Treatment under Lyon terms (cancellation rate of 80%)
repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 80%
repayment of ODA credits over 40 years with 16 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) the amounts of outstanding loans [treated in the present Agreed Minute] as regards official development aid loans ; (ii) the amounts of other outstanding credits, loans and consolidations [treated in the present Agreed Minute], up to 30% of the amounts of outstanding credits as of December 31, 1992 or up to an amount of 30 million SDR, whichever is higher.
Good will clause
The Participating Creditor Countries understand that the Boards of the International Monetary Fund and of the International Bank for Reconstruction and Development intend to consider in 1999 enhancement to the Debt Initiative for the Heavily Indebted Poor Countries. The Participating Creditor Countries agree in principle to review in that light the matter of the Republic of Mozambique's stock of debt with a view to providing additional relief if needed to achieve the objective of debt sustainability.
Pullback clause
The Participating Creditor Countries reserve the right to review the implementation of the conditions [...] for the comparability of treatment between all external creditors ; if the Participating Creditor Countries determine that these conditions are not substantially fulfilled, or that the Government of the Republic of Mozambique has not met its payments obligations as specified in the present Agreed Minute, the provisions [...] of the present Agreed Minute will become null and void
Payment of non-consolidated amounts before September 30, 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 Republic of Mozambique commits itself to seek promptly from all its external creditors debt reduction and reorganization arrangements on terms comparable in net present value to those set forth in the present Agreed Minute for credits of comparable maturity. Comparability of treatment for debt reduction in net present value is assessed not only on the basis of the reduction in the face value of the debt but also on the terms of repayment of the debts not cancelled.
Consequently, the Government of the Republic of Mozambique 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 the Participating Creditor Countries.
For the purpose of the comparison between the arrangements concluded by the Government of the Republic of Mozambique 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 Republic of Mozambique as compared to their share in the Republic of Mozambique'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 Mozambique and the creditor countries not listed in the present Agreed Minute.
The Government of the Republic of Mozambique will inform in writing the Chairman of the Paris Club not later than June 30, 2000 of the progress made for this purpose in negotiations with other creditors. It will inform afterwards on a semi annual basis, the Chairman of the Paris Club of the status of its relationships with other creditors.
Treatment of maturities falling due from April 01, 1998 up to March 31, 2001
Repayment profile:
Treatment under Lyon terms (cancellation rate of 80%)
repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 80%
repayment of ODA credits over 40 years with 16 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) the amounts of outstanding loans [treated in the Agreed Minute dated April 24, 1998] as regards official development aid loans ; (ii) the amounts of other outstanding credits, loans and consolidations [treated in the Agreed Minute], up to 20% of the amounts of outstanding credits as of September 30, 1991 or up to an amount of 30 million SDR, whichever is higher.
Good will clause
In response to the request of the representatives of the Government of the Republic of Côte d'Ivoire, the Participating Creditor Countries agreed in principle to a meeting to consider the matter of debt service payments falling due after March 31, 2001 and relating to loans or credits pursuant to a contract or other financial arrangement concluded before July 1, 1983 provided:
- that the Republic of Côte d'Ivoire continues to have an appropriate arrangement with the International Monetary Fund;
- that the Republic of Côte d'Ivoire has reached with other creditors effective arrangements meeting the conditions described in [the Agreed Minute] and has reported in writing to the Chairman of the Paris Club, pursuant to [the Agreed Minute];
- and that the Republic of Côte d'Ivoire has complied with all conditions set out in this Agreed Minute.
Special account
To facilitate the implementation of the Agreed Minute dated April 24, 1998, the Government of the Republic of Cote d'Ivoire will deposit in the special account established with the Banque de France, the equivalent of at least 2 billion CFA francs at the end of each month, commencing in April 1, 1998 through March 31, 2001 inclusive. The Government of the Republic of Cote d'Ivoire undertakes to have this Bank notify the Chairman of the Paris Club as soon as each deposit has been made. The total amount approximates the amounts estimated to be payable to all Participating Creditor Countries from April 1, 1998 up to March 31, 2001 inclusive under the terms of the bilateral agreements to be concluded pursuant to the Agreed Minute. As specific payments under these agreements become due, the Government of the Republic of Cote d'Ivoire will draw on the special account to meet these payments; no drawing will be made on the special account for any other use before all payments due from April 1, 1998 up to March 31, 2001 inclusive under these agreements have been made. Any drawing on this account will be made after a previous 15-day notice to the above Bank, which this Bank will notify immediately to the Chairman of the Paris Club. This scheme could be continued by agreement between the parties.
Phases
First phase : From April 01, 1998 up to March 31, 1999, implemented at the signature of the agreement
Second phase : From April 01, 1999 up to March 30, 2000, not implemented
Third phase : From April 01, 2000 up to March 31, 2001, not implemented
De minimis threshold of 500 000 SDR
Payment of non-consolidated amounts before June 30, 1998
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 Côte d'Ivoire commits itself to seek from all its external creditors debt reorganization arrangements on terms comparable to those set forth in the Agreed Minute dated April 24, 1998 for credits of comparable maturity.
Consequently, the Government of the Republic of Côte d'Ivoire 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 to the Participating Creditor Countries.
The Government of the Republic of Côte d'Ivoire will seek to secure, from each of its creditor countries not participating in the Agreed Minute, rescheduling or refinancing arrangements on terms comparable to those set forth in the Agreed Minute. The Government of the Republic of Côte d'Ivoire agrees not to accord any such creditor country repayment terms more favourable than those accorded to the Participating Creditor Countries.
The Government of the Republic of Côte d'Ivoire agrees that it will promptly negotiate rescheduling or refinancing arrangements with all other creditors on credits of comparable maturity.
The Government of the Republic of Côte d'Ivoire will inform in writing the Chairman of the Paris Club not later than September 30, 1998 of the progress made for this purpose in negotiations with other creditors.
Cut-off date:
July 01, 1983
Organisation of the session:
The meeting was chaired by Mr. Francis MAYER, Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. N'goran NIAMIEN, Minister of Economy and Finance.
Treatment under Lyon terms (cancellation rate of 80%)
repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 80%
repayment of ODA credits over 40 years with 16 years of grace
Specific provisions:
Possibility to conduct debt swaps
On a voluntary 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 [treated in the present Agreed Minute] as regards official development aid loans and direct Government loans ; (ii) the amounts of other outstanding credits (treated in the present Agreed Minute], up to 20% of the amounts of outstanding credits as of June 30, 1992 or up to an amount of 15 million SDR, whichever is higher.
Pullback clause
The Participating Creditor Countries reserve the right to review the implementation of the conditions stated [...] for the comparability of treatment between all external creditors ; if the Participating Creditor Countries determine that these conditions are not substantially fulfilled, or that the Government of the Republic of Uganda has not met its payments obligations as specified in the present Agreed Minute, the provisions [...] of the present Agreed Minute will become null and void.
De minimis threshold of 1 100 000 SDR
Payment of non-consolidated amounts before September 30, 1998
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 Uganda commits itself to seek promptly from all its external creditors debt reduction and reorganization arrangements on terms comparable in net present value to those set forth in the present Agreed Minute for credits of comparable maturity. Comparability of treatment for debt reduction in net present value is assessed not only on the basis of the reduction in the face value of the debt but also on the terms of repayment of the debts not cancelled.
Consequently, the Government of the Republic of Uganda 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 the Participating Creditor Countries.
For the purpose of the comparison between the arrangements concluded by the Government of the Republic of Uganda 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 Republic of Uganda as compared to their share in the Republic of Uganda'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 Uganda and the creditor countries not listed in the present Agreed Minute.
The Government of the Republic of Uganda will inform in writing the Chairman of the Paris Club no later than October 31, 1998 of the progress made for this purpose in negotiations with other creditors. It will inform afterwards on a semestrial basis, the Chairman of the Paris Club of the status of its relationships with other creditors.
Restructuring of Côte d'Ivoire's public external debt, following the approval of an arrangement under the Poverty Reduction and Growth Facility with the International Monetary Fund on March 27, 2002
Categories of debt treated:
Treatment of arrears as of March 31, 2002
Treatment of maturities falling due from April 01, 2002 up to December 31, 2004
Repayment profile:
Treatment under Lyon terms (cancellation rate of 80%)
repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 80%
repayment of ODA credits over 40 years with 16 years of grace
Rescheduling of ODA credits at a rate at least as favorable as the original contractual rate
Specific provisions:
Possibility to conduct debt swaps
20%-30MSDR
Good will clause
Participating Creditor Countries agree to grant a topping-up of the debt reduction of the present agreement from Lyon terms to Cologne terms on loans, credits or consolidations pursuant to a contract or other financial arrangement concluded before July 1, 1983, as soon as the Republic of Côte d'Ivoire has reached the Decision Point under the Enhanced Debt Initiative for the Heavily Indebted Poor Countries, provided that the Government of the Republic of Côte d'Ivoire maintains satisfactory relations with the Participating Creditor Countries and the International Monetary Fund.
Phases
First phase : From April 01, 2002 up to March 31, 2003, implemented at the signature of the agreement
Second phase : From April 01, 2003 up to March 30, 2004, not implemented
Third phase : From April 01, 2004 up to December 31, 2004, not implemented
De minimis threshold of 1 000 000 SDR
Payment of non-consolidated amounts before September 30, 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 Côte d'Ivoire commits to seek from all its external creditors debt reduction and reorganisation arrangements on terms comparable in net present value to those set forth in the Agreed Minute dated 10 April 2002 for credits of comparable maturity. Comparability of treatment for debt reduction in net present value is assessed not only on the basis of the reduction in the face value of the debt but also on the terms of repayment of the debts not cancelled.
Cut-off date:
July 01, 1983
Organisation of the session:
The meeting was chaired by Mr. Jean-Pierre Jouyet, president of the Paris Club
The head of the debtor country's delegation was Mr. Bohoun Bouabre, Ministry of Economy and Finance of the Republic of Côte d'Ivoire
Treatment under Lyon terms (cancellation rate of 80%)
repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 80%
repayment of ODA credits over 40 years with 16 years of grace
Specific provisions:
Possibility to conduct debt swaps
On a voluntary 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 [treated in the present Agreed Minute]as regards official development aid loans and direct Government loans ; (ii) the amounts of other outstanding credits [treated in the Agreed Minute], up to 20% of the amounts of outstanding credits as of December 31, 1991 or up to an amount of 30 million SDR, whichever is higher.
Free transferability provision
The Government of the Republic of Bolivia guarantees the immediate and unrestricted transfer of the foreign exchange counterpart of all amounts paid in local currency by the private debtors in Bolivia 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 or will be deposited in the Central Bank of Bolivia.
Pullback clause
The Participating Creditor Countries reserve the right to review the implementation of the conditions stated [...] for the comparability of treatment between all external creditors ; if the Participating Creditor Countries determine that these conditions are not substantially fulfilled, or that the Government of the Republic of Bolivia has not met its payments obligations as specified in the Agreed Minute, the provisions [...] of the Agreed Minute will become null and void.
De minimis threshold of 2 000 000 SDR
Payment of non-consolidated amounts before December 31, 1998
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 Bolivia commits itself to seek promptly from all its external creditors debt reduction and reorganization arrangements on terms comparable in net present value to those set forth in the Agreed Minute for credits of comparable maturity. Comparability of treatment for debt reduction in net present value is assessed not only on the basis of the reduction in the face value of the debt but also on the terms of repayment of the debts not cancelled.
Consequently, the Government of the Republic of Bolivia commits itself to accord all categories of creditors -and in particular creditor countries not participating in the Agreed Minute, commercial banks and suppliers- a treatment not more favourable than that accorded the Participating Creditor Countries.
For the purpose of the comparison between the arrangements concluded by the Government of the Republic of Bolivia with its creditor countries not listed in the 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 Agreed Minute, the level of cash payments received by those creditor countries from the Government of the Republic of Bolivia as compared to their share in the Republic of 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 the creditor countries not listed in the Agreed Minute.
The Government of the Republic of Bolivia will inform in writing the Chairman of the Paris Club no later than June 30, 1999 of the progress made for this purpose in negotiations with other creditors. It will inform afterwards on a semestrial basis, the Chairman of the Paris Club of the status of its relationships with other creditors.
