Supporting agreements with the international institutions
IMF program under the Stand-by arrangement approved on April 19, 2000
Total external debt of the country
$2 511 million of which being due to Paris Club as of April 30, 2000
Amounts treated
Categories of debt treated
Treatment of arrears as of April 30, 2000
Treatment of maturities falling due from May 01, 2000 up to April 30, 2001
Repayment profile
Treatment under Houston terms
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 debt swaps:
(i) ODA loans;
(ii) amounts of outstanding credits, loans and consolidations on debts [treated in the present Agreed Minute] other than official development aid loans, up to 20% of the amounts of outstanding credits as of December 31, 1991 or up to an amount of 20 million SDR, whichever is higher.
Participating creditor countries and the Republic of Ecuador will inform semi-annually the Secretariat of the Paris Club, who will inform other Creditors, of the debt swap agreements they have implemented. All elements necessary to evaluate the operation, its impact on the Republic of Ecuador'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 Ecuador.
Entry-into-force provision
The provisions of the present Agreed Minute will come into force provided the International Monetary Fund has approved the second review of the program supported by the stand-by arrangement approved on April 19, 2000.
Agreement implemented on May 25, 2001
Good will clause
If the Government of the Republic of Ecuador implements fully the present Agreed Minute, maintains satisfactory relations with Participating Creditor Countries and International Monetary Fund, and successfully completes the current stand-by with the International Monetary Fund approved on April 19, 2000 under the stand-by arrangement, and has an appropriate follow-on arrangement with the International Monetary Fund, the representatives of the Participating Creditor Countries agreed in principle to consider further restructuring of Ecuador's debt falling due after April 30, 2001.
De minimis threshold of 1 000 000 SDR
Payment of non-consolidated amounts before December 31, 2000
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 Ecuador commits itself to seek promptly from all its external creditors debt reorganisation arrangements on terms comparable to those set forth in the present Agreed Minute, while trying to avoid discrimination among different categories of creditors.
Consequently, the Government of the Republic of Ecuador commits itself to accord all categories of creditors -and in particular creditor countries not participating in the present Agreed Minute, and private sector- a treatment not more favourable than that accorded to the Participating Creditor Countries for credits of comparable maturity.
For the purpose of the comparison between the arrangements concluded by the Government of the Republic of Ecuador with its creditors 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 not listed in the present Agreed Minute, the level of cash payments received by those creditors from the Government of the Republic of Ecuador as compared to their share in of the Republic of Ecuador'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 the Republic of Ecuador and the creditors not listed in the present Agreed Minute.
Cut-off date
January 01, 1983
Organisation of the session
The meeting was chaired by Mr. Bruno BEZARD, Vice Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Jorge GALLARDO, Head of the External Debt Commission.
- BELGIUM, BRAZIL, DENMARK, RUSSIAN FEDERATION
Files attached
ec15092000cpen6870.pdf (10.01 KB)