The Republic of Chad was declared eligible to the enhanced HIPC Initiative by the IDA and the IMF in 2001 and was declared to have reached its Completion Point in April 2015. In this context, the Republic of Chad commits to promptly seek from all its official bilateral and commercial external creditors which are not participating in the Agreed Minutes dated 24 June 2015, their appropriate contribution in terms of debt relief to the enhanced HIPC Initiative, on top of traditional debt relief mechanisms and consistent with the proportional burden sharing based on their relative exposure in net present value of total external debt at Decision Point after the full use of traditional debt relief mechanisms.

The appropriate nature of the debt relief provided will be assessed not only on the basis of the reduction in the net present value of the debt as computed under the Appropriate Market Rate, but also on the terms of repayment of the debts not cancelled. For this purpose, all relevant elements will be taken into account, including the level of cash payments received by those creditors as compared to their share in the Republic of Chad’s external debt, the nature and characteristics of all treatment applied, including debt buy backs, all characteristics of the reorganized claims -and in particular their repayment terms, regardless of the forms they take- and, more generally, the financial relations between the Republic of Chad and all their other creditors.

Consequently, the Republic of Chad commits not to grant any category of external bilateral and commercial creditors -and in particular litigating creditors, creditor countries not participating in the Agreed Minutes dated 24 June 2015, commercial banks, suppliers and bondholders- a treatment more favourable than that granted to the Participating Creditor Countries.