You are here

Debt treatment -
May 25, 1991

Amounts treated

$21 164 million

Categories of debt treated

Treatment of arrears as of June 30, 1991

Repayment profile

Treatment under Ad Hoc terms

Specific provisions

Possibility to conduct debt swaps

On a voluntary basis, the Government of each Participating Creditor Country or its appropriate institutions may sell or exchange, in the framework of debt swaps, the amounts of outstanding credits, loans and consolidations [treated in the present agreed minute]. On a voluntary basis, the Government of each Participating Creditor Country or its appropriate institutions may sell or exchange, in the framework of debt swaps, the amounts of outstanding credits, loans and consolidations [treated in the present agreed minute], up to 10 % of the total amount, or up to an amount of 20 million US dollars, whichever is higher.

 

Pullback clause

The Participating Creditor Countries reserve the right to review the implementation of the conditions stated in [the present agreed minute] for the comparability of treatment between all external creditors; if the Participating Creditor Countries determine that these conditions are not substantially fulfilled, or if the Government of the Arab Republic of Egypt has not met its payments obligations under this Agreed Minute to the Participating Creditor Countries during the first three years, the provisions of [the recommendations] of the present Agreed Minute will become null and void.

 

Special account

To facilitate the implementation of this Agreed Minute, the Central Bank of Egypt will deposit in the special account established with the Banque de France the equivalent of SDR 2400 Million in 12 quarterly installments of SDR 200 Million each, the first one to be made on October 15, 1991. The Central Bank of Egypt will arrange to have the Banque de France notify the Chairman of the Paris Club as soon as each deposit has been made. The total amount approximates the amount estimated to be payable to all Participating Creditor Countries during the next three years. As specific payments under this Agreed Minute become due, the Central Bank of Egypt will draw on the special account to meet these payments ; no drawing will be made on the special account for any other repayment before all payments due through June 30, 1994 inclusive under this Agreed Minute have been made. Any drawing on this account will be made after a previous 15-day notice to the Banque de France, which will notify immediately the Chairman of the Paris Club.

De minimis threshold of 10 000 000 SDR

Payment of non-consolidated amounts before October 31, 1991

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 Arab Republic of Egypt commits itself to seek from all its external creditors debt reduction and reorganization arrangements on terms comparable to those set forth in this Agreed Minute for credits of comparable maturity.

This means that the Government of the Arab Republic of Egypt commits itself to accord all categories of creditors - and in particular creditor countries not participating in this Agreed Minute, commercial banks and suppliers - a treatment not more favourable than that accorded the Participating Creditor Countries.

Cut-off date

October 31, 1986

Zircon - This is a contributing Drupal Theme
Design by WeebPal.