On a voluntary and bilateral basis, the Government of each creditor country or its appropriate institutions may sell or exchange, in the framework of debt for nature, debt for aid, debt for equity swaps or other local currency debt swaps: (i) the amounts of outstanding loans as regards ODA loans ; (ii) the amounts of other outstanding credits, up to 20% of the amounts of outstanding credits as of June 30, 1991 or up to an amount of 30 million SDR, whichever is higher.
Payment of non-consolidated amounts before December 31, 2004
Comparability of treatment provision:
The Republic of Senegal was declared eligible to the Enhanced HIPC Initiative by the IDA and the IMF in June 2000 and was declared to have reached its Completion Point respectively on April 15 and 19, 2004. In this context, the Republic of Senegal commits 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 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.
Cut-off date:
January 01, 1983
Organisation of the session:
The meeting was chaired by Mr. Ramon Fernandez, Vice-Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Abdoulaye Diop, Minister of Economy and Finance.
Substantial reduction of the stock of debt of the Democratic Republic of Sao Tome and Principe, this country having reached its Completion Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) in March 2007
Categories of debt treated:
Treatment of arrears as of February 28, 2007
Treatment of the stock as of March 01, 2007
Repayment profile:
Treatment under HIPC Initiative Exit terms
Comparability of treatment provision:
The Democratic Republic of Sao Tome and Principe 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 in March 2007. In this context, the Democratic Republic of Sao Tome and Principe commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 24 May 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 Democratic Republic of Sao Tome and Principe'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 Sao Tome and Principe and creditor countries not listed in the Agreed Minutes dated 24 May 2007.
Consequently, the Democratic Republic of Sao Tome and Principe commits not to accord any category of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 24 May 2007, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
April 01, 1999
Organisation of the session:
The meeting was chaired by Mr. Ambroise Fayolle, Co Chairman of the Paris Club
The head of the debtor country's delegation was Mrs Maria dos Santos Tebus Torres, Vice Prime Minister and Minister of Planning and Finance
Payment of non-consolidated amounts before December 01, 2005
Comparability of treatment provision:
The Republic of Rwanda 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 13, 2005. In this context, the Republic of Rwanda commits to seek promptly from all its external creditors which are not participating in the 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 Rwanda'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 Rwanda and creditor countries not listed in these Agreed Minutes. Consequently, the Republic of Rwanda 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:
December 31, 1994
Organisation of the session:
The meeting was chaired by Mr. Ramon Fernandez, Vice President of the Paris Club.
The head of the debtor country's delegation was Mr. Donald Kaberuka, Minister of Finance and Economic Planning.
Reduction of the debt following the DRC having reached its Completion Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) on 1 July 2010
Categories of debt treated:
Treatment of arrears as of June 30, 2010
Treatment of the stock as of July 01, 2010
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:
(i) all ODA loans with the exception of loans;
(ii) the amounts of other outstanding credits, loans and consolidations with the exception of loans, up to 20% of the amounts of outstanding credits as of 30 June 2009 or up to an amount of 20 million dollars of the United States of America, whichever is higher.
Comparability of treatment provision:
The Democratic Republic of the Congo was declared eligible to the enhanced HIPC Initiative by the IDA and the IMF in 2003 and was declared to have reached its Completion Point in July 2010. In this context, the Democratic Republic of the Congo commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 17 November 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 the 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 the Congo and creditor countries not listed in the Agreed Minutes dated 17 November 2010.
Consequently, the Democratic Republic of the Congo commits not to accord any category of external creditors -and in particular creditor countries not participating in the Agreed Minutes dated 17 November 2010, commercial banks, suppliers and 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. MATATA PONYO Mapon, Minister of Finance.
On a voluntary and bilateral basis, the Government of each Participating Creditor Country or its appropriate institutions may sell or exchange, in the framework of debt for nature, debt for aid, debt for equity swaps or other local currency debt swaps: (i) all 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.
Payment of non-consolidated amounts before October 31, 2004
Comparability of treatment provision:
The Republic of Niger was declared eligible to the Enhanced HIPC Initiative by the IMF and the IDA on December 14, 2000 and was declared to have reached its Completion Point respectively on April 7 and 8, 2004. In this context, the Republic of Niger commits 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 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 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 Republic of Niger and creditor countries not listed in the present Agreed Minute.
Consequently, the Republic of Niger commits not to accord any category of creditors -and in particular creditor countries not participating in the present Agreed Minute, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
July 01, 1983
Organisation of the session:
The meeting was chaired by Mr. Jean-Pierre Jouyet, Chairman of the Paris Club.
The head of the debtor country's delegation was Mr Ali M. Lamine Zeine, Minister of Economy and Finance.
On a voluntary and bilateral basis, the Government of each Participating Creditor Country or its appropriate institutions may sell or exchange, in the framework of debt for nature, debt for aid, debt for equity swaps or other local currency debt swaps: (i) all ODA loans; (ii) the amounts of other outstanding credits, loans and consolidations mentioned in Article II-1, up to 20% of the amounts of outstanding credits as of December 31, 1991 or up to an amount of 15 million SDR, whichever is higher. Participating Creditor Countries and the Government of the Republic of Nicaragua 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 Nicaragua's economy and on the evolution of the 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 Nicaragua.
Free transferability provision
The Government of the Republic of Nicaragua guarantees the immediate and unrestricted transfer 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 guaranteed by the Participating or Observer Creditor Countries or their appropriate institutions, for which the corresponding payments in local currency have been deposited in the Central Bank of Nicaragua on or after December 31, 1991.
Payment of non-consolidated amounts before September 01, 2004
Comparability of treatment provision:
The Republic of Nicaragua commits 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 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 Nicaragua'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 Nicaragua and creditors not listed in the present Agreed Minute.
Consequently, the Republic of Nicaragua commits not to accord any category of creditors -including but not limited to creditor countries not participating in the present Agreed Minute, commercial banks, investment funds, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
November 01, 1988
Organisation of the session:
The meeting was chaired by Mr. Ramon Fernandez, Vice-Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Eduardo Montealegre R., Minister of Finance.
The Islamic Republic of Mauritania was declared eligible to the Enhanced HIPC Initiative by the Executive Boards of the International Monetary Fund and the International Development Association in February 10, 2000 and was declared to have reached its completion point on June 18, 2002.
In this context, the Islamic Republic of Mauritania commits 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 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 shall 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 shall be taken into account, including the level of cash payments received by those creditors 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 Islamic Republic of Mauritania and creditor countries not listed in the present Agreed Minute.
Consequently, the Islamic Republic of Mauritania commits not to accord any category of creditors -and in particular creditor countries not participating in the present Agreed Minute, commercial banks and suppliers- a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
December 31, 1984
Organisation of the session:
The meeting was chaired by Mr. Ambroise Fayolle, Vice President of the Paris Club.
The head of the debtor country's delegation was Mr. Boydiel Ould Houmeid, Ministry of Finances.
repayment of ODA credits over 40 years with 16 years of grace
Specific provisions:
Payment of non-consolidated amounts before October 31, 2003
Comparability of treatment provision:
The Republic of Mali commits 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 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 shall 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 shall be taken into account, including the level of cash payments received by those creditors as compared to their share in the Republic of Mali'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 Mali and creditor countries not listed in the present Agreed Minute.
Consequently, the Republic of Mali commits not to accord any category of creditors -and in particular creditor countries not participating in the present Agreed Minute, commercial banks and suppliers- a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
January 01, 1988
Organisation of the session:
The meeting was chaired by Mr. Ambroise Fayolle, Vice president.
The head of the debtor country's delegation was Mr. Bassary Touré, Ministry of Economy and Finances.
repayment of ODA credits over 40 years with 16 years of grace
Rescheduling of loans, credits and consolidations granted under ODA conditions at rates and conditions of interest at least as favorable as the concessional rate applying to those loans, and in any case not more than the Appropriate Market Rate.
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) the amounts of other outstanding credits, loans and consolidations, up to 20% of the amounts of outstanding credits as of 31 December 2000 or up to an amount of SDR 5 million, whichever is higher.
Participating Creditor Countries and the Government of the Republic of Malawi 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 Malawi'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 Malawi.
Payment of non-consolidated amounts before May 01, 2007
Comparability of treatment provision:
The Republic of Malawi 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 31 August 2006. In this context, the Republic of Malawi commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated October 19, 2006, 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 Malawi'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 Malawi and creditor countries not listed in these Agreed Minutes.
Consequently, the Republic of Malawi 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, 1997
Organisation of the session:
The meeting was chaired by Mr. Ambroise Fayolle, Co Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Goodall E. Gondwe, Minister of Finance.
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, 1996 or up to an amount of SDR 30 million, whichever is higher. Participating creditor countries and the Government of the Republic of Madagascar 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 Madagascar'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 Madagascar.
Comparability of treatment provision:
The Republic of Madagascar was declared eligible to the Enhanced HIPC initiative by the IDA and the IMF in 1999 and was declared to have reached its Completion Point on October 21, 2004. In this context, the Republic of Madagascar commits 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 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 Madagascar'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 Madagascar and creditor countries not listed in the present Agreed Minute.
Consequently, the Republic of Madagascar commits not to accord any category of creditors -and in particular creditor countries not participating in the present Agreed Minute, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
July 01, 1983
Organisation of the session:
The meeting was chaired by Mr. Ramon Fernandez, Vice-President of the Paris Club.
The head of the debtor country's delegation was Mr. Jacques Sylla, Prime Minister.
