Reduction of the debt following the Republic of Congo having reached its Completion Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) on 27 January 2010
Categories of debt treated:
Treatment of the stock as of January 01, 2010
Repayment profile:
Treatment under HIPC Initiative Exit terms
Creditors members of the Paris Club also expressed their intention to grant additional debt relief to 100% on a bilateral basis for an amount of USD 1.4 billion
As a result, the total debt relief will amount to USD 2.4 billion
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 31 August 1990 or up to an amount of 20 million SDR, whichever is higher.
Comparability of treatment provision:
The Republic of Congo was declared eligible to the enhanced HIPC Initiative by the IDA and the IMF in 2004 and was declared to have reached its Completion Point in January 2010. In this context, the Republic of Congo commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 18 March 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 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 Republic of Congo and all their other creditors.
Consequently, the Republic of Congo commits not to accord any category of external creditors -and in particular litigating creditors, creditor countries not participating in the Agreed Minutes dated 18 March 2010, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
January 01, 1986
Organisation of the session:
The meeting was chaired by Mr. Rémy RIOUX, Vice Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Gilbert ONDONGO, Minister of Finance, Budget and Public Portfolio.
Debt cancellation following the Union of the Comoros having reached its Completion Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) on 20 December 2012
Categories of debt treated:
Treatment of arrears as of November 30, 2012. Treatment of the stock as of December 01, 2012
Repayment profile:
Treatment under HIPC Initiative Exit terms
As a contribution to restoring the Union of the Comoros’ debt sustainability, Paris Club creditors will provide a cancellation of USD 8.06 million, fulfilling all their commitments under the enhanced HIPC initiative. In total, the effort provided by Paris Club creditors represents a reduction in net present value of 85.5% of the debt stock of the Union of the Comoros at the beginning of the enhanced HIPC process.
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 as regards ODA loans;
(ii) the amounts of other outstanding credits, loans and consolidations, up to 20% of the amounts of outstanding credits as of 30 June 2009 or up to an amount of 30 million SDR, whichever is higher.
Comparability of treatment provision:
The Union of the Comoros was declared eligible to the enhanced HIPC Initiative by the IDA and the IMF in September 2009 and was declared to have reached its Completion Point in December 2012. In this context, the Union of the Comoros commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 28 February 2013, 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 of the Union of the Comoros 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 Union of the Comoros'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 Union of the Comoros and all their other creditors.
Consequently, the Union of the Comoros commits not to accord any category of external creditors -and in particular litigating creditors, creditor countries not participating in the Agreed Minutes dated 28 February 2013, 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. Arnaud Buissé, Vice Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Mohamed Ali Soilihi, Vice-President in charge of the Ministry for Finance, Economy, Budget, Investment and Foreign Trade, and Privatisations.
Reduction of the debt following Central African Republic’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
Creditors also commited on a bilateral basis to grant additional debt relief for an amount of US$ 6.5 million. As a result of this agreement and additional efforts, the Central African Republic's debt to Paris Club creditors will be reduced from US$ 59.3 million to US$ 3.7 million.
Comparability of treatment provision:
The Central African Republic was declared eligible to the enhanced HIPC Initiative by the IDA and the IMF in 2007 and was declared to have reached its Completion Point in June 2009. In this context, the Central African Republic commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 15 September 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 Central African 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 Central African Republic and creditor countries not listed in the Agreed Minutes dated 15 September 2009.
Consequently, the Central African Republic commits not to accord any category of external creditors -and in particular creditor countries not participating in the Agreed Minutes dated 15 September 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:
The meeting was chaired by Mr. Julien RENCKI, Vice Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Abdalla-Kadre ASSANE, Delegate Minister for Finance and Budget in charge of Fiscal Revenue Mobilisation.
Treatment of arrears as of March 31, 2006. Treatment of the stock as of April 01, 2006
Repayment profile:
Treatment under HIPC Initiative Exit terms
Specific provisions:
Payment of non-consolidated amounts before December 31, 2006
Comparability of treatment provision:
The Republic of Cameroon was declared eligible to the Enhanced HIPC Initiative by the IDA and the IMF in October 2000 and was declared to have reached its Completion Point on 28 April 2006. In this context, the Republic of Cameroon commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated June 17, 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 terms 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 Cameroon'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 Cameroon and creditor countries not listed in the Agreed Minutes.
Consequently, the Republic of Cameroon 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:
December 31, 1988
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. Polycarpe Abah Abah, Minister of Economy and Finance.
Payment of non-consolidated amounts before October 31, 2001
Comparability of treatment provision:
In the context of its eligibility to the Enhanced Debt Initiative for the Heavily Indebted Poor Countries decided by the Boards of the IMF and the International Development Association on February 8, 2000 and having reached its completion point under the Enhanced Debt Initiative for the Heavily Indebted Poor Countries as indicated in the decision by the International Development Association and the IMF Boards respectively dated June 5 and June 8, 2001, the Government of the Republic of Bolivia commits itself to seek promptly from all its external creditors which are not participating in the 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 from the Government of the Republic of Bolivia as compared to their share in Bolivia'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 Bolivia and creditor countries not listed in the Agreed Minute.
Consequently, the Government of the Republic of Bolivia commits itself not to accord any category of creditors -and in particular creditor countries not participating in the Agreed Minute, commercial banks and suppliers- a treatment more favourable than that accorded the Participating Creditor Countries.
Cut-off date:
December 31, 1985
Organisation of the session:
The meeting was chaired by Mrs Stéphane PALLEZ, Co Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Juan Antonio MORALES, Governor of the Central Bank of Bolivia.
The Republic of Benin 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:
March 31, 1989
Organisation of the session:
The meeting was chaired by Mr. Ambroise Fayolle, Vice-President of Paris Club.
The head of the debtor country's delegation was Mr. Grégoire Laourou, Minister of Economy and Finance.
Debt cancellation following Afghanistan’s having reached its Completion Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) on 26 January 2010
Categories of debt treated:
Treatment of the stock as of January 01, 2010
Repayment profile:
Treatment under HIPC Initiative Exit terms
Paris Club creditors also committed on a bilateral and voluntary basis to provide an additional effort of USD 585 million, delivering 100% debt relief. The Islamic Republic of Afghanistan committed to allocate the resources freed by the present debt relief to priority areas identified in the Afghanistan National Development Strategy and to achieve the Millennium Development Goals.
Comparability of treatment provision:
The Islamic Republic of Afghanistan was declared eligible to the enhanced HIPC Initiative by the IDA and the IMF in 2007 and was declared to have reached its Completion Point in January 2010. In this context, the Islamic Republic of Afghanistan commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 17 March 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 Islamic Republic of Afghanistan 's external debt, the nature and characteristics of all treatment applied, including debt buy backs, and all characteristics of the reorganized claims and in particular their repayment terms whatever forms they take and in general the financial relations between the Islamic Republic of Afghanistan and creditor countries not listed in the Agreed Minutes dated 17 March 2010.
Consequently, the Islamic Republic of Afghanistan commits not to accord any category of external creditors -and in particular creditor countries not participating in the Agreed Minutes dated 17 March 2010, 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. Rémy RIOUX, Vice Chairman of the Paris Club
The head of the debtor country's delegation was Dr. Omar ZAKHILVAL, Minister of Finance
