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) the amounts of other outstanding credits, loans and consolidations mentioned in paragraph 1. above, up to 10% of the amounts of outstanding credits as of July 1st, 1995 or up to an amount of 10 million US dollars, whichever is higher. Participating creditor countries and the Government of the Republic of Ghana 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 the Republic of Ghana's economy and on the evolution of creditor's 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 the Republic of Ghana.
Free transferability provision
The Government of Ghana guarantees the immediate and unrestricted transfer of the foreign exchange counterpart of all amounts paid in local currency by the private debtors on Ghana 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 deposited in the Central Bank of Ghana.
De minimis threshold of 100 000 SDR
Payment of non-consolidated amounts before May 31, 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 Ghana commits itself to seek promptly from all its external creditors debt reduction and reorganisation 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 Ghana 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 the purpose of the comparison between the arrangements concluded by the Government of the Republic of Ghana 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 Ghana as compared to their share in the Republic of Ghana'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 Republic of Ghana and the creditor countries not listed in the present Agreed Minute.
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. Yaw OASFO-MAAFO, Minister of Finance.
Treatment of maturities falling due from March 01, 2001 up to March 31, 2004
Repayment profile:
Treatment under Naples terms (cancellation rate of 48,6%)
repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 48,6%
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 ; (ii) the amounts of other outstanding credits, loans and consolidations mentioned in paragraph 1. above, 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. Participating creditor countries and the Government of Ethiopia 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 Ethiopia's economy and on the evolution of creditor's 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 Ethiopia.
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 March 31, 2004 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 Article III paragraph 1. above and has reported in writing to the Chairman of the Paris Club, pursuant to Article III paragraph 2. above ;
- 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.
Phases
First phase : From March 01, 2001 up to March 31, 2002, implemented at the signature of the agreement
Second phase : From April 01, 2002 up to March 31, 2003, implemented on May 31, 2002
Third phase : From April 01, 2003 up to March 31, 2004, implemented on September 08, 2003
De minimis threshold of 250 000 SDR
Payment of non-consolidated amounts before July 15, 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 Ethiopia 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 Ethiopia 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 the purpose of the comparison between the arrangements concluded by the Government of Ethiopia 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 Ethiopia as compared to their share in Ethiopia'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 Ethiopia and the creditor countries not listed in the present Agreed Minute.
Cut-off date:
December 31, 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. Sufian Ahmed, Minister of Finance.
Restructuring of the public external debt, following the approval of an arrangement under the Poverty Reduction and Growth Facility with the International Monetary Fund on 12 June 2002.
Categories of debt treated:
Treatment of arrears as of June 30, 2002
Treatment of maturities falling due from July 01, 2002 up to March 31, 2006
Restructuring of the public external debt, following the approval of an arrangement under the Poverty Reduction and Growth Facility by the International Monetary Fund on December 6, 2004. This agreement is the result of the economic and financial recovery effort made by the Republic of Congo in the course of the last two years.
Categories of debt treated:
Treatment of maturities falling due from October 01, 2004 up to September 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, 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; (ii) the amounts of other outstanding credits, loans and consolidations, up to 20% of the amounts of outstanding loans, credits and consolidations as of August 31, 1990 or up to an amount of 20 million SDR, whichever is higher.
Good will clause
Participating Creditor Countries agree to grant a topping-up of the debt reduction of the Agreed Minutes dated 16 December 2004 to Cologne terms once the Government of the Republic of Congo reaches its Decision Point under the Enhanced Debt Initiative for the Heavily Indebted Poor Countries, provided that the Government of the Republic of Congo maintains satisfactory relations with the Participating Creditor Countries and the IMF.
Free transferability provision
The Government of the Republic of Congo guarantees the immediate and unrestricted transfer of the foreign exchange counterpart of all amounts paid in local currency as of December 16, 2004 by the private debtors in the Republic of Congo 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 Banque des Etats d'Afrique Centrale.
Phases
First phase : From October 01, 2004 up to September 30, 2005, implemented at the signature of the agreement
Second phase : From October 01, 2005 up to September 30, 2006, implemented on August 01, 2006
Third phase : From October 01, 2006 up to September 30, 2007, not implemented
Payment of non-consolidated amounts before June 01, 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 the Republic of Congo 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 16 December 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. Consequently, the Government of the Republic of Congo commits to accord all categories of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 16 December 2004, 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 the Republic of Congo with its creditors not listed in the Agreed Minutes dated 16 December 2004 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 16 December 2004, the level of cash payments received by those creditors from the Government of the Republic of Congo 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 reorganised claims and in particular their repayment terms whatever forms they take, and in general the financial relations between the Government of the Republic of Congo and the creditors not listed in the Agreed Minutes dated 16 December 2004.
Cut-off date:
January 01, 1986
Organisation of the session:
The meeting was chaired by Madame Odile RENAUD-BASSO, Co Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Rigobert Roger ANDELY, Minister of Economy, Finance and Budget.
Restructuring of the public external debt, following the approval of an arrangement under the Poverty Reduction and Growth Facility by the International Monetary Fund on 21 September 2009
Categories of debt treated:
Treatment of arrears as of June 30, 2009.
Treatment of maturities falling due from July 01, 2009 up to June 30, 2013
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
On an exceptional basis, considering the Union of the Comoros' limited capacity of payment, further constrained by a harsh global economic context, creditors agreed to defer senior debt (not usually treated by the Paris Club), so that the overall payments expected from the Union of the Comoros between 1 July 2009 and 30 June 2012 will be reduced by around 80%.
Creditors agreed on a further reduction of 50% of the debt service of the Union of the Comoros should the country reach its decision point under the HIPC initiative.
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.
Good will clause
Participating Creditor Countries agree to grant a topping-up of the debt reduction of the Agreed Minutes dated 19 November 2009 to Cologne terms once the Government of the Union of the Comoros reaches its Decision Point under the Enhanced Debt Initiative for the Heavily Indebted Poor Countries, provided that the Government of the Union of the Comoros maintains satisfactory relations with the Participating Creditor Countries and the IMF.
Phases
First phase : From July 01, 2009 up to June 30, 2010, implemented at the signature of the agreement
Second phase : From July 01, 2010 up to June 30, 2011, implemented on March 21, 2011
Third phase : From July 01, 2011 up to June 30, 2013, implemented on July 04, 2012
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 Union of the Comoros 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 19 November 2009 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 Union of the Comoros commits to accord all categories of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 19 November 2009, 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 the Union of the Comoros with its creditors not listed in the Agreed Minutes dated 19 November 2009 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 19 November 2009, the level of cash payments received by those creditors from the Government of the Union of the Comoros as compared to their share in the Union of the Comoros' 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 Union of the Comoros and the creditors not listed in the Agreed Minutes dated 19 November 2009.
Cut-off date:
June 20, 1999
Organisation of the session:
The meeting was chaired by Ms Delphine d'AMARZIT, Co Chairperson of the Paris Club
The head of the debtor country's delegation was Dr Ikililou DHOININE, Vice President in charge of the Ministry of Finance
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:
Written notification signed by Mr. Bertrand de MAZIERES, Vice President of the Paris Club, to Mrs. Mariam MAHAMA NOUR, MInister of Planning and Cooperation.
