Supporting agreements with the international institutions
IMF program approved on July 20, 1998
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.