US$ 2,694 million of which US$ 88 million due to the Paris Club as of 31 December 2023 (source: IMF)
Accorded treatment:
Amendment on the entry into force of the second phase of the 2022 restructuring agreement of its external public debt, thanks to Suriname’s economic performance
Categories of debt treated:
Debt stock treatment as of 1 January 2025
Repayment profile:
Treatment under classic terms
Repayment of ODA claims over 17 years, including 4 years of grace
Repayment of non-ODA claims over 12 years, including 5 years of grace
Specific provisions:
The Government of the Republic of Suriname and the Participating Creditor Countries also committed to review the latest developments of the macroeconomic situation of the Republic of Suriname, in particular the existence of the prospects for oil revenues to adjust the conditions of the second phase of the treatment. Those terms will be adjusted to ensure comparability of treatment with regards to other external creditors once the Value Recovery Instrument of the Bondholders starts paying out.
Comparability of treatment provision:
In order to secure comparable treatment of debts due to external public or private creditors, the Government of the Republic of Suriname commits itself to seek from its other official bilateral creditors and its external private creditors debt reorganization arrangements on terms at least as favourable as those set forth in the Amendment dated 8 October 2024 making sure to avoid discrimination among different categories of creditors.
For that purpose, the Government of the Republic of Suriname commits to inform the Participating Creditor Countries before concluding a debt reorganization arrangement in order to allow the Participating Creditor Countries to assess whether the proposed terms of debt treatment are at least as favourable to those set forth in the Amendment dated 8 October 2024.
The Government of the Republic of Suriname commits itself not to accord any other official bilateral creditors or its external private creditors financial conditions of repayment assessed more favourable than those accorded to the Participating Creditor Countries.
Cut-off date:
29 April 2021
Organisation of the session:
The meeting was chaired by Mr. William ROOS, co-Chair of the Paris Club Assistant Secretary at the Directorate-General of the Treasury of the French Ministry of Economy, Finance and Industry.
The delegation of the Republic of Suriname was headed by H.E. Kermechend RAGHOEBARSING, Minister of Finance and Planning.
Restructuring agreement of its external public debt, following the financing assurances provided by the Paris Club creditors on 2 September 2021
Categories of debt treated:
Treatment of arrears as of 31 December 2022
Treatment of maturities falling due from 1 January 2022 up to 31 December 2024
Repayment profile:
Treatment under classic terms
Repayment of ODA claims over 20 years, with 7 years of grace
Repayment of non-ODA claims over 15 years, with 8 years of grace
Repayment of all existing arrears as of end-2021 in two instalments in 2022 and 2024
Specific provisions:
Good will clause
Based on a future assessment that the Republic of Suriname has fulfilled all its commitments under the agreement, notably the comparability of treatment, and maintaining sound macroeconomic policies consistent with long-term debt sustainability, Paris Club creditors are committed to reschedule all maturities in capital falling due starting on 1 January, 2025. If the 2024 IMF assessment of the macroeconomic situation is consistent with the projections in the current EFF, the repayment schedule of rescheduled claims will be 17 years (including a 4-year grace period) for ODA claims and 12 years (including a 5-year grace period) for NODA claims from 1 December 2024.
This debt treatment will eventually allow the creditors to make additional efforts including through the conclusion of debt swaps, on a voluntary and bilateral basis, to support the country’s efforts in favour of environmental, social and governance goals.
The Republic of Suriname has committed to seek debt treatments at least as favourable from all other bilateral and external commercial creditors.
Comparability of treatment provision:
In order to secure comparable treatment of debts due to external public or private creditors, the Government of the Republic of Suriname commits itself to seek from its other official bilateral creditors and its external private creditors debt reorganization arrangements on terms at least as favourable as those set forth in the Agreed Minutes dated 22 June 2022 making sure to avoid discrimination among different categories of creditors.
For that purpose, the Government of the Republic of Suriname commits to inform the Participating Creditor Countries before concluding a debt reorganization arrangement in order to allow the Participating Creditor Countries to assess whether the proposed terms of debt treatment are at least as favourable to those set forth in the Agreed Minutes dated 22 June 2022.
The Government of the Republic of Suriname commits itself not to accord any other official bilateral creditors or its external private creditors financial conditions of repayment assessed more favourable than those accorded to the Participating Creditor Countries.
Cut-off date:
29 April 2021
Organisation of the session:
The meeting was chaired by William ROOS, Co Chairman of the Paris Club, Assistant Secretary at the Directorate-General of the Treasury of the French Ministry of Economy, Finance and Industrial and Digital Sovereignty
The head of the debtor country’s delegation was Mr. Armand ACHAIBERSING, Minister of Finance and Planning.
Rescheduling of the external debt public debt, following the IMF' approval of an ECF, and the assurance by Paris Club creditors to contribute to its financing
Categories of debt treated:
Treatment of the arrears as of October 31, 2005
Treatment of the maturities from Novembre 01, 2015 to June 30, 2017
repayment of non ODA credits over 15 years, including 8 years of grace
repayment of ODA credits over 20 years including 7 years of grace
Specific provisions:
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 31 October 2015 or up to an amount of 5 million SDR, whichever is higher
Good will clause
Paris Club creditors undertook to consider specific weather events that may impact Grenada’s ability to service its debt by embedding into the agreement a first-ever “hurricane clause”.
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 Grenada 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 19 November 2015, while trying to avoid discrimination among different categories of creditors. Consequently, the Government of Grenada commits to accord all categories of bilateral and commercial creditors -and in particular creditor countries not participating in the Agreed Minutes dated 19 November 2015, 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 Grenada with its creditors not listed in the Agreed Minutes dated 19 November 2015 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 19 November 2015, the level of cash payments received by those creditors from the Government of Grenada as compared to their share of Grenada’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 Grenada and the creditors not listed in the Agreed Minutes dated 19 November 2015.
Cut-off date:
June 30, 2004
Organisation of the session:
The meeting was chaired by Mr. Guillaume CHABERT, Co-Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Timothy ANTOINE, Permanent Secretary in the Ministry of Finance.
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 as of 31 August 2010 or up to an amount of 5 million SDR, whichever is higher.
Phases
First phase : From September 01, 2010 up to August 31, 2011 implemented at the signature of the agreement
Second phase : From September 01, 2011 up to August 31, 2012 implemented at June 14, 2012
Third phase : From September 01, 2012 up to April 30, 2013 implemented at December 07, 2012
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 Antigua and Barbuda commits to seek promptly from all its external creditors debt reorganisation arrangements on terms comparable to those set forth in the Agreed Minutes dated 16 September 2010, while trying to avoid discrimination among different categories of creditors. Consequently, the Government of Antigua and Barbuda commits to accord all categories of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 16 September 2010, 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 Antigua and Barbuda with its creditors not listed in the Agreed Minutes dated 16 September 2010 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 16 September 2010, the level of cash payments received by those creditors from the Government of Antigua and Barbuda as compared to their share in Antigua and Barbuda‘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 Antigua and Barbuda and the creditors not listed in the Agreed Minutes dated 16 September 2010. It is understood that debt issued on the regional government securities market (RGSM) should not be subject to comparability of treatment.
Cut-off date:
April 30, 2010
Organisation of the session:
The meeting was chaired by Mr. Rémy RIOUX, Vice Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Harold E. LOVELL, Minister of Finance.
repayment of non ODA credits over 12 years, with 3 years of grace
Specific provisions:
Entry-into-force provision
The Participating Creditor Countries will examine the entry into force of the provisions of Article II of the present Agreed Minute in light of the following conditions :
- satisfactory payments to Participating Creditor Countries on amounts due until October 31, 2001 pursuant to Article III paragraph 6. of the present Agreed Minute ;
- the approval of the fifth review of the program supported by the Extended Fund Facility with the Government of Ukraine approved by the Executive Board of the International Monetary Fund on September 4, 1998 and extended on December 19, 2000. For this purpose, the IMF will inform the Chairman of the Paris Club regarding the status of the relations of Ukraine with the IMF.
Following the result of this examination, they will examine at the latest by December 31, 2001 if the provisions of Article II of the present Agreed Minute enter into force. The outcome of this examination will be notified to the Government of Ukraine by the Chairman of the Paris Club.
Agreement implemented on November 01, 2001
De minimis threshold of 1 500 000 SDR
Payment of non-consolidated amounts before October 31, 2001
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 Ukraine 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 Government of Ukraine 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 Government of Ukraine 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 listed in the present Agreed Minute, the level of cash payments received by those creditors from the Government of Ukraine as compared to their share in Ukraine'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 Ukraine and the creditors not listed in the present Agreed Minute.
Cut-off date:
December 31, 1998
Organisation of the session:
The meeting was chaired by Mrs Stéphane PALLEZ, Co chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Ihor Mityukov, Minister of Finance.
repayment of non ODA credits over 12 years, with 5 years of grace
repayment of ODA credits over 12 years with 5 years of grace
The rates and the conditions of interest of the Official Development Assistance (ODA) loans, should be at least as favourable as the original concessional rates applying to consolidated loans and in any case, not higher than the Appropriate Market Rate.
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) the amounts of outstanding loans as regards Official Development Assistance loans; (ii) the amounts of other outstanding credits, up to 10% of the amounts of outstanding credits as of 30 September 1991 or up to an amount of 10 million dollars of the United States of America, whichever is higher.
Good will clause
The Participating Creditor Countries will review the external financing needs of the Dominican Republic in December 2005 in connection with satisfying the conditions for the 3rd review under the IMF Stand-by Arrangement with a view to providing additional relief in 2006, if needed, to support the programme.
Payment of non-consolidated amounts before April 30, 2006
Comparability of treatment provision:
In order to secure comparable treatment of its debt due to its other external public or private creditors, the Government of the Dominican Republic commits to seek promptly from its external creditors debt reorganization arrangements on terms comparable to those set forth in these Agreed Minutes, while trying to avoid discrimination among different categories of creditors. The Government of the Dominican Republic commits to accord all categories of creditors -and in particular creditor countries not participating in these Agreed Minutes, and private sector- 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 Government of the Dominican Republic with its creditors not listed in these Agreed Minutes and with the Participating Creditor Countries, 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 Government of the Dominican Republic as compared to their share in the Dominican Republic's external debt, the nature and characteristics of all treatments 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 Dominican Republic and the creditors not listed in these Agreed Minutes.
Paris Club creditors assess that, on the basis of the information provided by the authorities of the Dominican Republic, the restructuring agreements reached with private sector creditors, in particular the bond restructuring in July 2005 and the rescheduling agreement signed with the commercial banks on 17 October 2005, if implemented, meet the comparability of treatment requirement of these Agreed Minutes.
Cut-off date:
June 30, 1984
Organisation of the session:
The meeting was chaired by M. Ramon Fernandez, Vice President of the Paris Club.
The head of the debtor country's delegation was MM. Juan Temistocles Montas & Vicente Bengoa, Technical Secretary of the Presidency & Finance Secretary.
repayment of non ODA credits over 12 years, with 5 years of grace
repayment of ODA credits over 12 years with 5 years of grace
Specific provisions:
Possibility to conduct debt swaps
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) the amounts of outstanding loans mentioned in paragraph 1 as regards Official Development Assistance loans; (ii) the amounts of other outstanding credits mentioned in paragraph 1 above, up to 10% of the amounts of outstanding credits as of September 30, 1991 or up to an amount of 10 million dollars of the United States of America, whichever is higher.
Payment of non-consolidated amounts before December 31, 2004
Comparability of treatment provision:
In order to secure comparable treatment of its debt due to its other external public or private creditors, the Government of the Dominican Republic commits to seek promptly from its external creditors debt reorganization arrangements on terms comparable to those set forth in the present Agreed Minute, while trying to avoid discrimination among different categories of creditors. The Government of the Dominican Republic commits to accord all categories of creditors -and in particular creditor countries not participating in the present Agreed Minute, and private sector- a treatment not more favourable than that accorded to the Participating Creditor Countries for credits of comparable maturity.
Cut-off date:
June 30, 1984
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. Carlos Despradel, Technical Secretary of the Presidency
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 the amounts of outstanding credits and loans [treated in the present Agreed Minute] other than official development aid loans, as well as consolidation of such credits, up to 10% of the amounts of these outstanding credits and consolidations as of December 31, 1999, or up to an amount of 15 million SDR, whichever is higher. Participating Creditor Countries will inform the Secretariat of the Paris Club, who will inform other Creditors, of their intention to implement debt swap agreements. In addition, Participating Creditor Countries and the Republic of Gabon will inform semi-annually the Secretariat of the Paris Club, who will inform other Creditors, of the debt swap operations they have implemented. All elements necessary to evaluate the operation, its impact on the Republic of Gabon'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 Republic of Gabon. It is understood that Participating Creditor Countries will not implement debt swaps at a time of arrears to Participating Creditor Countries on amounts consolidated under the present or previous Agreed Minutes.
Entry-into-force provision
The provisions [...] of the present Agreed Minute will come into force on February 28, 2001 provided that the Government of the Republic of Gabon has made all payments to be made up to February 28, 2001 inclusive [on non-consolidated amounts].
Agreement implemented on February 28, 2001
Pullback clause
The Participating Creditor Countries will review the implementation of the conditions stated in [the presentAgreed Minute]. If, in light of the decisions taken by the Board of the International Monetary Fund, the Participating Creditor Countries determine that this condition was not fulfilled for the implementation of the present Agreed Minute, they may declare part or all of the provisions set forth in [the present Agreed Minute] null and void.
De minimis threshold of 1 500 000 SDR
Payment of non-consolidated amounts before February 28, 2001
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 Gabon 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 Government of the Republic of Gabon 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 Government of the Republic of Gabon 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 listed in the present Agreed Minute, the level of cash payments received by those creditors from the Government of the Republic of Gabon as compared to their share of the Republic of Gabon'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 Gabon and the creditors not listed in the present Agreed Minute.
Cut-off date:
July 01, 1986
Organisation of the session:
The meeting was chaired by Mr. Bruno BEZARD, Vice Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Emile DOUMBA, Minister of Finance, Budget and Privatization.
