Debt cancellation, the Federal Republic of Somalia having reached its Completion Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) on December 13, 2023
Categories of debt treated:
Treatment of the stock as of January 1, 2023
Repayment profile:
Treatment under HIPC Initiative Exit terms
In addition, Paris Club creditors confirmed their willingness to grant additional debt cancellation on a voluntary and bilateral basis for an amount of USD 815 million.
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 Completion Point in December 2023. 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 March 13, 2024, 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.
Whether the debt relief provided is appropriate 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 treatment applied, including debt buy backs; all characteristics of the reorganized claims and in particular their repayment terms regardless of the forms they take; and, more generally, the financial relations between the Federal Republic of Somalia and all its other creditors.
Consequently, the Federal Republic of Somalia commits not to accord any category of external creditors -and in particular litigating creditors, creditor countries not participating in the Agreed Minutes dated March 13, 2024, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
1 October 1984
Organisation of the session:
The agreement was signed by Mr. Bertrand Dumont, Chairman of the Paris Club and Director General of the Treasury and Mr. William Roos, Co Chairman and Assistant Secretary at the Directorate-General of the Treasury.
The head of the debtor country was H.E. Bihi Iman Egeh, Minister of Finance.
The Republic of Sierra Leone was declared eligible to the enhanced HIPC Initiative by the IDA and the IMF in 2002 and was declared to have reached its Completion Point on 15 December 2006. In this context, the Republic of Sierra Leone commits to seek promptly from all its external creditors which are not participating in these Agreed Minutes, 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 Sierra Leone’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 Sierra Leone and creditor countries not listed in these Agreed Minutes.
Consequently, the Republic of Sierra Leone 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:
01 July 1983
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. John O. Benjamin, Minister of Finance.
Debt cancellation, the Republic of Chad reaching its Completion Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) on 29 April 2015
Categories of debt treated:
Treatment of arrears as of May 31, 2015 Treatment of the stock as of June 01, 2015
Repayment profile:
Treatment under HIPC Initiative Exit terms
Paris Club creditors also confirmed their willingness to grant additional debt relief on a bilateral basis for an amount of $41.8 million.
This agreement and additional bilateral efforts will result in a cancellation of the debt of the Republic of Chad to Paris Club creditors by 100%, i.e. $62.6 million.
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 Official Development Assistance (ODA) loans;
(ii) the amounts of other outstanding credits, loans and consolidations, up to 20% of the amounts of outstanding credits as of 31 March 1994 or up to an amount of SDR 30 million, whichever is higher.
Comparability of treatment provision:
The Republic of Chad was declared eligible to the enhanced HIPC Initiative by the IDA and the IMF in 2001 and was declared to have reached its Completion Point in April 2015. In this context, the Republic of Chad commits to promptly seek from all its official bilateral and commercial external creditors which are not participating in the Agreed Minutes dated 24 June 2015, 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 the 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 Chad’s external debt, the nature and characteristics of all treatment applied, including debt buy backs, all characteristics of the reorganized claims -and in particular their repayment terms, regardless of the forms they take- and, more generally, the financial relations between the Republic of Chad and all their other creditors.
Consequently, the Republic of Chad commits not to grant any category of external bilateral and commercial creditors -and in particular litigating creditors, creditor countries not participating in the Agreed Minutes dated 24 June 2015, commercial banks, suppliers and bondholders- a treatment more favourable than that granted to the Participating Creditor Countries.
Cut-off date:
June 30, 1989
Organisation of the session:
The meeting was chaired by Mr. Arnaud Buissé, Vice President of the Paris Club. The head of the debtor country's delegation was Mr. Kordjé Bedoumra, Minister of Finance and Budget.
On 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.
Payment of non-consolidated amounts before March 31, 2002
Comparability of treatment provision:
The Government of Mozambique 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 favourable than that accorded to the Participating Creditor Countries.
For the purpose of the comparison between the arrangements concluded by the Government of the Mozambique 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 Mozambique as compared to their share in Mozambique'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 Mozambique and the creditors not listed in the Agreed Minute.
Cut-off date:
February 01, 1984
Organisation of the session:
The meeting was chaired by Ambroise Fayolle, Vice President of the Paris Club.
The head of the debtor country's delegation was Luisa Dias Diogo, Ministry of Planning and Finance.
$134 million of which being due to Paris Club as of December 31, 2008
Amounts treated:
$134 million of which $129 million being canceled, of which $5 million being rescheduled
Accorded treatment:
Reduction of the stock of debt of the Republic of Burundi, this country having reached its Completion Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) on 29 January 2009
Categories of debt treated:
Treatment of arrears as of December 31, 2008. Treatment of the stock as of January 01, 2009
Repayment profile:
Treatment under HIPC Initiative Exit terms
Specific provisions:
Possibility to conduct debt swaps
On a voluntary and bilateral basis, the Government of each Participating Creditor Country or its appropriate institutions may sell or exchange, in the framework of debt for nature, debt for aid, debt for equity swaps or other local currency debt swaps all ODA loans.
Participating Creditor Countries and the Government of the Republic of Burundi shall inform semi-annually the Secretariat of the Paris Club, who shall inform other creditors, of the debt swaps agreements they have implemented. All elements necessary to evaluate the operation, its impact on the Republic of Burundi's economy and on the evolution of Creditor's exposure shall 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 Burundi.
Comparability of treatment provision:
The Republic of Burundi was declared eligible to the enhanced HIPC Initiative by the IDA and the IMF in 2005 and was declared to have reached its Completion Point on 29 January 2009. In this context, the Republic of Burundi commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 11 March 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 Republic of Burundi'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 Burundi and creditor countries not listed in the Agreed Minutes dated 11 March 2009.
Consequently, the Republic of Burundi commits not to accord any category of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 11 March 2009, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
June 20, 1999
Organisation of the session:
The meeting was chaired by Mr. Julien RENCKI, Vice Chairman of the Paris Club
The head of the debtor country's delegation was Mrs Clotilde NIZIGAMA, Minister of Finance
Treatment of arrears as of March 31, 2005. Treatment of the stock as of April 01, 2005
Repayment profile:
Treatment under HIPC Initiative Exit terms
Specific provisions:
Payment of non-consolidated amounts before December 01, 2005
Comparability of treatment provision:
The Republic of Zambia was declared eligible to the enhanced HIPC initiative by the IDA and the IMF in 2000 and was declared to have reached its Completion Point on April 8, 2005. In this context, the Republic of Zambia commits to seek promptly from all its external creditors which are not participating in these Agreed Minutes, 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 Zambia'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 Zambia and creditor countries not listed in these Agreed Minutes.
Consequently, the Republic of Zambia 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 Mrs Odile Renaud-Basso, Co President of the Paris Club.
The head of the debtor country's delegation was Mr. Ng'andu P. Magande, MP, Minister of Finance and National Planning.
Debt cancellation following the Togolese Republic having reached its Completion Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) on 14 December 2010
Categories of debt treated:
Treatment of arrears as of November 30, 2010
Treatment of the stock as of December 01, 2010
Repayment profile:
Treatment under HIPC Initiative Exit terms
Paris Club creditors also expressed their intention to grant additional debt relief on a bilateral basis for an amount of USD 404 million.
As a result of this agreement and additional bilateral efforts, the Togolese Republic's debt to Paris Club creditors will be reduced by 95%.
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 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.
Comparability of treatment provision:
The Togolese Republic was declared eligible to the enhanced HIPC Initiative by the IDA and the IMF in 2008 and was declared to have reached its Completion Point in December 2010. In this context, the Togolese Republic commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 16 December 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 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 all their other creditors.
Consequently, the Togolese Republic commits not to accord any category of external creditors -and in particular litigating creditors, creditor countries not participating in the Agreed Minutes dated 16 December 2010, 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 Mr. Rémy RIOUX, Vice Chairman of the Paris Club
The head of the debtor country's delegation was Mr. Adji Otèth AYASSOR, Minister of Economy and Finance
On a voluntary and bilateral basis, 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 other than official development assistance 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.
Payment of non-consolidated amounts before July 01, 2002
Comparability of treatment provision:
The United Republic of Tanzania was declared eligible to the Debt Initiative for the Heavily Indebted Poor Countries by the Boards of the International Monetary Fund and the International Development Association in April 2000 and was declared to have reached its completion point under the Debt Initiative for the Heavily Indebted Poor Countries by the Boards of the International Monetary Fund and the International Development Association on November 27, 2001.
In this context, the United Republic of Tanzania commits itself to seek promptly from all its external creditors which are not participating in the present Agreed Minute their appropriate contribution in terms of debt relief to the Enhanced Debt Initiative for the Heavily Indebted Poor Countries, 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 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 United Republic of Tanzania and creditor countries not listed in the present Agreed Minute.
Cut-off date:
June 30, 1986
Organisation of the session:
The meeting was chaired by Mrs Stéphane PALLEZ, Co President of the Paris Club.
The head of the debtor country's delegation was Mr Basil MRAMBA, Minister for Finance.
