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Debt treatment -
January 14, 2004

Supporting agreements with the international institutions

program with the IMF under the Poverty reduction and growth facility approved on September 13, 2002


Total external debt of the country

$1 324 million as of December 31, 2002

$291 million of which being due to Paris Club as of December 01, 2003

Amounts treated

$248 million of which $156 million being canceled, of which $92 million being rescheduled

Accorded treatment

Reduction of the stock of debt

Completion point reached on December 18, 2003

Categories of debt treated

Treatment of the stock as of December 01, 2003


Repayment profile

Treatment under HIPC Initiative Exit terms


Specific provisions

Possibility to conduct debt swaps

On a voluntary and bilateral basis, the Government of each 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 loans mentioned in Article II paragraph 1 above as regards Official Development Assistance loans; (ii) the amounts of other outstanding credits mentioned in Article II paragraph 1, up to 20% of the amounts of outstanding credits as of May 6, 1993 or up to an amount of 10 million SDR, whichever is higher.

Payment of non-consolidated amounts before July 01, 2004

Comparability of treatment provision

The Republic of Guyana commits to seek promptly from all its external creditors which are not participating in the present Agreed Minute 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.

Cut-off date

December 31, 1988

Organisation of the session

The meeting was chaired by Mr. Ramon Fernandez, Vice-Chairman of the Paris Club.

The head of the debtor country's delegation was Mr. Saisnarine Kowlessar, Minister of Finance.

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