repayment of non ODA credits over 18 years, with 3 years of grace
repayment of ODA credits over 20 years with 10 years of grace
Specific provisions:
Possibility to conduct debt swaps
Moreover, on a voluntary and bilateral basis, Participating Creditors Countries 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 the pre cut off ODA loans as well as the pre cut off date commercial credits (up to 30% of the amounts of outstanding credits as of December 31, 1991 or up to an amount of 40 million SDR, whichever is higher).
Free transferability provision
The Government of the Hashemite Kingdom of Jordan undertakes to continue to permit the unrestricted transfer of foreign exchange due by the private debtors in the Hashemite Kingdom of Jordan for servicing their foreign debt owed to or guaranteed by the Participating Creditor Countries or their appropriate institutions and not subject to the present reorganization.
Phases
First phase : From July 01, 2002 up to June 30, 2003, implemented at the signature of the agreement
Second phase : From July 01, 2003 up to June 29, 2004, implemented on July 16, 2003
Third phase : From July 01, 2004 up to December 31, 2007, implemented on June 24, 2004
De minimis threshold of 500 000 SDR
Comparability of treatment provision:
The Government of the Hashemite Kingdom of Jordan commits to accord all categories of creditors -and in particular creditor countries not participating in the present Agreed Minute, commercial banks and suppliers- a treatment not more favourable than that accorded to the Participating Creditor Countries for credits of comparable maturity and legal basis.
Cut-off date:
January 01, 1989
Organisation of the session:
The meeting was chaired by Mrs Stéphane Pallez, Co-Chairperson of the Paris Club.
The head of the debtor country's delegation was Mr. Michel Marto, Minister of Finance.
The Government of the Hashemite Kingdom of Jordan undertakes to continue to permit the unrestricted transfer of foreign exchange due by the private debtors in the Hashemite Kingdom of Jordan for servicing their foreign debt owed to or guaranteed by the Participating Creditor Countries or their appropriate institutions and not subject to the present reorganization.
Phases
First phase : From April 01, 1999 up to April 30, 2000, implemented on April 30, 2000
Second phase : From May 01, 2000 up to April 30, 2001, implemented on July 28, 2000
Third phase : From May 01, 2001 up to April 30, 2002, implemented on October 04, 2001
De minimis threshold of 500 000 SDR
Payment of non-consolidated amounts before July 31, 1999
Comparability of treatment provision:
In order to secure comparable treatment of its debt due to all its external public or private creditors, the Government of the Hashemite Kingdom of Jordan commits itself to seek promptly from all its external creditors debt reorganization arrangements on terms comparable to those set forth in the present Agreed Minute.
Consequently, the Government of the Hashemite Kingdom of Jordan commits itself to accord all categories of creditors -and in particular creditor countries not participating in the present Agreed Minute, commercial banks and suppliers- a treatment not more favourable than that accorded to the Participating Creditor Countries for credits of comparable maturity and legal basis.
For the purpose of the comparison between the arrangements concluded by the Government of the Hashemite Kingdom of Jordan with its creditor countries not listed in the present Agreed Minute on the one hand, and with the Participating Creditor Countries on the other hand, all relevant elements will be taken into account, including the real exposure of the creditor countries not listed in the present Agreed Minute, the level of cash payments received by those creditor countries from the Government of the Hashemite Kingdom of Jordan as compared to their share in of the Hashemite Kingdom of Jordan'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 Hashemite Kingdom of Jordan and the creditor countries not listed in the present Agreed Minute.
repayment of non ODA credits over 18 years, with 5 years of grace
repayment of ODA credits over 20 years with 10 years of grace
Specific provisions:
Possibility to conduct debt swaps
On a voluntary and bilateral basis, the Government of each Participating Creditor Country or its appropriate institutions may sell or exchange, in the framework of debt for nature, debt for aid, debt for equity swaps or other local currency debt swaps : (i) all ODA loans ; (ii) amounts of outstanding credits, loans and consolidations on debts mentioned in Article I paragraph 1 and not granted under ODA conditions, up to 20% of the amounts of outstanding credits as of March 31, 2000 or up to an amount of 30 million SDR, whichever is higher. The Participating Creditor Countries and the Republic of Indonesia shall inform the Chairman of the Group of Official Creditor Countries of the Republic of Indonesia, who shall inform other Creditors, of the debt swap agreements prior to their implementation. All elements necessary to evaluate the operation, its impact on the Republic of Indonesia's economy and on the evolution of creditors' exposure shall be transmitted to the Chairman of the Group of Official Creditor Countries of the Republic of Indonesia, 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 Indonesia.
Phases
First phase : From April 01, 2002 up to December 31, 2002, implemented at the signature of the agreeement
Second phase : From January 01, 2003 up to December 31, 2003, implemented on May 23, 2003
De minimis threshold of 1 000 000 SDR
Payment of non-consolidated amounts before June 01, 2002
Comparability of treatment provision:
In order to secure comparable treatment of its debt due to all its external public or private creditors, the Government of the Republic of Indonesia commits to seek from all its external creditors a rescheduling or a refinancing on terms comparable to those set forth in the present Memorandum of Understanding for credits of comparable maturity, while trying to avoid any discrimination among various categories of creditors.
The Government of the Republic of Indonesia commits not to accord any external creditor conditions of repayment more favourable than those accorded by the Participating Creditor Countries for credits of comparable maturity.
The Government of the Republic of Indonesia shall inform in writing the Chairman of the Group of Official Creditor Countries of the Republic of Indonesia not later than December 1, 2002 of the status of its negotiations and of the contents of its bilateral agreements with other creditors. Afterwards, the Government of the Republic of Indonesia shall further inform in writing regularly the Chairman of the Group of Official Creditor Countries of the Republic of Indonesia of the status of its negotiations with other creditors, as well as of the payments made to them.
Cut-off date:
July 01, 1997
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. Dorodjatun Kuntjoro-Jakti, Coordinating Minister for Economic Affairs.
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 and loans on debts [treated in the present Agreed Minute] other than ODA loans, up to 10% of the amounts of outstanding credits as of March 31, 2000 or up to an amount of 10 million SDR, whichever is higher. Participating Creditor Countries and the Republic of Indonesia will inform the Chairman of the Group of the Official Creditor Countries of Indonesia, who will inform other Creditors, of the debt swap agreements prior to their implementation. All elements necessary to evaluate the operation, its impact on the Republic of Indonesia's economy and on the evolution of creditor's exposure will be transmitted to the Chairman of the Group of the Official Creditor Countries of Indonesia, 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 to the Republic of Indonesia.
Entry-into-force provision
The provisions of the present Memorandum of Understanding will enter into force provided that the International Monetary Fund has approved no later than June 5, 2000, the first review of the program supported by an arrangement under the Extended Fund Facility approved on February 4, 2000. The International Monetary Fund will inform the Chairman of the Group of the Official Creditor Countries of Indonesia of the relation between the Republic of Indonesia and the International Monetary Fund.
In the event that this review has not been effected by June 5, 2000, the payments covered by the present Memorandum of Understanding will be due according to the original contracts.
Agreement implemented on June 05, 2000
Free transferability provision
The Government of the Republic of Indonesia will continue to allow unrestricted and immediate access to the foreign exchange required for servicing private sector debts owed to or guaranteed by the Participating Creditor Countries or their appropriate institutions.
Phases
First phase : From April 01, 2000 up to March 31, 2001, implemented on June 05, 2000
Second phase : From April 01, 2001 up to March 31, 2002, implemented on September 25, 2001
De minimis threshold of 1 000 000 SDR
Payment of non-consolidated amounts before August 31, 2000
Comparability of treatment provision:
In order to secure comparable treatment of its debt due to all its external public or private creditors, the Government of the Republic of Indonesia commits itself to seek promptly from all its external creditors a rescheduling or a refinancing on terms comparable to those set forth in the present Memorandum of Understanding for credits of comparable maturity, while trying to avoid any discrimination among various categories of creditors.
The Government of the Republic of Indonesia commits itself not to accord any external creditor conditions of repayment more favourable than those accorded by the Participating Creditor Countries for credits of comparable maturity.
The Government of the Republic of Indonesia will inform in writing the Chairman of the Group of Official Creditor Countries of Indonesia not later than November 30, 2000 of the status of its negotiations and of the contents of its bilateral agreements with other creditors. Afterwards, the Government of the Republic of Indonesia will further inform in writing regularly the Chairman of the Group of Official Creditor Countries of Indonesia of the status of its negotiations with other creditors, as well as of the payments made to them
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 and loans on debts mentioned in Article II-1 other than ODA loans, up to 20% of the amounts of outstanding credits as of December 31, 2000 or up to an amount of 5 million SDR, whichever is higher. Participating creditor countries and the Government of Georgia 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 Georgia's economy and on the evolution of creditors' 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 Georgia.
Good will clause
At the request of the representatives of Georgia, Paris Club Creditors agreed in principle to meet in order to examine the situation of Georgia's debt under the Evian Approach at the end of the current Agreement. They will assess the sustainability of Georgia's debt and Georgia's commitment to policies that will secure an exit from the Paris Club and to implementing a comparable treatment from its other external creditors.
Based on that assessment and if Georgia fulfils the criteria here above mentioned and provided that Georgia has established a satisfactory track-record under the present Agreed Minute, made all payments on due date, and concluded a follow-up IMF programme, Paris Club creditors expressed their willingness to consider a debt treatment under the Evian Approach on terms tailored to Georgia's debt situation.
Phases
First phase : From June 01, 2004 up to December 31, 2004, implemented at the signature of the agreement
Second phase : From January 01, 2005 up to December 31, 2005, implemented on August 09, 2005
Third phase : From January 01, 2006 up to December 31, 2006, implemented on July 26, 2006
De minimis threshold of 250 000 SDR
Payment of non-consolidated amounts before January 31, 2005
Comparability of treatment provision:
In order to secure comparable treatment of its debt due to all its external public or private creditors, the Government of Georgia commits to seek promptly from all its external creditors debt reorganisation arrangements on terms comparable to those set forth in the present Agreed Minute, while trying to avoid discrimination among different categories of creditors.
Consequently, the Government of Georgia commits to accord all categories of creditors -and in particular creditor countries not participating in the present Agreed Minute, and private creditors- a treatment not more favourable than that accorded to the Participating Creditor Countries for credits of comparable maturity.
For the purpose of the comparison between the arrangements concluded by the Government of Georgia with its creditors not listed in the present Agreed Minute on the one hand, and with the Participating Creditor Countries on the other hand, all relevant elements will be taken into account, including the real exposure of the creditors not listed in the present Agreed Minute, the level of cash payments received by those creditors from the Government of Georgia as compared to their share in Georgia'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 Georgia and the creditors not listed in the present Agreed Minute.
Cut-off date:
November 01, 1999
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. Zurab Nogaideli, Minister of Finance.
repayment of non ODA credits over 18 years, with 3 years of grace
repayment of ODA credits over 20 years with 10 years of grace
Specific provisions:
Possibility to conduct debt swaps
On a voluntary and bilateral basis, the Government of each Participating Creditor Country or its appropriate institutions may sell or exchange, in the framework of debt for nature, debt for aid, debt for equity swaps or other local debt swaps: (i) all Official Development Assistance loans (ODA); (ii) amounts of outstanding credits, loans and consolidations on debts mentioned in Article II paragraph 1 other than ODA loans, up to 20% of the amounts of outstanding credits as of December 31, 1991 or up to an amount of 20 million SDR, whichever is higher.
Entry-into-force provision
The provisions of Article II-2 paragraphs A/ and B/ will come into force provided that the IMF has approved no later than July 31, 2003 the 1st review under the programme supported by the current Stand-by Arrangement.
Agreement implemented on August 07, 2003
The Participating Creditor Countries welcome the results of the debt sustainability analysis described in the IMF staff report for the 2003 Article IV consultation and acknowledge the Government of the Republic of Ecuador's efforts to reduce its public debt. In response to the request of the Government of the Republic of Ecuador, they agreed to continue to monitor closely the external debt situation of the country and to examine an updated debt sustainability analysis from the IMF staff in the context of the 2004 Article IV consultation.
De minimis threshold of 1 000 000 SDR
Payment of non-consolidated amounts before September 30, 2003
Comparability of treatment provision:
In order to secure comparable treatment of its debt due to its other external public or private creditors, the Government of the Republic of Ecuador commits to seek promptly from its external creditors debt reorganization arrangements on terms comparable to those set forth in the present Agreed Minute, while trying to avoid discrimination among different categories of creditors.
The Government of the Republic of Ecuador commits to accord all categories of creditors -and in particular creditor countries not participating in the present Agreed Minute, and private sector- a treatment not more favourable than that accorded to the Participating Creditor Countries for credits of comparable maturity.
For the purpose of the comparison between the arrangements concluded by the Government of the Republic of Ecuador with its creditors not listed in the present Agreed Minute on the one hand, and with the Participating Creditor Countries on the other hand, all relevant elements will be taken into account, including the real exposure of the creditor not listed in the present Agreed Minute, the level of cash payments received by those creditors from the Government of the Republic of Ecuador as compared to their share in the Republic of Ecuador'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 Ecuador and the creditors not listed in the present Agreed Minute.
Cut-off date:
January 01, 1983
Organisation of the session:
The meeting was chaired by Mrs Stéphane Pallez, Co-Chairperson of the Paris Club.
The head of the debtor country's delegation was Mr. Mauricio POZO, Minister of Economy and Finance.
