of Finance.
Supporting agreements with the international institutions:
Upper credit tranche program with the IMF : Policy Support Instrument (PSI) approved on October 17, 2005
Total external debt of the country:
$35 900 million as of December 31, 2004, representing 92,2% of goods and services exports (source: IMF report dated October 7, 2005)
$30 066 million of which being due to Paris Club as of September 15, 2005
Amounts treated:
$30 066 million
Accorded treatment:
Comprehensive treatment of debt
Categories of debt treated:
1) Payment of arrears due as of 14/09/2005 and prepayment at par of senior "levelling up" debt. Cancellation of 33% of pre cut off date and deferal of the debt remaining due.
2) Payment of post cut off date debut upon entry into force of phase 2. Cancellation of 34% of pre cut off date debt. Buy back by Nigeria of the debt remaining due after cancellation and repayment.
Repayment profile:
Treatment under Ad Hoc terms
Specific provisions:
Cancellation phasing
First phase: cancellation of 33% on eligible debt after payment of arrears by Nigeria.
Second phase: cancellation of 34% of eligible debt after approval of the first review under the Policy Support Instrument by the IMF and repayment of post cut off date debt.
Free transferability provision
The Nigerian Government guarantees free and unrestricted access to the foreign exchange market, allowing immediate and unrestricted transfer of the foreign exchange counterpart of all amounts paid in local currency by the private debtors in Nigeria for servicing their foreign debt owed to or guaranteed by the Participating Creditor Countries or their appropriate institutions, and not subject to the present consolidation. In case of payments on these debts deposited before the signature of the present Agreed Minute in local currency by the private debtors with the local commercial banks, with the view to their transfer, the Nigerian Government shall allow the immediate transfer of the foreign exchange counterpart of these deposits.
Comparability of treatment provision:
In order to secure comparable treatment of its debt due, as of the date of these Agreed Minutes, to all its external public or private creditors, the Nigerian Government commits to seek promptly from all its external creditors comprehensive debt treatment on terms comparable to those set forth in these Agreed Minutes, while trying to avoid discrimination among different categories of creditors. Consequently, the Nigerian Government commits to accord all categories of creditors -and in particular creditor countries not participating in these Agreed Minutes, and private creditors- a treatment not more favourable than that accorded to the Participating Creditor Countries for credits of comparable maturity.
For the purpose of the comparison between the arrangements concluded by the Nigerian Government with its creditors not listed in these Agreed Minutes on the one hand, and with the Participating Creditor Countries on the other hand, all relevant elements shall be taken into account, including the real exposure of the creditor not listed in these Agreed Minutes, the level of cash payments received by those creditors from the Nigerian Government as compared to their share in Nigeria's 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 Nigerian Government and the creditors not listed in these Agreed Minutes.
Cut-off date:
October 01, 1985
Organisation of the session:
The meeting was chaired by Mr. Xavier Musca, Chairman of the Paris Club.
The head of the debtor country's delegation was Mrs Ngozi Okonjo-Iweala, Minister of Finance.
Comprehensive treatment of the public external debt
Categories of debt treated:
Treatment of arrears as of December 31, 2012
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) the amounts of outstanding credits, loans and consolidations, other than Official Development Assistance loans, up to 20% of the amounts of outstanding credits as of 31st December 2012 or up to an amount of 20 million SDR, whichever is higher.
The representatives of the Creditor Countries, aware of the exceptional situation of the Republic of the Union of Myanmar and of the presence of arrears that puts the Republic of the Union of Myanmar in debt distress, agreed on a debt treatment to ensure its long term debt sustainability. To this end, once multilateral arrears have been cleared, representatives other than that of Japan will recommend that their Governments deliver an exceptional treatment providing a cancellation of 50% of the total of arrears due to Paris Club creditors in nominal terms in two phases. The remaining amounts will be rescheduled over 15 years, including a 7-year grace period.
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 the Union of Myanmar commits to seek promptly from all its bilateral and commercial external creditors debt reorganisation arrangements on terms comparable to those set forth in the Agreed Minutes dated 25 January 2013, while trying to avoid discrimination among different categories of creditors. Consequently, the Government of the Republic of the Union of Myanmar commits to accord all categories of bilateral and commercial external creditors -and in particular creditor countries not participating in the Agreed Minutes dated 25 January 2013, and private creditors - 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 the Union of Myanmar with its creditors not listed in the Agreed Minutes dated 25 January 2013 on the one hand, and with the Participating Creditor Countries on the other hand, all relevant elements shall be taken into account, including the real exposure of the creditors not listed in the Agreed Minutes dated 25 January 2013, the level of cash payments received by those creditors from the Government of the Republic of the Union of Myanmar as compared to their share in the Republic of the Union of Myanmar's 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 the Union of Myanmar and the creditors not listed in the Agreed Minutes dated 25 January 2013.
Cut-off date:
December 31, 2012
Organisation of the session:
The meeting was chaired by Mr. Ramon Fernandez, Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Win Shein, Union Minister, Minister of Finance and Revenue.
