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TOGO 20090122

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 22 January, 2009

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

IMF programme supported by an Arrangement under the Poverty Reduction and Growth Facility (PRGF) approved on April 21, 2008
Download the IMF report : Decision Point Document for the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative

Amounts treated: 

$22 million of which $22 million being canceled

Accorded treatment: 

Restructuring of its external public debt following Togo’s reaching the Decision Point under the enhanced Heavily Indebted Poor Countries initiative in end-November 2008

Categories of debt treated: 

Treatment of maturities falling due from November 01, 2008 up to March 31, 2011

Repayment profile: 

Treatment under Cologne terms (cancellation rate of 90%)

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, loans and consolidations, up to 10% of the amounts of outstanding loans, credits and consolidations as of 30 June 1992 or up to an amount of 20 million of dollars of the United States of America, 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 Togolese Republic 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 Togolese Republic's outstanding debt stock and to make the necessary effort in favour of the Togolese Republic 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 Togolese Republic 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 Togolese Republic has reached its Completion Point under the enhanced HIPC initiative.

 

Phases

  • First phase : From November 01, 2008 up to March 31, 2009, implemented at the signature of the agreement
  • Second phase : From April 01, 2009 up to March 31, 2010, implemented on July 17, 2009
  • Third phase : From April 01, 2010 up to March 31, 2011, implemented on July 23, 2010

Comparability of treatment provision: 

The Togolese Republic was declared eligible to the Enhanced HIPC initiative by the IDA and the IMF in September 2008 and was declared to have reached its Decision Point in November 2008. In this context, the Togolese Republic commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 22 January 2009, 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 Togolese Republic'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 Togolese Republic and creditor countries not listed in the Agreed Minutes dated 22 January 2009.

Consequently, the Togolese Republic commits not to accord any category of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 22 January 2009, 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: 

Have attended:

Files attached: 

PDF icon PRTogo20090128f1f4.pdf

TANZANIA, UNITED REPUBLIC OF - 20000414

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 14 April, 2000

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

IMF program under the PRGF approved on April 04, 2000

Download the IMF report : Letter of Intent

Amounts treated: 

$711 million

Accorded treatment: 

Decision point reached on April 04, 2000

Categories of debt treated: 

Treatment of arrears as of March 31, 2000

Treatment of maturities falling due from April 01, 2000 up to March 31, 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: 

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 ODA loans ; (ii) amounts of outstanding credits, loans and consolidations on debts [treated in the present Agreed Minute] other than official development aid loans, up to 20% of the amounts of outstanding credits as of December 31, 1991 or up to an amount of 40 million dollars of the United States of America, whichever is higher. Participating creditor countries and the United Republic of Tanzania 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 Tanzania'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 United Republic of Tanzania.

 

Good will clause

Given the decision by Paris Club Creditors to contribute to the exceptional assistance in favor of the United Republic of Tanzania under the enhanced Debt Initiative for the Heavily Indebted Poor Countries (HIPC), the Participating Creditor Countries declare their readiness in principle to hold at completion point a meeting designed to examine the question of the United Republic of Tanzania's outstanding debt stock and to make the necessary effort, in favor of the United Republic of Tanzania to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that :

- the United Republic of Tanzania 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 World Bank decide that the United Republic of Tanzania has reached its completion point under the enhanced Debt Initiative for the Heavily Indebted Poor Countries.

 

Free transferability provision

The Government of the United Republic of Tanzania will take the relevant administrative measures or extend existing measures to ensure that private debtors in Tanzania will be permitted to pay into the Bank of Tanzania or its designated agents, the local currency counterpart of their obligations past due or falling due, corresponding to their debt of any nature owed to or guaranteed by the Participating or Observer Creditor Countries or their appropriate institutions.

 

Special account

To facilitate the implementation of this Agreed Minute, the Government of the United Republic of Tanzania will deposit in the special account established with the Bank of England, the equivalent of at least SDR 300,000 at the end of each month, commencing in May 2000 through March 2003 inclusive. The Government of the United Republic of Tanzania undertakes to have this Bank notify the Chairman of the Paris Club as soon as each deposit has been made. The total amount approximates the amounts estimated to be payable to all Participating Creditor Countries from December 1, 1999 up to March 31, 2003 inclusive under the terms of the bilateral agreements to be concluded pursuant to this Agreed Minute. As specific payments under these agreements become due, the Government of the United Republic of Tanzania will draw on the special account to meet these payments ; no drawing will be made on the special account for any other use before all payments due from December 1, 1999 up to March 31, 2003 inclusive under these agreements have been made. Any drawing on this account will be made after a previous 15-day notice to the above Bank, which this Bank will notify immediately to the Chairman of the Paris Club. This scheme could be continued by agreement between the parties.

 

Phases

  • First phase : From April 01, 2000 up to March 31, 2001, implemented at the signature of the agreement
  • Second phase : From April 01, 2001 up to March 31, 2002, implemented on April 26, 2001
  • Third phase : From April 01, 2002 up to March 31, 2003, implemented on July 16, 2002

De minimis threshold of 500 000 SDR

Payment of non-consolidated amounts before November 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 United Republic of Tanzania commits itself to seek promptly from all its external creditors debt reduction and reorganization arrangements on terms comparable in net present value to those set forth in the present 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 United Republic of Tanzania commits itself to accord all categories of creditors -and in particular creditor countries not participating in the present 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 United Republic of Tanzania with its creditor countries 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 creditor countries not listed in the present Agreed Minute, the level of cash payments received by those creditor countries from the Government of the United Republic of Tanzania as compared to their share in the United Republic of Tanzania'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 United Republic of Tanzania and the creditor countries not listed in the present Agreed Minute.

Cut-off date: 

June 30, 1986

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

SIERRA LEONE - 20020710

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Wednesday, 10 July, 2002

Status of the treatment: 

Fully repaid

Supporting agreements with the international institutions: 

Programme suppported by an Arrangement under the Poverty Reduction and Growth Facility (PRGF) with the IMF approved on September 26, 2001
Download the IMF report : letter of intent

Download the IMF report : Decision Point Document for the Enhnced Heavily Indebted Poor Countries (HIPC) Initiative

Amounts treated: 

$3 million of which $3 million being canceled

Accorded treatment: 

Decision point reached on March 19, 2002

Categories of debt treated: 

Treatment of maturities falling due from March 01, 2002 up to May 30, 2007

Repayment profile: 

Treatment under Cologne terms

Specific provisions: 

Phases

  • First phase : From March 01, 2002 up to September 30, 2002, implemented at the signature of the agreement
  • Second phase : From October 01, 2002 up to September 30, 2003, implemented on November 13, 2002
  • Third phase : From October 01, 2003 up to May 30, 2007, implemented on March 29, 2004

Comparability of treatment provision: 

yes

Cut-off date: 

July 01, 1983

Organisation of the session: 

Have attended:

SENEGAL - 20001024

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Tuesday, 24 October, 2000

Status of the treatment: 

Fully repaid

Supporting agreements with the international institutions: 

IMF program approved on August 20, 1998

Download the IMF report : IMF report

Total external debt of the country: 

$747 million of which being due to Paris Club as of June 22, 2000

Amounts treated: 

$22 million of which $22 million being canceled

Accorded treatment: 

Decision point reached on June 20, 2000

Categories of debt treated: 

Treatment of maturities falling due from June 22, 2000 up to December 31, 2003

Repayment profile: 

Treatment under Cologne terms

Specific provisions: 

Good will clause

Given the decision by Paris Club Creditors to contribute to the exceptional assistance in favour of the Republic of Senegal 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 Senegal's outstanding debt stock and to make the necessary effort, in favour of the Republic of Senegal to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that :

- the Republic of Senegal 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 Senegal 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 Senegal 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 present 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 Senegal commits itself to accord all categories of creditors -and in particular creditor countries not participating in the present 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 Senegal 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 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 Senegal as compared to their share in the Senegal'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 Senegal and the creditors not listed in the present Agreed Minute.

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

SAO TOME AND PRINCIPE - 20050913

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Tuesday, 13 September, 2005

Status of the treatment: 

Fully repaid

Supporting agreements with the international institutions: 

Programme with the IMF under the Poverty Reduction and Growth Facility (PRGF) approved on August 05, 2005

Download the IMF report : PRGF document

Download the IMF report : Decision Point Document for the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative

Total external debt of the country: 

$101 million as of December 31, 2004, representing 449% in percent of exports

$44 million of which being due to Paris Club as of April 01, 2005

Accorded treatment: 

Decision point reached on December 20, 2000

Categories of debt treated: 

Treatment of maturities falling due from May 01, 2001 up to December 31, 2007

Repayment profile: 

Treatment under Cologne terms

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 Sao Tome and Principe 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 outstanding debt stock and to make the necessary effort in its favour to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that:

- the Government of Sao Tome and Principe maintains satisfactory relations with the Participating Creditor Countries and a sound adjustment track record;

- Sao Tome and Principe reaches its Completion Point under the enhanced HIPC initiative.

 

Phases

  • First phase : From May 01, 2001 up to December 31, 2005, implemented at the signature of the agreement
  • Second phase : From January 01, 2006 up to December 31, 2006, implemented on September 29, 2006
  • Third phase : From January 01, 2007 up to December 31, 2007, implemented on May 24, 2007

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 Sao Tome and Principe commits to seek from all its external creditors debt reduction and reorganization arrangements on terms comparable in net present value to those set forth in the Terms of Reference dated September 13, 2005 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 Sao Tome and Principe commits to accord all categories of creditors -and in particular creditor countries not participating in the Terms of Reference, commercial banks and suppliers- 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 Sao Tome and Principe with the non participating countries and those concluded with the Participating Creditor Countries, all relevant elements shall be taken into account, including the exposure of the creditors not listed in these Terms of Reference, the level of cash payments received by those creditors from the Government of Sao Tome as compared to their share in Sao Tome'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 Sao Tome and Principe and the creditors not listed in the Terms of Reference.

Cut-off date: 

April 01, 1999

Organisation of the session: 

The meeting was chaired by M. Ambroise Fayolle, Co-President of the Paris Club.

The head of the debtor country's delegation was Mme Joana Damiana da Graça Varela, Director of Treasury and Government Assets.

Observers (institutions): 

RWANDA - 20020307

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 7 March, 2002

Status of the treatment: 

Fully repaid

Supporting agreements with the international institutions: 

Program with the IMF approved on June 24, 1998

Download the IMF report : letter of intent

Accorded treatment: 

Decision point reached on December 22, 2000

Categories of debt treated: 

Treatment of maturities falling due from December 01, 2000 up to June 30, 2005

Repayment profile: 

Treatment under Cologne terms (cancellation rate of 90%), after cancellation to a rate of 90%

Specific provisions: 

Possibility to conduct debt swaps

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 : all ODA loans, the amounts of other outstanding credits, loans and consolidations, up to 20 % of the amounts of outstanding credits as of June 30, 1998 or up to an amount of 15 million SDR, whichever is higher.

De minimis threshold of 100 000 SDR

Payment of non-consolidated amounts before April 30, 2002

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 Rwanda commits itself to promptly negotiate debt reduction arrangements with all its external creditors debt reduction and reorganization arrangements on terms comparable in net present value to those set forth in the Agreed Minute for credits of comparable maturity.

Cut-off date: 

December 31, 1994

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

RDC 20100225

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 25 February, 2010

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

IMF programme supported by an Arrangement under the Extended Credit Facility (ECF) approved on December 11, 2009

 

Total external debt of the country: 

$6 920 million of which being due to Paris Club as of July 01, 2009

Amounts treated: 

$2 957 million of which $1 310 million being canceled, of which $1 647 million being rescheduled

Accorded treatment: 

Restructuring of the external public debt, following the approval by the International Monetary Fund (IMF) of a new three-year arrangement under the Extended Credit Facility on 11 December 2009

Categories of debt treated: 

Treatment of arrears as of June 30, 2009

Treatment of maturities falling due from July 01, 2009 up to June 30, 2012

Repayment profile: 

Treatment under Cologne terms

  • 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

On an exceptional basis, considering the Democratic Republic of Congo's limited capacity of payment, creditors have also agreed to defer until after 1st July 2012 the repayment of maturities due by the Democratic Republic of Congo on short term and post-cut off date debts, as well as a significant part of the arrears on those claims. They also agreed to defer all the interest due on the amounts treated.

These measures are expected to reduce by 97% the debt service (including the arrears) due by the Democratic Republic of Congo to Paris Club creditors between 1st July 2009 and 30 June 2012.

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) the amounts of outstanding loans and consolidations as regards ODA debts;

(ii) the amounts of other outstanding credits, loans and consolidations, up to 20% of the amounts of outstanding loans, credits and consolidations as of 30 June 2009 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 Democratic Republic of Congo under the Enhanced HIPC Initiative, the Participating Creditor Countries declare their readiness in principle to hold a meeting following the Completion Point designed to examine the question of the Democratic Republic of Congo's outstanding debt stock and to make the necessary effort in favour of the Democratic 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 Democratic 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 Democratic Republic of Congo has reached its Completion Point under the enhanced HIPC initiative.

 

Phases

  • First phase : From July 01, 2009 up to June 30, 2010, implemented at the signature of the agreement
  • Second phase : From July 01, 2010 up to June 30, 2011, not implemented
  • Third phase : From July 01, 2011 up to June 30, 2012, not implemented

Comparability of treatment provision: 

The Democratic Republic of Congo was declared eligible to the Enhanced HIPC initiative by the IDA and the IMF in 2002 and was declared to have reached its Decision Point in July 2003. In this context, the Government of the Democratic Republic of Congo commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 25 April 2010, 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 Democratic Republic of Congo'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 Democratic Republic of Congo and creditor countries not listed in the Agreed Minutes dated 25 April 2010.

Consequently, the Government of the Democratic Republic of Congo commits not to accord any category of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 25 April 2010, commercial banks, suppliers, bondholders and litigating creditors- a treatment more favourable than that accorded to the Participating Creditor Countries.

Cut-off date: 

June 30, 1983

Organisation of the session: 

The meeting was chaired by Ms Delphine d'AMARZIT, Co Chairperson of the Paris Club.

The head of the debtor country's delegation was Mr. César LUBAMBA NGIMBI, Minister of Urban Development and Housing.

Files attached: 

PDF icon PRDRC20100225ee6b.pdf

Observers (institutions): 

NIGER - 20010125

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 25 January, 2001

Status of the treatment: 

Fully repaid

Supporting agreements with the international institutions: 

IMF program supported by an Arrangement under the Poverty Reduction and Growth Facility (PRGF) approved on December 13, 2000

Download the IMF report : PRGF document

Download the IMF report : Decision Point document for the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative

Total external debt of the country: 

$1 600 million as of December 31, 1999

$275 million of which being due to Paris Club as of December 31, 1999

Amounts treated: 

$115 million of which $84 million being canceled, of which $31 million being rescheduled

Accorded treatment: 

Restructuring of the public external debt

Decision point reached on December 13, 2000

Categories of debt treated: 

Treatment of arrears as of November 30, 2000

Treatment of maturities falling due from December 01, 2000 up to December 31, 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%

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 ODA loans ; (ii) amounts of outstanding credits, loans and consolidations on debts mentioned in paragraph 1. above other than official development aid loans, up to 20% of the amounts of outstanding credits as of March 4, 1994 or up to an amount of 20 million SDR, whichever is higher. Participating creditor countries and the Republic of Niger 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 Niger'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 Niger.

 

Good will clause

Given the decision by Paris Club Creditors to contribute to the exceptional assistance in favor of the Republic of Niger under the enhanced Debt Initiative for the Heavily Indebted Poor Countries (HIPC), 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 Niger's outstanding debt stock and to make the necessary effort, in favor of the Republic of Niger to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that :

- the Republic of Niger 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 Niger 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 [the present Agreed Minute]. 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 the present Agreed Minute null and void.

 

Phases

  • First phase : From December 01, 2000 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 December 31, 2003, implemented on June 11, 2003

De minimis threshold of 100 000 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 Niger commits itself to seek from all its external creditors debt reduction and reorganization arrangements on terms comparable in net present value to those set forth in the present 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 Niger commits itself to accord all categories of creditors -and in particular creditor countries not participating in the present 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 Niger with its creditor countries not listed in the present 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 real exposure of the creditor countries not listed in the present Agreed Minute, the level of cash payments received by those creditor countries from the Government of the Republic of Niger as compared to their share in the Republic of Niger'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 Niger and the creditor countries not listed in the present Agreed Minute.

Cut-off date: 

July 01, 1983

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. Ali Badjo Gamatié, Minister of Finance.

Files attached: 

PDF icon NE25012001CPEN6870.pdf

Observers (countries): 

Observers (institutions): 

NICARAGUA - 20021213

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 13 December, 2002

Status of the treatment: 

Fully repaid

Supporting agreements with the international institutions: 

Program with the IMF under the Poverty Reduction and Growth Facility approved on December 04, 2002

Download the IMF report : letter of intent

Total external debt of the country: 

$6 374 million as of December 31, 2001, representing 250,3% of GDP

$1 638 million of which being due to Paris Club as of September 30, 2002

Amounts treated: 

$580 million of which $406 million being canceled, of which $174 million being rescheduled

Accorded treatment: 

Restructuring of the public external debt

Decision point reached on December 21, 2000

Categories of debt treated: 

Treatment of arrears as of September 30, 2002

Treatment of maturities falling due from October 01, 2002 up to September 30, 2005

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: 

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 other outstanding credits, loans and consolidations mentioned in Article II paragraph 1, up to 20% of the amounts of outstanding credits as of 31 December 1991 or up to an amount of 15 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 Nicaragua 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 Nicaragua's outstanding debt stock and to make the necessary effort, in favour of the Republic of Nicaragua 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 Nicaragua 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 Nicaragua has reached its completion point under the enhanced Debt Initiative for the Heavily Indebted Poor Countries.

 

Free transferability provision

The Government of the Republic of Nicaragua guarantees the immediate and unrestricted tranfer of the foreign exchange counterpart of all amounts paid in local currency by the private debtors in Nicaragua for servicing their foreign debt owed to or gbuaranteed by the Participating or Observer Creditor Countries or their appropriate institutions, for which the corresponding payments in local currency have been deposited in theCentral Bank of Nicaragua on or after 31 December 1991.

 

Phases

  • First phase : From October 01, 2002 up to September 30, 2003, implemented at the signature of the agreement
  • Second phase : From October 01, 2003 up to September 29, 2004, implemented on November 17, 2003
  • Third phase : From October 01, 2004 up to September 30, 2005, not implemented

Payment of non-consolidated amounts before June 30, 2003

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 Nicaragua commits 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 present 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 Nicaragua commits to accord all categories of creditors -and in particular creditor countries not participating in the present Agreed Minute, commercial banks and suppliers- 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 Nicaragua with its creditors not listed in the present Agreed Minute on the one hand, and arrangements with the Participating Creditor Countries on the other hand, all relevant elements shall be taken into account, including the 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 Nicaragua as compared to their share in the Republic of Nicaragua'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 Nicaragua and the creditors not listed in the present Agreed Minute.

Cut-off date: 

November 01, 1988

Organisation of the session: 

The meeting was chaired by Mr. Ambroise Fayolle, Vice Chairman of the Paris Club.

The head of the debtor country's delegation was Mr. Mario B. Alonso I., President of the Central Bank of Nicaragua.

Files attached: 

PDF icon NicaraguaPR016870.pdf

Observers (countries): 

Observers (institutions): 

MAURITANIA - 20000316

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 16 March, 2000

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

IMF program under the PRGF approved on July 21, 1999

 

Amounts treated: 

$100 million

Accorded treatment: 

Decision point reached on February 02, 2000

Categories of debt treated: 

Treatment of arrears as of June 30, 1999

Treatment of maturities falling due from July 01, 1999 up to June 30, 2002

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: 

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 Aid loans ; (ii) amounts of outstanding credits, loans and consolidations on debts [treated in the present Agreed Minute] other than official development aid loans, up to 20% of the amounts of outstanding credits as of December 31, 1992 or up to an amount of 20 million SDR, whichever is higher. Participating creditor countries and the Islamic Republic of Mauritania 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 Mauritania'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 Mauritania.

 

Good will clause

Given the decision by Paris Club Creditors to contribute to the exceptional assistance in favour of the Islamic Republic of Mauritania under the enhanced Debt Initiative for the Heavily Indebted Poor Countries (HIPC), the Participating Creditor Countries declare their readiness in principle to hold at completion point a meeting designed to examine the question of the Islamic Republic of Mauritania's outstanding debt stock and to make the necessary effort, in favour of the Islamic Republic of Mauritania to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that :

- the Islamic Republic of Mauritania 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 World Bank decide that the Islamic Republic of Mauritania has reached its completion point under the enhanced Debt Initiative for the Heavily Indebted Poor Countries.

 

Free transferability provision

The Government of the Islamic Republic of Mauritania will take the relevant administrative measures or extend existing measures to ensure that private debtors in Mauritania will be permitted to pay into the Bank of the Islamic Republic of Mauritania or its designated agents, the local currency counterpart of their obligations past due or falling due, corresponding to their debt of any nature owed to or guaranteed by the Participating or Observer Creditor Countries or their appropriate institutions. The Government of the Islamic Republic of Mauritania will guarantee the immediate and unrestricted transfer of the foreign exchange counterpart of all amounts paid in local currency by the private debtors in Mauritania corresponding to the above mentioned debts.

 

Phases

  • First phase : From July 01, 1999 up to October 31, 2000, implemented at the signature of the agreement
  • Second phase : From November 01, 2000 up to October 31, 2001, implemented on March 19, 2001
  • Third phase : From November 01, 2001 up to June 30, 2002, not implemented

De minimis threshold of 500 000 SDR

Payment of non-consolidated amounts before July 31, 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 Islamic Republic of Mauritania commits itself to seek promptly from all its external creditors debt reduction and reorganization arrangements on terms comparable in net present value to those set forth in the present 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 Islamic Republic of Mauritania commits itself to accord all categories of creditors -and in particular creditor countries not participating in the present Agreed Minute, commercial banks and suppliers- 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 Islamic Republic of Mauritania with its creditor countries 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 creditor countries not listed in the present Agreed Minute, the level of cash payments received by those creditor countries from the Government of the Islamic Republic of Mauritania as compared to their share in the Islamic Republic of Mauritania'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 Islamic Republic of Mauritania and the creditor countries not listed in the present Agreed Minute.

The Government of the Islamic Republic of Mauritania will inform in writing the Chairman of the Paris Club no later than September 30, 2000 of the progress made for this purpose in negotiations with other creditors mentioned [...] hereabove, and will communicate to the Chairman of the Paris Club the content of its bilateral agreements with these creditors.

Cut-off date: 

December 31, 1984

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

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