Treatment of maturities falling due from July 01, 1997 up to October 31, 2000
Repayment profile:
Treatment under Naples terms (cancellation rate 67%)
repayment of non ODA credits over 23 years, with 6 years of grace
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 inn the present Agreed Minute], up to 20% of the amounts of outstanding credits as of August 31, 1996 or up to an amount of 15 million SDR, whichever is higher.
Entry-into-force provision
Agreement implemented on December 31, 1998
Good will clause
In response to the request of the representatives of the Government of the Republic of Yemen, the Participating Creditor Countries agreed in principle to a meeting to consider the matter of the Republic of Yemen's debt service payments falling due after October 31, 2000 and relating to loans or credits pursuant to a contract or other financial arrangement concluded before January 1, 1993 provided :
- that the Republic of Yemen continues to have an appropriate arrangement with the International Monetary Fund ;
- that the Republic of Yemen has reached with other creditors effective arrangements meeting the conditions [of the present Agreed Minute] and has reported in writing to the Chairman of the Paris Club, pursuant to [the present Agreed Minute] ;
- and that the Republic of Yemen has complied with all conditions set out in this Agreed Minute.
Phases
First phase : From July 01, 1997 up to December 31, 1998, implemented on December 31, 1998
Second phase : From January 01, 1999 up to December 31, 1999, implemented on April 28, 1999
Third phase : From January 01, 2000 up to October 31, 2000, not implemented
De minimis threshold of 500 000 SDR
Payment of non-consolidated amounts before March 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 Yemen commits itself to promptly negotiate debt reduction arrangements with all its external creditors.
Consequently, the Government of the Republic of Yemen 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.
Debt relief of the external public debt, following the approval by the International Monetary Fund (IMF) of a new three year arrangement under the Poverty Reduction and Growth Facility on 21 April 2008
Categories of debt treated:
Treatment of arrears as of March 31, 2008
Treatment of maturities falling due from April 01, 2008 up to March 31, 2011
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 and consolidations as regards ODA debts, with the exception of those 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 those administered by IDA and provided by the European Union member States, up to 10% of the amounts of outstanding loans, credits and consolidations as of 30 June 1992 or up to an amount of 20 million of dollars of the United States of America, whichever is higher.
Good will clause
Participating Creditor Countries agree to grant a topping-up of the debt reduction to Cologne terms once the Togolese Republic reaches its Decision Point under the Enhanced Debt Initiative for the Heavily Indebted Poor Countries, provided that the Government of the Togolese Republic maintains satisfactory relations with the Participating Creditor Countries and the IMF.
Phases
First phase : From April 01, 2008 up to March 31, 2009, implemented at the signature of the agreement
Second phase : From April 01, 2009 up to March 31, 2010, implemented on July 17, 2009
Third phase : From April 01, 2010 up to March 31, 2011, implemented on July 23, 2010
De minimis threshold of 10 000 USD
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 Togolese Republic 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 Minutes dated 12 June 2008 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 Togolese Republic commits to accord all categories of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 12 June 2008, 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 Togolese Republic with its creditors not listed in the Agreed Minutes dated 12 June 2008 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 Agreed Minutes dated 12 June 2008, the level of cash payments received by those creditors from the Government of the Togolese Republic as compared to their share in the Togolese Republic'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 the Togolese Republic and the creditors not listed in the Agreed Minutes dated 12 June 2008.
Cut-off date:
January 01, 1983
Organisation of the session:
The meeting was chaired by Mr. Julien RENCKI, Vice Chairman of the Club de Paris.
The head of the debtor country's delegation was Mr. Adji Otèth AYASSOR, Minister of Economy and Finance.
Treatment of maturities falling due from December 01, 1996 up to November 30, 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 December 31, 1991 or up to an amount of 40 million US dollars, whichever is higher.
Good will clause
In response to the request of the representatives of the Government of the United Republic of Tanzania, the Participating Creditor Countries agreed in principle to a meeting to consider the matter of the United Republic of Tanzania's debt service payments falling due after November 30, 1999 and relating to loans or credits pursuant to a contract or other financial arrangement concluded before June 30,1986 provided :
- that the United Republic of Tanzania continues to have an appropriate arrangement with the International Monetary Fund ;
- that the United Republic of Tanzania has reached with other creditors effective arrangements meeting the conditions described in [the present Agreed Minute] and has reported in writing to the Chairman of the Paris Club, pursuant to [the present Agreed Minute];
- and that the United Republic of Tanzania has complied with all conditions set out in this Agreed Minute.
Special account
To facilitate the implementation of this Agreed Minute, the Government of the United Republic of Tanzania will deposit in the special account established with the Bank of England, the equivalent of at least SDR 4.75 million at the end of each month, commencing in February 1997 through November 1999 inclusive. The Government of the United Republic of Tanzania 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 December 1, 1996 up to November 30, 1999 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 United Republic of Tanzania 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 December 1, 1996 up to November 30, 1999 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 December 01, 1996 up to December 31, 1997, implemented at the signature of the agreeement
Second phase : From January 01, 1998 up to December 31, 1998, not implemented
Third phase : From January 01, 1999 up to November 30, 1999, not implemented
De minimis threshold of 500 000 SDR
Payment of non-consolidated amounts before June 30, 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 the United Republic of Tanzania commits itself to negotiate debt reorganization arrangements with all its external creditors providing for the same debt reduction in net present value.
The Government of the United Republic of Tanzania 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.
Restructuring of its public external debt, following the approval of an arrangement under the Poverty Reduction and Growth Facility with the International Monetary Fund on September 25, 2001
Categories of debt treated:
Treatment of arrears as of September 30, 2001
Treatment of maturities falling due from October 01, 2001 up to May 30, 2007
Repayment profile:
Treatment under Naples terms (cancellation rate of 67%)
repayment of non ODA credits over 23 years, with 6 years of grace
repayment of ODA credits over 40 years with 16 years of grace
Specific provisions:
Possibility to conduct debt swaps
Phases
First phase : From October 01, 2001 up to September 30, 2002, implemented at the signature of the agreement
Second phase : From October 01, 2002 up to September 30, 2003, implemented on November 13, 2002
Third phase : From October 01, 2003 up to May 30, 2007, implemented on March 29, 2004
Payment of non-consolidated amounts before March 31, 2002
Comparability of treatment provision:
yes
Cut-off date:
July 01, 1983
Organisation of the session:
The meeting was chaired by Mr. Ambroise FAYOLLE, Vice Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Peter KUYEMBEH, Minister of Finance.
Treatment of maturities falling due from June 01, 1998 up to December 31, 2000
Repayment profile:
Treatment under Naples terms (cancellation rate of 67%)
Specific provisions:
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 Senegal 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 ; b) the Government of Senegal agrees that the International Monetary Fund inform the Chairman of the Paris Club regarding the status of the Senegal's relations with the International Monetary Fund.
De minimis threshold of 1 000 000 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 Senegal 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 Senegal 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 by the Participating Creditor Countries.
For the purpose of the comparison between the arrangements concluded by the Government of Senegal 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 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 Senegal as compared to their share in the Senegal'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 Senegal and the creditor countries not listed in the present Agreed Minute.
The Government of Senegal will inform regularly in writing the Chairman of the Paris Club of the progress made for this purpose in the negotiations with all its external creditors. A first report should be provided to the Chairman of the Paris Club by December 17, 1998.
The Government of Senegal will inform in writing without delay the Chairman of the Paris Club of the content of any agreement reached with its other external creditors.
The Government of Senegal will inform in writing the Chairman of the Paris Club, on a yearly basis, of the cash payments made by Senegal to its external creditors, and especially to the creditor countries not participating in the present Agreed Minute.
