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Debt treatment -
June 29, 2012

Supporting agreements with the international institutions

Program approved by the IMF under the Extended Credit Facility (ECF) on November 04, 2011
Download the IMF report : Document on the ECF


Total external debt of the country

$12 490 million as of December 31, 2011

$6 529 million of which being due to Paris Club as of June 01, 2012

Amounts treated

$6 529 million of which $1 772 million being canceled, of which $4 758 million being rescheduled

Accorded treatment

Debt cancellation, the Republic of Côte d’Ivoire having reached its Completion Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) on 26 June 2012

Categories of debt treated

Treatment of the stock as of June 01, 2012

Repayment profile

Treatment under HIPC Initiative Exit terms

Paris Club creditors also confirmed their willingness to grant additional debt relief on a bilateral basis for an amount of USD 4.725 million

This agreement and additional bilateral efforts will result in a reduction of the deb of the Republic of Côte d'Ivoire to Paris Club creditors of 99.5%, i.e. USD 6.496,6 million


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 ODA loans;

(ii) the amounts of other outstanding credits, loans and consolidations, up to 20% of the amounts of outstanding credits as of 30 September 1991 or up to an amount of SDR 30 million, whichever is higher.

Comparability of treatment provision

The Republic of Côte d'Ivoire was declared eligible to the enhanced HIPC Initiative by the IDA and the IMF in 2008 and was declared to have reached its Completion Point in June 2012. In this context, the Republic of Côte d'Ivoire commits to promptly seek from all its bilateral and commercial external creditors which are not participating in the Agreed Minutes dated 26 June 2012, 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 Côte d'Ivoire'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 Côte d'Ivoire and all their other creditors.

Consequently, the Republic of Côte d'Ivoire 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 26 June 2012, commercial banks, suppliers and bondholders- a treatment more favourable than that granted to the Participating Creditor Countries.

Cut-off date

July 01, 1983

Organisation of the session

The meeting was chaired by Mrs. Delphine d'AMARZIT, Co-Chairperson of the Paris Club.

The head of the debtor country's delegation was Mr. Charles Koffi DIBY, Minister of Economy and Finance.

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