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Debt treatment -
December 15, 2000

Total external debt of the country

$2 600 million of which being due to Paris Club as of May 01, 2000

Amounts treated

Categories of debt treated

Treatment of arrears as of September 30, 2000


Repayment profile

Treatment under Classic terms

  • repayment of non ODA credits over 12 years, with 3 years of grace

repayment profile

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 the amounts of outstanding credits and loans [treated in the present Agreed Minute] other than official development aid loans, as well as consolidation of such credits, up to 10% of the amounts of these outstanding credits and consolidations as of December 31, 1999, or up to an amount of 15 million SDR, whichever is higher. Participating Creditor Countries will inform the Secretariat of the Paris Club, who will inform other Creditors, of their intention to implement debt swap agreements. In addition, Participating Creditor Countries and the Republic of Gabon will inform semi-annually the Secretariat of the Paris Club, who will inform other Creditors, of the debt swap operations they have implemented. All elements necessary to evaluate the operation, its impact on the Republic of Gabon'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 Gabon. It is understood that Participating Creditor Countries will not implement debt swaps at a time of arrears to Participating Creditor Countries on amounts consolidated under the present or previous Agreed Minutes.


Entry-into-force provision

The provisions [...] of the present Agreed Minute will come into force on February 28, 2001 provided that the Government of the Republic of Gabon has made all payments to be made up to February 28, 2001 inclusive [on non-consolidated amounts].

Agreement implemented on February 28, 2001


Pullback clause

The Participating Creditor Countries will review the implementation of the conditions stated in [the presentAgreed Minute]. If, in light of the decisions taken by the Board of the International Monetary Fund, the Participating Creditor Countries determine that this condition was not fulfilled for the implementation of the present Agreed Minute, they may declare part or all of the provisions set forth in [the present Agreed Minute] null and void.

De minimis threshold of 1 500 000 SDR

Payment of non-consolidated amounts before February 28, 2001

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 Gabon 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 Gabon commits itself to accord all categories of creditors -and in particular creditor countries not participating in the present Agreed Minute, and private creditors- 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 Gabon 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 creditors not listed in the present Agreed Minute, the level of cash payments received by those creditors from the Government of the Republic of Gabon as compared to their share of the Republic of Gabon'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 Gabon and the creditors not listed in the present Agreed Minute.

Cut-off date

July 01, 1986

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. Emile DOUMBA, Minister of Finance, Budget and Privatization.

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