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:
Good will clause
At the request of the representatives of Grenada, Paris Club Creditors agreed in principle to meet in order to examine the situation of Grenada's debt under the Evian Approach at the end of the current Agreement. They shall assess the sustainability of Grenada's debt and Grenada's commitment to policies that shall secure an exit from the Paris Club and to implementing a comparable treatment from its other external creditors.
Based on that assessment and if Grenada fulfils the criteria here above mentioned and provided that Grenada has established a satisfactory track-record under these Agreed Minutes, made all payments on due date, and concluded a follow-up IMF programme, Paris Club creditors expressed their willingness to consider a debt treatment under the Evian Approach on terms tailored to Grenada's debt situation.
Phases
First phase : From January 01, 2006 up to December 31, 2006, implemented at the signature of the agreement
Second phase : From January 01, 2007 up to December 31, 2007, implemented on September 19, 2008
Third phase : From January 01, 2008 up to December 31, 2009, implemented on September 19, 2008
Payment of non-consolidated amounts before November 30, 2006
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 external creditors debt reorganisation arrangements on terms comparable to those set forth in these Agreed Minutes, while trying to avoid discrimination among different categories of creditors. Consequently, the Government of Grenada 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 Government of Grenada 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 creditors not listed in these Agreed Minutes, the level of cash payments received by those creditors from the Government of Grenada as compared to their share in 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 these Agreed Minutes.
Cut-off date:
June 30, 2004
Organisation of the session:
The meeting was chaired by M. Ambroise Fayolle, Co Chairman of the Paris Club.
The head of the debtor country's delegation was M. Anthony Boatswain, Minister of Finance and Planning.
repayment of non ODA credits over 14 years, with 3 years of grace
repayment of ODA credits over 14 years with 3 years of grace
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 the amounts of outstanding credits and loans mentioned in paragraph 1. above other than Official Development Assistance 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.
Good will clause
If the Government of the Republic of Gabon implements fully the present Agreed Minute, maintains satisfactory relations with the Participating Creditor Countries and the IMF, successfully completes the Stand-By Arrangement with the International Monetary Fund, approved on May 28, 2004, and has a new appropriate follow-on medium term arrangement with the IMF, the representatives of the Participating Creditor Countries agreed in principle to consider a treatment of maturities of the debt after June 30, 2005, that is consistent with the Republic of Gabon's financing needs.
Phases
First phase : From May 01, 2004 up to December 31, 2004, implemented at the signature of the agreement
Second phase : From January 01, 2005 up to December 31, 2005, implemented on February 11, 2005
De minimis threshold of 1 500 000 SDR
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 Republic of Gabon 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 Republic of Gabon 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 favorable than that accorded to the Participating Creditor Countries for credits of comparable maturity.
Cut-off date:
July 01, 1986
Organisation of the session:
The meeting was chaired by Mr. Ramon Fernandez, Vice-President of the Paris Club.
The head of the debtor country's delegation was Mr. Paul Toungui, State Minister, Minister of Economy, Finance, Budget and Privatisation.
