Debt relief of its external public debt, this country having reached its Decision Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) in June 2021
Categories of debt treated:
Treatment of arrears as of 31 December 2020
Treatment of maturities falling due from 1 January 2021 up to 30 September 2024
67% cancellation of pre cut-off-date non Official Development Assistance (NODA) claims and rescheduling of the remaining claims over 23 years, with a 6 years grace period
100% rescheduling of pre cut-off-date ODA claims treated over 40 years with a 16 years grace period
On an exceptional basis, the Paris Club creditors have also decided to defer over 16 years period from 1 December 2024 the repayment of arrears accumulated by Sudan on short term and post cut-off date debts, the maturities falling due during the consolidation period under the post cut-off date debts as well as all moratorium interest due during the consolidation period on the rescheduled and deferred amounts.
Representatives from Kuwait Fund for Arab Economic Development, Saudi Fund for Development, the Abu Dhabi Fund for Development and the Czech Republic also attended the meeting as observers. They expressed their support to the terms reached between the Paris Club and the Government of Sudan and indicated their willingness to provide to Sudan comparable terms under the framework of enhanced HIPC Initiative and in accordance with terms and conditions adopted by their respective Boards of Directors.
Specific provisions:
Good will clause
Given the decision by Participating Creditor Countries to contribute to the exceptional assistance in favour of the Government of the Republic of the Sudan under the Enhanced HIPC Initiative, the Participating Creditor Countries declare their readiness to hold a meeting at Completion Point designed to examine the question of the Republic of the Sudan’s outstanding debt stock and to make the necessary effort in favour of the Republic of the Sudan to allow it to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that:
- the Government of the Republic of the Sudan maintains satisfactory relations with the Participating Creditor Countries and a sound reform track record;
- the Executive Boards of the IMF and the IDA decide that the Republic of the Sudan has reached its Completion Point under the enhanced HIPC initiative.
Furthermore, if as of 30 June 2024, the Republic of the Sudan has not reached its Completion Point under the enhanced HIPC initiative, the Participating Creditor Countries declare their readiness in principle to a meeting to consider the matter of the Republic of the Sudan's debt service payments falling due after 30 September 2024, provided:
- that the Republic of the Sudan continues to have an appropriate arrangement with the IMF;
- that the Republic of the Sudan has made all reasonable efforts to reach with other creditors effective arrangements meeting the conditions and has reported in writing to the Chairperson of the Paris Club;
- and that the Republic of the Sudan has complied with all conditions set out in the Agreed Minutes dated 15 July 2021.
Phases
First phase : From 1 January 2021 up to 30 September 2022, effective upon signature of the agreed minutes by all relevant parties
Second phase : From 1 October 2022 up to 30 September 2023
Third phase : From 1 October 2023 up to 30 September 2024
Comparability of treatment provision:
The Republic of the Sudan was declared eligible to the Enhanced HIPC initiative by the IDA and the IMF in March 2021 and was declared to have reached its Decision Point in June 2021. In this context, the Republic of the Sudan commits to finalize the debt data reconciliation process and seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 15 July 2021, their appropriate contribution in terms of debt relief to the enhanced HIPC initiative, on top of traditional debt relief mechanisms and consistent with the proportional burden sharing based on their relative exposure in net present value of total external debt at Decision Point after the full use of traditional debt relief mechanisms.
The appropriate nature of the debt relief provided will be assessed not only on the basis of the reduction in the net present value of the debt as computed under Appropriate Market Rate, but also on the terms of repayment of the debts not cancelled. For this purpose, all relevant elements will be taken into account, including the level of cash payments received by those creditors as compared to their share in the Republic of the Sudan’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 Republic of the Sudan and creditor countries not listed in the Agreed Minutes dated 15 July 2021.
Consequently, the Government of the Republic of the Sudan commits not to accord any category of creditors a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
1 January 1984
Organisation of the session:
The meeting was chaired by Mr. Emmanuel MOULIN, Chairman of the Paris Club.
The head of the debtor country's delegation was Dr. Gibril IBRAHIM, Minister of Finance and Economic Planning.
$3 051 million of which being due to Paris Club as of November 01, 2019
Amounts treated:
$2 625 million of which $1 358 million being canceled, of which $1 266 million being rescheduled
Accorded treatment:
Debt relief of its external public debt, this country having reached its Decision Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) in March 2020
Categories of debt treated:
Treatment of arrears as of October 31, 2019
Treatment of maturities falling due from November 01, 2019 up to March 31, 2023
repayment of non ODA credits over 23 years, with 6 years of grace
repayment of ODA credits over 40 years with 16 years of grace
Representatives from Kuwait Fund for Development, Saudi Fund for Development and the Abu Dhabi Fund for Development also attended the meeting as observers. They expressed their support to the terms of the agreement between the Paris Club and the Government of Somalia and indicated their willingness to provide to Somalia comparable terms under the framework of Enhanced HIPC Initiative and in accordance with terms and conditions adopted by their respective Boards of Directors.
Specific provisions:
Good will clause
Given the decision by Participating Creditor Countries to contribute to the exceptional assistance in favour of the Government of the Federal Republic of Somalia under the Enhanced HIPC Initiative, the Participating Creditor Countries declare their readiness in principle to hold a meeting at the Completion Point designed to examine the question of the Federal Republic of Somalia’s outstanding debt stock and to make the necessary effort in favour of the Federal Republic of Somalia to allow it to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that:
- the Government of the Federal Republic of Somalia maintains satisfactory relations with the Participating Creditor Countries and a sound reform track record;
- the Executive Boards of the IMF and the IDA decide that the Federal Republic of Somalia has reached its Completion Point under the enhanced HIPC initiative.
Furthermore, in response to the request of the representatives of the Government of the Federal Republic of Somalia, if as at 1st April 2023, the Federal Republic of Somalia has not reached its Completion Point under the enhanced HIPC initiative, the Participating Creditor Countries agree in principle to a meeting to consider the matter of the Federal Republic of Somalia's debt service payments falling due after 31st March 2023, provided:
- that the Federal Republic of Somalia continues to have an appropriate arrangement with the International Monetary Fund;
- that the Federal Republic of Somalia has made all reasonable efforts to reach with other creditors effective arrangements meeting the conditions described in the Agreed Minutes dated 31st March 2020 and has reported in writing to the Chairperson of the Paris Club;
- and that the Federal Republic of Somalia has complied with all conditions set out in the Agreed Minutes dated 31st March 2020.
Phases
First phase : From November 01, 2019 up to March 31, 2021, implemented at the signature of the agreement
Second phase : From April 01, 2021 up to March 31, 2022, implemented on 27 June 2022
Third phase : From April 01, 2022 up to March 31, 2023, implemented on 20 April 2023
Comparability of treatment provision:
The Federal Republic of Somalia was declared eligible to the Enhanced HIPC initiative by the IDA and the IMF in February 2020 and was declared to have reached its Decision Point in March 2020. In this context, the Federal Republic of Somalia commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 31st March 2020, their appropriate contribution in terms of debt relief to the enhanced HIPC initiative, on top of traditional debt relief mechanisms and consistent with the proportional burden sharing based on their relative exposure in net present value of total external debt at Decision Point after the full use of traditional debt relief mechanisms.
The appropriate nature of the debt relief provided will be assessed not only on the basis of the reduction in the net present value of the debt as computed under Appropriate Market Rate, but also on the terms of repayment of the debts not cancelled. For this purpose, all relevant elements will be taken into account, including the level of cash payments received by those creditors as compared to their share in the Federal Republic of Somalia’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 Federal Republic of Somalia and creditor countries not listed in the Agreed Minutes dated 31st March 2020.
Consequently, the Government of the Federal Republic of Somalia commits not to accord any category of creditors a treatment more favourable than that accorded to the Participating Creditor Countries
Cut-off date:
October 01, 1984
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 Dr. Abdirahman D. BEILEH, Minister of Finance.
Restructuring of its external public debt, this country having reached its Decision Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) in March 2008.
Categories of debt treated:
Treatment of arrears as of February 29, 2008
Treatment of maturities falling due from March 01, 2008 up to December 31, 2010
repayment of non ODA credits over 23 years, with 6 years of grace
repayment of ODA credits over 40 years with 16 years of grace
Specific provisions:
Good will clause
Given the decision by Paris Club Creditors to contribute to the exceptional assistance in favour of the Government of the Republic of Liberia under the Enhanced HIPC Initiative, the Participating Creditor Countries declare their readiness in principle to hold a meeting at the Completion Point designed to examine the question of the Republic of Liberia's outstanding debt stock and to make the necessary effort in favour of the Republic of Liberia to allow it to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that:
- the Government of the Republic of Liberia maintains satisfactory relations with the Participating Creditor Countries and a sound reform track record;
- the Executive Boards of the IMF and the IDA decide that the Republic of Liberia has reached its Completion Point under the enhanced HIPC initiative.
Phases
First phase : From March 01, 2008 up to December 31, 2008, implemented at the signature of the agreement
Second phase : From January 01, 2009 up to December 31, 2009, implemented on May 29, 2009
Third phase : From January 01, 2010 up to December 31, 2010, implemented on July 21, 2010
Comparability of treatment provision:
The Republic of Liberia was declared eligible to the Enhanced HIPC initiative by the IDA and the IMF in February 2008 and was declared to have reached its Decision Point in March 2008. In this context, the Republic of Liberia commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated April 17, 2008, their appropriate contribution in terms of debt relief to the enhanced HIPC initiative, on top of traditional debt relief mechanisms and consistent with the proportional burden sharing based on their relative exposure in net present value of total external debt at Decision Point after the full use of traditional debt relief mechanisms.
The appropriate nature of the debt relief provided will be assessed not only on the basis of the reduction in the net present value of the debt as computed under Appropriate Market Rate, but also on the terms of repayment of the debts not cancelled. For this purpose, all relevant elements will be taken into account, including the level of cash payments received by those creditors as compared to their share in the Republic of Liberia'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 Republic of Liberia and creditor countries not listed in these Agreed Minutes.
Consequently, the Republic of Liberia commits not to accord any category of creditors -and in particular creditor countries not participating in these Agreed Minutes, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
January 01, 1983
Organisation of the session:
The meeting was chaired by M. Benoît Coeuré, Co-Chairman of the Paris Club.
The head of the debtor country's delegation was Ms Antoinette M. Sayeh, Minister of Finance.
Congo's debt relief, following the approval by the International Monetary Fund (IMF) of a new three year arrangement under the Poverty Reduction and Growth Facility on 8 December 2008
Categories of debt treated:
Treatment of arrears as of June 30, 2008
Treatment of maturities falling due from July 01, 2008 up to June 30, 2011
repayment of non ODA credits over 23 years, with 6 years of grace
repayment of ODA credits over 40 years with 16 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 loans and consolidations as regards ODA debts;
- the amounts of other outstanding credits, loans and consolidations, up to 20% of the amounts of outstanding loans, credits and consolidations as of August 31, 1990 or up to an amount of 20 million SDR, whichever is higher.
Good will clause
Given the decision by Paris Club Creditors to contribute to the exceptional assistance in favour of the Government of the Republic of Congo under the Enhanced HIPC Initiative, the Participating Creditor Countries declare their readiness in principle to hold a meeting at the Completion Point designed to examine the question of the Republic of Congo's outstanding debt stock and to make the necessary effort in favour of the Republic of Congo to allow it to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that:
- the Government of the Republic of Congo maintains satisfactory relations with the Participating Creditor Countries and a sound adjustment track record;
- the Executive Boards of the IMF and the IDA decide that the Republic of Congo has reached its Completion Point under the enhanced HIPC initiative.
Phases
First phase : From July 01, 2008 up to June 30, 2009, implemented at the signature of the agreement
Second phase : From July 01, 2009 up to June 30, 2010, implemented on December 24, 2009
Third phase : From July 01, 2010 up to June 30, 2011, not implemented
Comparability of treatment provision:
The Republic of Congo was declared eligible for the Enhanced HIPC initiative by the IDA and the IMF in 2005 and was declared to have reached its Decision Point in March 2006. In this context, the Republic of Congo commits to seek promptly from all its external creditors that are not participating in the Agreed Minutes dated 11 December 2008, their appropriate contribution in terms of debt relief to the enhanced HIPC initiative, on top of traditional debt relief mechanisms and consistent with the proportional burden sharing based on their relative exposure in net present value of total external debt at Decision Point after the full use of traditional debt relief mechanisms.
The appropriate nature of the debt relief provided will be assessed not only on the basis of the reduction in the net present value of the debt as computed under Appropriate Market Rate, but also on the terms of repayment of the debts not cancelled. For this purpose, all relevant elements will be taken into account, including the level of cash payments received by those creditors as compared to their share in the Republic of Congo's external debt, the nature and characteristics of all treatment applied, including debt buybacks, 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 Republic of Congo and creditor countries not listed in the Agreed Minutes dated 11 December 2008.
Consequently, the Republic of Congo commits not to accord any category of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 11 December 2008, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
January 01, 1986
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. Pacifique ISSOIBEKA, Minister of Economy, Finance and Budget
Restructuring of the public external debt. Given its strong track-record of reforms as well as the burden of its external indebtedness, Cameroon reached in October 2000 its decision point under the enhanced HIPC Initiative. This Paris Club agreement also follows the International Monetary Fund's approval of a Poverty Reduction and Growth Facility on December 21, 2000.
Categories of debt treated:
Treatment of arrears as of December 31, 2000.
Treatment of maturities falling due from January 01, 2001 up to March 31, 2006
Repayment profile:
Treatment under Cologne terms (cancellation rate of 90%)
repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 90%
repayment of ODA credits over 40 years with 16 years of grace
Rescheduling of ODA credits at a rate at least as favorable as the original contractual rate
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) all ODA loans ; (ii) the amounts of other outstanding credits, loans and consolidations, up to 20% of the amounts of outstanding credits as of December 31, 1991 or up to an amount of SDR 20 million, whichever is higher. Participating creditor countries and the Government of the Republic of Cameroon 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 Republic of Cameroon'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 Cameroon.
Good will clause
Given the decision by Paris Club Creditors to contribute to the exceptional assistance in favour of the Republic of Cameroon under the Enhanced Debt Initiative for the Heavily Indebted Poor Countries, the Participating Creditor Countries declare their readiness in principle to hold a meeting at the completion point designed to examine the question of the Republic of Cameroon's outstanding debt stock and to make the necessary effort, in favour of the Republic of Cameroon to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that :
- the Republic of Cameroon maintains satisfactory relations with participating Creditor Countries, fully implements all the agreements signed with them and maintains a sound adjustment track record ;
- the Boards of the International Monetary Fund and the International Development Association decide that the Republic of Cameroon has reached its completion point under the Enhanced Debt Initiative for the Heavily Indebted Poor Countries.
Pullback clause
The Participating Creditor Countries will review the implementation of the conditions stated in paragraph 3. hereabove. If, in light of the decisions taken by the Board of the International Monetary Fund, the Participating Creditor Countries determine that these conditions were not fulfilled for the implementation of the present Agreed Minute they may declare part or all of the provisions set forth in Article II-2 above in the Agreement null and void.
Phases
First phase : From January 01, 2001 up to December 31, 2001, implemented at the signature of the agreement
Second phase : From January 01, 2002 up to December 31, 2002, implemented on February 26, 2002
Third phase : From January 01, 2003 up to March 31, 2006, implemented on December 26, 2003
De minimis threshold of 500 000 SDR
Payment of non-consolidated amounts before April 30, 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 Cameroon commits itself to seek from all its external creditors debt reduction and reorganisation arrangements on terms comparable in net present value to those set forth in the Agreed Minute dated January 24, 2001 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 Cameroon commits itself to accord all categories of creditors -and in particular creditor countries not participating in the Agreed Minute, commercial banks and suppliers- a treatment not more favorable 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 Cameroon with its creditors not listed in the Agreed Minute on the one hand, and arrangements with the Participating Creditor Countries on the other hand, all relevant elements will be taken into account, including the exposure of the creditors not listed in the Agreed Minute, the level of cash payments received by those creditors from the Government of the Republic of Cameroon as compared to their share in the Cameroon's external debt, the nature and characteristics of all treatment applied, including debt buy backs, and all characteristics of the reorganised claims and in particular their repayment terms whatever forms they take, and in general the financial relations between the Government of the Republic of Cameroon and the creditors not listed in the Agreed Minute.
Cut-off date:
December 31, 1988
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. Edouard AKAME MFOUMOU, State minister in charge of Economy and Finance.
Treatment of maturities falling due from July 01, 2007 up to March 31, 2009
Repayment profile:
Treatment under Cologne terms (cancellation rate of 90%), after cancellation to a rate of 90%
Specific provisions:
Good will clause
Given the decision by Paris Club Creditors to contribute to the exceptional assistance in favour of the Government of the Islamic Republic of Afghanistan under the Enhanced HIPC Initiative, the Participating Creditor Countries declare their readiness in principle to hold a meeting at the Completion Point designed to examine the question of the Islamic Republic of Afghanistan's outstanding debt stock and to make the necessary effort in favour of the Islamic Republic of Afghanistan to allow it to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that:
- the Government of the Islamic Republic of Afghanistan maintains satisfactory relations with the Participating Creditor Countries and a sound adjustment track record;
- the Executive Boards of the IMF and the IDA decide that the Islamic Republic of Afghanistan has reached its Completion Point under the enhanced HIPC initiative.
Free transferability provision
The Government of the Islamic Republic of Afghanistan guarantees the immediate and unrestricted transfer of the foreign exchange counterpart of all amounts paid in local currency as of the date of these Agreed Minutes as well as all amounts paid from this date by the private debtors in Afghanistan for servicing their foreign debt owed to or guaranteed by the Participating Creditor Countries or their appropriate institutions, for which the corresponding payments in local currency have been or will be deposited in the Central Bank.
Phases
First phase : From July 01, 2007 up to March 31, 2008, implemented at the signature of the agreement
Second phase : From April 01, 2008 up to March 31, 2009, not implemented
Comparability of treatment provision:
The Islamic Republic of Afghanistan was declared eligible to the Enhanced HIPC initiative by the IDA and the IMF in April 2007 and was declared to have reached its Decision Point in July 2007. In this context, the Islamic Republic of Afghanistan commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 18 July 2007, their appropriate contribution in terms of debt relief to the enhanced HIPC initiative, on top of traditional debt relief mechanisms and consistent with the proportional burden sharing based on their relative exposure in net present value of total external debt at Decision Point after the full use of traditional debt relief mechanisms.
The appropriate nature of the debt relief provided will be assessed not only on the basis of the reduction in the net present value of the debt as computed under Appropriate Market Rate, but also on the terms of repayment of the debts not cancelled. For this purpose, all relevant elements will be taken into account, including the level of cash payments received by those creditors as compared to their share in the Islamic Republic of Afghanistan'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 Afghanistan and creditor countries not listed in the Agreed Minutes dated 18 July 2007.
Consequently, the Islamic Republic of Afghanistan commits not to accord any category of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 18 July 2007, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.
Treatment of maturities falling due from July 18, 2000 up to February 28, 2003
Repayment profile:
Treatment under Cologne terms (cancellation rate of 90%)
repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 90%
repayment of ODA credits over 40 years with 16 years of grace
Specific provisions:
Good will clause
Given the decision by Paris Club Creditors to contribute to the exceptional assistance in favour of the Republic of Benin under the enhanced Debt Initiative for the Heavily Indebted Poor Countries, the Participating Creditor Countries declare their readiness in principle to hold at completion point a meeting designed to examine the question of the Republic of Benin's outstanding debt stock and to make the necessary effort, in favour of the Republic of Benin to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that :
- the Republic of Benin maintains satisfactory relations with participating Creditor Countries, fully implements all the agreements signed with them and maintains a sound adjustment track record ;
- the Boards of the International Monetary Fund and the International Development Association decide that the Republic of Benin has reached its completion point under the enhanced Debt Initiative for the Heavily Indebted Poor Countries.
De minimis threshold of 100 000 SDR
Payment of non-consolidated amounts before October 30, 2000
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 Benin commits itself to seek from all its external creditors debt reduction and reorganisation arrangements on terms comparable in net present value to those set forth in the Agreed Minute 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 Benin commits itself to accord all categories of creditors -and in particular creditor countries not participating in the Agreed Minute, commercial banks and suppliers- a treatment not more favorable than that accorded to the Participating Creditor Countries for credits of comparable maturity and legal nature.
For the purpose of the comparison between the arrangements concluded by the Government of the Republic of Benin with its creditors not listed in the 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 exposure of the creditors not listed in the Agreed Minute, the level of cash payments received by those creditors from the Government of the Republic of Benin as compared to their share in the Benin's external debt, the nature and characteristics of all treatment applied, including debt buy backs, and all characteristics of the reorganised claims and in particular their repayment terms whatever forms they take, and in general the financial relations between the Government of the Republic of Benin and the creditors not listed in the Agreed Minute.
