Debt cancellation for the Republic of Liberia following its Completion Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) reached on 29 June 2010
Categories of debt treated:
Treatment of the stock as of July 01, 2010
Repayment profile:
Treatment under HIPC Initiative Exit terms
Creditors also committed on a bilateral basis to cancel the remaining USD 107 million.
As a result of this agreement and additional bilateral debt relief, the Republic of Liberia's debt to Paris Club will be entirely cancelled.
Comparability of treatment provision:
The Republic of Liberia was declared eligible to the enhanced HIPC Initiative by the IDA and the IMF in February 2007 and was declared to have reached its Completion Point in June 2010. In this context, the Republic of Liberia commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 16 September 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 Republic of Liberia's external debt, the nature and characteristics of all treatment applied, including debt buy backs, and all characteristics of the reorganized claims and in particular their repayment terms whatever forms they take and in general the financial relations between the Republic of Liberia and all their other creditors.
Consequently, the Republic of Liberia commits not to accord any category of external creditors -and in particular litigating creditors, creditor countries not participating in the Agreed Minutes dated 16 September 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 Ms. Delphine d'AMARZIT, Co Chairperson of the Paris Club.
The head of the debtor country's delegation was Mr. Augustine NGAFUAN, Minister of Finance.
Payment of non-consolidated amounts before December 01, 2005
Comparability of treatment provision:
The Republic of Honduras 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 respectively on March 28 and April 5, 2005. In this context, the Republic of Honduras commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated May 12, 2005, 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 shall be taken into account, including the level of cash payments received by those creditors as compared to their share in the Republic of Honduras' 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 Honduras and creditor countries not listed in the Agreed Minutes.
Consequently, the Republic of Honduras commits not to accord any category of creditors -and in particular creditor countries not participating in the Agreed Minutes, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
June 01, 1990
Organisation of the session:
The meeting was chaired by M. Ramon Fernandez, Vice President of the Paris Club.
The head of the debtor country's delegation was M. William Chong Wong, Minister of Finance.
Debt cancellation following Haiti’s having reached its Completion Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) on 30 June 2009
Categories of debt treated:
Treatment of arrears as of May 31, 2009. Treatment of the stock as of June 01, 2009
Repayment profile:
Treatment under HIPC Initiative Exit terms
Paris Club creditors also committed on a bilateral and voluntary basis to cancel an additional USD 152 million. As a result of this agreement and additional bilateral efforts, the Republic of Haiti's debt to Paris Club creditors will be entirely cancelled.
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 administered by IDA and provided by the European Union member States;
(ii) the amounts of other outstanding credits, loans and consolidations with the exception of loans mentioned in c), up to 20% of the amounts of outstanding credits as of 28 February 1995 or up to an amount of 20 million dollars of the United States of America, whichever is higher.
Comparability of treatment provision:
The Republic of Haiti was declared eligible to the enhanced HIPC Initiative by the IDA and the IMF in 2006 and was declared to have reached its Completion Point in June 2009. In this context, the Republic of Haiti commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 8July 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 Haiti'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 Haiti and creditor countries not listed in the Agreed Minutes dated 8 July 2009.
Consequently, the Republic of Haiti commits not to accord any category of external creditors -and in particular creditor countries not participating in the Agreed Minutes dated 8July 2009, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
October 01, 1993
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 Mr. Daniel DORSAINVIL, Minister of Economy and 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) the amounts of outstanding loans mentioned in Article II paragraph 1 above as regards Official Development Assistance loans; (ii) the amounts of other outstanding credits mentioned in Article II paragraph 1, up to 20% of the amounts of outstanding credits as of May 6, 1993 or up to an amount of 10 million SDR, whichever is higher.
Payment of non-consolidated amounts before July 01, 2004
Comparability of treatment provision:
The Republic of Guyana 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:
December 31, 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. Saisnarine Kowlessar, Minister of Finance.
Debt cancellation for the Republic of Guinea-Bissau following its Completion Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) reached on 16 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
Creditors also committed on a bilateral basis to cancel an additional USD 27 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) all official development aid loans;
(ii) the amounts of other outstanding credits, loans and consolidations, up to 20% of the amounts of outstanding credits as of 31 December 1994 or up to an amount of SDR 20 million, whichever is higher.
Comparability of treatment provision:
The Republic of Guinea-Bissau was declared eligible to the enhanced HIPC Initiative by the IDA and the IMF in 1998 and was declared to have reached its Completion Point in December 2010. In this context, the Republic of Guinea-Bissau commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 10 May 2011, 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 Guinea-Bissau'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 Guinea-Bissau and all their other creditors.
Consequently, the Republic of Guinea-Bissau commits not to accord any category of external creditors -and in particular litigating creditors, creditor countries not participating in the Agreed Minutes dated 10 May 2011, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
December 31, 1986
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. José Mario VAZ, Minister of Finance
Debt cancellation, the Republic of Guinea having reached its Completion Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) on 26 September 2012
Categories of debt treated:
Treatment of the stock as of September 01, 2012
Repayment profile:
Treatment under HIPC Initiative Exit terms
Paris Club creditors also confirmed their willingness to grant additional debt relief on a voluntary and bilateral basis for an amount of USD 299.6 million. The Paris Club agreement and additional bilateral efforts will result in a reduction of the debt of the Republic of Guinea to Paris Club creditors of 99.2%, i.e. USD 655.9 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) all official development assistance loans;
(ii) the amounts of outstanding credits, loans and consolidations, other than official development assistance loans, up to 20% of the amounts of outstanding credits as of 31st December 1992 or up to an amount of 20 million SDR, whichever is higher.
Comparability of treatment provision:
The Republic of Guinea 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 September 2012. In this context, the Republic of Guinea commits to promptly seek from all its bilateral and commercial external creditors which are not participating in the Agreed Minutes dated 25 October 2012 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 Guinea'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 Guinea and all their other creditors.
Consequently, the Republic of Guinea 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 25 October 2012, commercial banks, suppliers and bondholders- a treatment more favourable than that granted to Participating Creditor Countries.
Cut-off date:
January 01, 1986
Organisation of the session:
The meeting was chaired by Mr. Arnaud BUISSÉ, Vice-Chairman.
The head of the debtor country's delegation was Mr. Kerfalla YANSANÉ, Minister of State in charge 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 10% of the amounts of outstanding credits as of July 1, 1995 or up to an amount of 10 million US dollars, whichever is higher. Participating Creditor Countries and the Government of the Republic of Ghana 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 Ghana'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 Ghana.
Payment of non-consolidated amounts before January 31, 2005
Comparability of treatment provision:
The Republic of Ghana was declared eligible to the Enhanced HIPC initiative by the IDA and the IMF in December 2000 and was declared to have reached its Completion Point on July 13, 2004. In this context, the Republic of Ghana 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 Ghana'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 Ghana and creditor countries not listed in the present Agreed Minute.
Consequently, the Republic of Ghana 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:
June 20, 1999
Organisation of the session:
The meeting was chaired by Me Odile Renaud-Basso, Co-Chairperson of the Paris Club.
The head of the debtor country's delegation was M. Yaw Osafo-Maafo, Minister of Finance and Economic Planning.
Reduction of the stock of debt of the Republic of The Gambia, this country having reached its Completion Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) in December 2007
Categories of debt treated:
Treatment of the stock as of December 01, 2007
Repayment profile:
Treatment under HIPC Initiative Exit terms
Comparability of treatment provision:
The Republic of The Gambia 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 December 2007. In this context, the Republic of The Gambia commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 24 January 2008, their appropriate contribution in terms of debt relief to the enhanced HIPC initiative, on top of traditional debt relief mechanisms and consistent with the proportional burden sharing based on their relative exposure in net present value of total external debt at Decision Point after the full use of traditional debt relief mechanisms.
The appropriate nature of the debt relief provided will be assessed not only on the basis of the reduction in the net present value of the debt as computed under Appropriate Market Rate, but also on the terms of repayment of the debts not cancelled. For this purpose, all relevant elements will be taken into account, including the level of cash payments received by those creditors as compared to their share in the Republic of The Gambia'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 The Gambia and creditor countries not listed in the Agreed Minutes dated 24 January 2008.
Consequently, the Republic of The Gambia commits not to accord any category of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 24 January 2008- a treatment more favourable than that accorded to the Participating Creditor Countries.
Organisation of the session:
The meeting was chaired by M. Julien Rencki, Vice-Chairman of the Paris Club.
The head of the debtor country's delegation was M. Mousa Gibril Bala-Gaye, Secretary of State for Finance and Economic Affairs.
Treatment of arrears as of March 31, 2003. Treatment of the stock as of April 01, 2004
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 debts; (ii) the amounts of other outstanding credits, loans and consolidations mentioned in paragraph 1. above, up to 20% of the amounts of outstanding credits as of November 30, 1992 or up to an amount of 20 million SDR, whichever is higher. Participating creditor countries and the Government of Ethiopia 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 Ethiopia'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 Ethiopia.
Payment of non-consolidated amounts before December 31, 2004
Comparability of treatment provision:
The Federal Democratic Republic of Ethiopia was declared eligible to the Enhanced HIPC Initiative by the IMF and the IDA in November 2001 and was declared to have reached its Completion Point on April 20, 2004. In this context, the Federal Democratic Republic of Ethiopia 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 Federal Democratic Republic of Ethiopia'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 Federal Democratic Republic of Ethiopia and creditor countries not listed in the present Agreed Minute.
Consequently, the Federal Democratic Republic of Ethiopia 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:
December 31, 1989
Organisation of the session:
The meeting was chaired by Mrs Odile Renaud-Basso, Co Chairperson of the Paris Club.
The head of the debtor country's delegation was Mr. Sufian Ahmed, Minister of Finance and Economic Development..
Debt cancellation, the Republic of Côte d’Ivoire having reached its Completion Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) on 26 June 2012
Categories of debt treated:
Treatment of the stock as of June 01, 2012
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 USD 4.725 million
This agreement and additional bilateral efforts will result in a reduction of the deb of the Republic of Côte d'Ivoire to Paris Club creditors of 99.5%, i.e. USD 6.496,6 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 ODA loans;
(ii) the amounts of other outstanding credits, loans and consolidations, up to 20% of the amounts of outstanding credits as of 30 September 1991 or up to an amount of SDR 30 million, whichever is higher.
Comparability of treatment provision:
The Republic of Côte d'Ivoire 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 June 2012. In this context, the Republic of Côte d'Ivoire commits to promptly seek from all its bilateral and commercial external creditors which are not participating in the Agreed Minutes dated 26 June 2012, 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 Côte d'Ivoire'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 Côte d'Ivoire and all their other creditors.
Consequently, the Republic of Côte d'Ivoire 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 26 June 2012, commercial banks, suppliers and bondholders- a treatment more favourable than that granted to the Participating Creditor Countries.
Cut-off date:
July 01, 1983
Organisation of the session:
The meeting was chaired by Mrs. Delphine d'AMARZIT, Co-Chairperson of the Paris Club.
The head of the debtor country's delegation was Mr. Charles Koffi DIBY, Minister of Economy and Finance.
