You are here

Home » Naples

Naples

English

CENTRAL AFRICAN REPUBLIC - 19980925

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 25 September, 1998

Status of the treatment: 

Fully repaid

Supporting agreements with the international institutions: 

IMF program approved on July 20, 1998

Download the IMF report : IMF report

Amounts treated: 

$23 million

Categories of debt treated: 

Treatment of arrears as of August 31, 1998

Treatment of maturities falling due from September 01, 1998 up to June 30, 2001

Repayment profile: 

Treatment under Naples terms (cancellation rate of 67%)

  • repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 67%
  • repayment of ODA credits over 40 years with 16 years of grace

Specific provisions: 

Entry-into-force provision

Agreement implemented on June 30, 1999

 

Good will clause

In response to the request of the representatives of the Government of the Central African Republic, the Participating Creditor Countries agreed in principle to a meeting to consider the matter of the Central African Republic 's debt service payments falling due after June 30, 2001 and relating to loans or credits pursuant to a contract or other financial arrangement concluded before January 1, 1983 provided:

- that the Central African Republic continues to have an appropriate arrangement with the International Monetary Fund;

- that the Central African Republic has reached with other creditors effective arrangements meeting the conditions described in [the Agreed Minute]. above and has reported in writing to the Chairman of the Paris Club, pursuant to [the Agreed Minute];

- and that the Central African Republic has complied with all conditions set out in this Agreed Minute.

If as at June 30, 2001, the Government of the Central African Republic has maintained satisfactory relations with the Participating or Observer Creditor Countries, and notably has fully implemented all agreements signed with them and continues to have an appropriate arrangement with the International Monetary Fund, the Participating Creditor Countries agree in principle to hold a meeting to consider the matter of the Central African Republic 's stock of debt.

 

Free transferability provision

The Government of the Central African Republic will take the relevant administrative measures or extend existing measures to ensure that the private debtors in the Central African Republic will be permitted to pay into the Central Bank the local currency counterpart of their obligations past due or falling due, corresponding to their debt of any nature owed to or guaranteed by the Participating or Observer Creditor Countries or their appropriate institutions.

 

Phases

  • First phase : From September 01, 1998 up to June 30, 1999, implemented on June 30, 1999
  • Second phase : From July 01, 1999 up to June 29, 2000, implemented on February 12, 2001
  • Third phase : From July 01, 2000 up to June 30, 2001, implemented on February 12, 2001

De minimis threshold of 250 000 SDR

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 Central African Republic commits itself to negotiate debt reorganization arrangements with all its external creditors providing for comparable debt reduction in net present value as well as comparable terms of repayment of the debts not cancelled.

The Government of the Central African Republic 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 by the Participating Creditor Countries for credits of comparable maturity and legal nature.

The Government of the Central African Republic will inform in writing the Chairman of the Paris Club not later than December 31, 1998 of the status of its negotiations and of the contents of its bilateral agreements with other creditors. The Government of the Central African Republic will further inform in writing regularly the Chairman of the Paris Club of the status of its negotiations with other creditors, as well as of the payments made to them, and in any case before the meeting mentioned in [the  Agreed Minute], the Chairman of the Paris Club of the status of its negotiations with other creditors and effective payments in their favour.

Cut-off date: 

January 01, 1983

Organisation of the session: 

The meeting was chaired by Mr. Philippe de FONTAINE VIVE, Vice President of the Paris Club.

The head of the debtor country's delegation was Mr. Anicet Georges DOLOGUELE, Minister of Finance and Budget.

Observers (countries): 

Observers (institutions): 

MOZAMBIQUE - 19961121

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 21 November, 1996

Status of the treatment: 

Fully repaid

Total external debt of the country: 

Amounts treated: 

$663 million

Repayment profile: 

Treatment under Naples terms (cancellation rate of 67%)

  • repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 67%
  • repayment of ODA credits over 40 years with 16 years of grace

Specific provisions: 

Possibility to conduct debt swaps

Comparability of treatment provision: 

yes

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

ETHIOPIA - 19970124

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 24 January, 1997

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

IMF program under the ESAF approved on October 11, 1996

 

Amounts treated: 

$183 million

Categories of debt treated: 

Treatment of arrears as of December 31, 1996

Treatment of maturities falling due from January 01, 1997 up to October 31, 1999

Repayment profile: 

Treatment under Naples terms (cancellation rate of 67%)

  • repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 67%
  • 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 20% of the amounts of outstanding credits as of November 30, 1992 or up to an amount of 20 million SDR, whichever is higher.

 

Good will clause

In response to the request of the representatives of the Government of Ethiopia, the Participating Creditor Countries agreed in principle to a meeting to consider the matter of Ethiopia's debt service payments falling due after October 31, 1999 and relating to loans or credits pursuant to a contract or other financial arrangement concluded before December 31, 1989 provided :

- that Ethiopia continues to have an appropriate arrangement with the International Monetary Fund ;

- that Ethiopia has reached with other creditors effective arrangements meeting the conditions described in [the recommendations] and has reported in writing to the Chairman of the Paris Club, pursuant to [the recommendations] ;

- and that Ethiopia has complied with all conditions set out in this Agreed Minute.

 

Free transferability provision

The Government of Ethiopia guarantees the immediate and unrestricted transfer of the foreign exchange counterpart of all amounts paid in local currency by the private debtors in Ethiopia for servicing their foreign debt legally contracted under the Ethiopian law and owed to or guaranteed by the Participating or Observer Creditor Countries or their appropriate institutions.

 

Pullback clause

The Participating Creditor Countries reserve the right to review and agree to the implementation of the conditions stated in [the present Agreed Minute] for the comparability of treatment between all creditor countries. If the Participating Creditor Countries determine that these conditions are not substantially fulfilled, and do not agree to their implementation, the provisions [...] of the present Agreed Minute will become null and void. In this case, the total amount of debts covered by the present Agreed Minute will be due and payable at that time, with the exception of maturities which have not yet fallen due on these debts. Any payments of principal and interest already made under [the present Agreed Minute] will be taken into account.

 

Phases

  • First phase : From January 01, 1997 up to December 31, 1997, implemented at the signature of the agreement
  • Second phase : From January 01, 1998 up to December 31, 1998, implemented on November 20, 1998
  • Third phase : From January 01, 1999 up to October 31, 1999, not implemented

De minimis threshold of 250 000 SDR

Payment of non-consolidated amounts before March 31, 1997

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 Ethiopia commits itself to negotiate debt reorganization arrangements with all its external creditors.

The Government of Ethiopia commits itself 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 by the Participating Creditor Countries for credits of comparable maturity and legal nature.

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

BURUNDI - 20040304

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 4 March, 2004

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

program with the IMF : Poverty reduction and growth facility (PRGF) approved on January 23, 2004
Download the IMF report : PRGF document

 

Total external debt of the country: 

$1 217 million as of January 01, 2004, representing 203,9% of GDP

$130 million of which being due to Paris Club as of January 01, 2004

Amounts treated: 

$85 million of which $4 million being canceled, of which $81 million being rescheduled

Accorded treatment: 

Restructuring of Burundi's public external debt, following the approval of an arrangement under the Poverty Reduction and Growth Facility by the International Monetary Fund on January 23, 2004

Categories of debt treated: 

Treatment of maturities falling due from January 01, 2004 up to June 30, 2009

Repayment profile: 

Treatment under Naples terms (cancellation rate of 67%)

  • repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 67%
  • 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) all ODA loans and credits ; (II) other amouts of outstanding credits and loans, up to 10% of the amounts of outstanding credits as of March 4, 2004 or up to an amount of 10 million SDR, whichever is higher.

 

Good will clause

Participating Creditor Countries agree to grant a topping-up of the debt reduction of the Agreed Minute dated 4 March 2004 to Cologne terms once the Government of the Republic of Burundi reaches its Decision Point under the Enhanced Debt Initiative for the Heavily Indebted Poor Countries, provided that the Government of the Republic of Burundi maintains satisfactory relations with the Participating Creditor Countries and the IMF.

 

Free transferability provision

The Government of the Republic of Burundi guarantees the immediate and unrestricted transfer of the foreign exchange counterpart of all amounts paid in local currency as at March 4, 2004 by the private debtors in the Republic of Burundi 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 the Republic of Burundi.

 

Phases

  • First phase : From January 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 September 15, 2005
  • Third phase : From January 01, 2006 up to June 30, 2009, implemented on December 04, 2006

De minimis threshold of 100 000 SDR

Payment of non-consolidated amounts before September 01, 2004

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 Burundi 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 4 March 2004 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: 

June 20, 1999

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. Athanase Gahungu, Minister of Finance

Files attached: 

PDF icon prBurundi4mars046870.pdf

Observers (countries): 

Observers (institutions): 

AFGHANISTAN - 20060719

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Wednesday, 19 July, 2006

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

program with the IMF: Arrangement under the Poverty Reduction and Growth Facility (PRGF) approved on June 26, 2006
Download the IMF report : PRGF document

Total external debt of the country: 

$2 362 million of which being due to Paris Club as of April 01, 2006

Amounts treated: 

$2 388 million of which $1 533 million being canceled, of which $855 million being rescheduled

Accorded treatment: 

Significant reduction of its external debt following the IMF's approval of an arrangement under the Poverty Reduction and Growth Facility on 26 June 2006

Categories of debt treated: 

Treatment of arrears as of March 31, 2006

Treatment of maturities falling due from April 01, 2006 up to March 31, 2010

Repayment profile: 

Treatment under Naples terms (cancellation rate of 67%)

  • repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 67%
  • repayment of ODA credits over 40 years with 16 years of grace

Specific provisions: 

Good will clause

Participating Creditor Countries agree to grant a topping-up of the debt reduction of the Agreed Minutes dated 19 July 2006 to Cologne terms if the Government of the Islamic Republic of Afghanistan reaches its Decision Point under the Enhanced HIPC Initiative, provided that the Government of Afghanistan maintains satisfactory relations with the Participating Creditor Countries and the IMF. Participating Creditor Countries agree to grant additional debt relief if the Government of Afghanistan reaches Completion Point under the Enhanced HIPC initiative.

 

Free transferability provision

The Government of Afghanistan guarantees the immediate and unrestricted transfer of the foreign exchange counterpart of all amounts paid in local currency as of 19 July 2006 as well as all amounts paid from this date by the private debtors in Afghanistan for servicing their foreign debt owed to or guaranteed by the Participating Creditor Countries or their appropriate institutions, for which the corresponding payments in local currency have been or will be deposited in the Central Bank.

 

Phases

  • First phase : From April 01, 2006 up to March 31, 2007, implemented at the signature of the agreement
  • Second phase : From April 01, 2007 up to March 30, 2008, implemented on July 18, 2007
  • Third phase : From April 01, 2008 up to March 31, 2010, implemented on April 07, 2008

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 Afghanistan 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 these Agreed Minutes 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 Afghanistan commits to accord all categories of creditors -and in particular creditor countries not participating in these Agreed Minutes, commercial banks and suppliers- a treatment not more favorable than that accorded to the Participating Creditor Countries.

For the purpose of the comparison between the arrangements concluded by the Government of Afghanistan with its creditors not listed in these Agreed Minutes on the one hand, and arrangements with the Participating Creditor Countries on the other hand, all relevant elements will be taken into account, including the exposure of the creditors not listed in the present Agreed Minutes, the level of cash payments received by those creditors from the Government of Afghanistan as compared to their share in the Republic of Afghanistan's external debt, the nature and characteristics of all treatment applied, including debt buy backs, and all characteristics of the reorganised claims and in particular their repayment terms whatever forms they take, and in general the financial relations between the Government of Afghanistan and the creditors not listed in these Agreed Minutes.

Cut-off date: 

June 20, 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 Mr. Anwar Ul-Haq Ahady, Minister of Finance

Files attached: 

PDF icon PRAfgha1907066870.pdf

Observers (countries): 

Observers (institutions): 

BENIN - 19961024

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 24 October, 1996

Status of the treatment: 

Active

Amounts treated: 

$209 million

Categories of debt treated: 

Treatment of the stock as of October 24, 1996.

 

Repayment profile: 

Treatment under Naples terms (cancellation rate of 67%)

  • repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 67%
  • repayment of ODA credits over 40 years with 16 years of grace

Specific provisions: 

Possibility to conduct debt swaps

Pullback clause

De minimis threshold of 1 400 000 SDR

Comparability of treatment provision: 

yes

Cut-off date: 

March 31, 1989

Organisation of the session: 

The meeting was chaired by M. Francis Mayer, Co President of the Paris Club.

The head of the debtor country's delegation was M. Moïse Mensah, Minister of Finance.

Observers (countries): 

Observers (institutions): 

MALI - 19960520

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Monday, 20 May, 1996

Status of the treatment: 

Active

Amounts treated: 

$32 million

Categories of debt treated: 

Treatment of the stock as of May 20, 1996

Repayment profile: 

Treatment under Naples terms (cancellation rate of 67%)

  • repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 67%
  • repayment of ODA credits over 40 years with 16 years of grace

 

Specific provisions: 

Possibility to conduct debt swaps

Pullback clause

Comparability of treatment provision: 

yes

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

ZAMBIA - 19990416

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Friday, 16 April, 1999

Status of the treatment: 

Active

Supporting agreements with the international institutions: 

IMF program approved on March 25, 1999

Download the IMF report : IMF report

Amounts treated: 

$1 062 million

Categories of debt treated: 

Treatment of arrears as of June 30, 1999

Treatment of maturities falling due from April 01, 1999 up to December 31, 2000

Repayment profile: 

Treatment under Naples terms (cancellation rate of 67%)

  • repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 67%
  • 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] 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 June 30, 1992 or up to an amount of 20 million SDR, whichever is higher.

 

Entry-into-force provision

The provisions of the Agreed Minute will come into force provided that the Government of the Republic of Zambia has made all payments due to Participating Creditor Countries due pursuant to [...] the Agreed Minute, and following notification by the Chairman of the Paris Club.

Agreement implemented on March 31, 2000

 

Good will clause

In response to the request of the representatives of the Government of the Republic of Zambia:

a) the Participating Creditor Countries agreed in principle to a meeting to consider the matter of the Republic of Zambia's debt service payments falling due after March 31, 2002 and relating to loans or credits pursuant to a contract or other financial arrangement concluded before January 1, 1983, provided:

- that the Republic of Zambia continues to have an appropriate arrangement with the International Monetary Fund ;

- that the Republic of Zambia has reached with other creditors effective arrangements meeting the conditions [treated in the Agreed Minute] and has reported in writing to the Chairman of the Paris Club, pursuant to [the Minute] ;

- and that the Republic of Zambia has complied with all conditions set out in this Agreed Minute.

b) alternatively, if as at April 1, 2002, the Government of the Republic of Zambia has maintained satisfactory relations with the Participating Creditor Countries, and notably has fully implemented all agreements signed with them and continues to have an appropriate arrangement with the International Monetary Fund, the Participating Creditor Countries agree in principle to hold a meeting to consider the matter of the Republic of Zambia's stock of debt.
 

Special account

To facilitate the implementation of this Agreed Minute, the Government of the Republic of Zambia will deposit in the special account established with the Bank for International Settlements, the equivalent of at least SDR 3,3 million at the end of each month, commencing in July 1999 through March 2002 inclusive. The Government of the Republic of Zambia 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, 1999 up to March 31, 2002 inclusive under the terms of the bilateral agreements to be concluded pursuant to this Agreed Minute. As specific payments under these agreements become due, the Government of the Republic of Zambia 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, 1999 up to March 31, 2002 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, 1999 up to March 31, 2000, implemented on March 31, 2000
  • Second phase : From April 01, 2000 up to March 31, 2001, implemented on September 22, 2000

De minimis threshold of 500 000 SDR

Payment of non-consolidated amounts before June 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 Zambia 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 Zambia 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 to the Participating Creditor Countries.

For the purpose of the comparison between the arrangements concluded by the Government of the Republic of Zambia 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 Agreed Minute, the level of cash payments received by those creditor countries from the Government of the Republic of Zambia as compared to their share in the Republic of Zambia'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 Zambia and the creditor countries not listed in the Agreed Minute.
 

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

ZAMBIA - 19960228

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Wednesday, 28 February, 1996

Status of the treatment: 

Fully repaid

Amounts treated: 

$566 million

Repayment profile: 

Treatment under Naples terms (cancellation rate of 67%)

  • repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 67%
  • repayment of ODA credits over 40 years with 16 years of grace

Specific provisions: 

Possibility to conduct debt swaps

Comparability of treatment provision: 

yes

Organisation of the session: 

Have attended:

Observers (countries): 

Observers (institutions): 

YEMEN - 20010614

Submitted by adminCDP on Tue, 29/09/2015 - 11:23
English

Debtor country: 

Creditor country: 

Terms: 

Treatment date: 

Thursday, 14 June, 2001

Status of the treatment: 

Active

Total external debt of the country: 

$5 490 million as of December 31, 1999

$1 900 million of which being due to Paris Club as of December 31, 2000

Amounts treated: 

$420 million of which $26 million being canceled, of which $395 million being rescheduled

Accorded treatment: 

Restructuring of the public external debt

Categories of debt treated: 

Stock of non previously rescheduled commercial claims - stock of non previously rescheduled ODA claim

Repayment profile: 

Treatment under Naples terms (cancellation rate of 67%), after cancellation to a rate of 67%

  • repayment of ODA credits over 40 years with 16 years of grace

repayment profile

Specific provisions: 

Pullback clause

The Participating Creditor Countries reserve the right to review the implementation of the conditions stated in Article III paragraphs 1. and 3. hereabove 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 Yemen has not met its payments obligations as specified in the present Agreed Minute, the provisions of Article II. of the present Agreed Minute will become null and void ;

De minimis threshold of 1 000 000 SDR

Payment of non-consolidated amounts before September 30, 2001

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 Yemen 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 Yemen commits itself to accord all categories of creditors -and in particular creditors not participating in the present Agreed Minute, commercial banks and suppliers- a treatment not more favourable than that accorded by the Participating Creditor Countries.

For the purpose of the comparison between the arrangements concluded by the Government of the Republic of Yemen 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 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 Yemen as compared to their share in the Yemen'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 Yemen and the creditors not listed in the present Agreed Minute.
 

Cut-off date: 

January 01, 1993

Organisation of the session: 

The meeting was chaired by Mrs Stéphane Pallez, Co President of the Paris Club

The head of the debtor country's delegation was Mr. Alawi S. Al Salami, Vice Prime Minister, Minister of Finance

Files attached: 

PDF icon ye14062001cpen6870.pdf

Observers (countries): 

Observers (institutions): 

Pages

Zircon - This is a contributing Drupal Theme
Design by WeebPal.