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Debt treatment -
March 12, 2003

Supporting agreements with the international institutions

IMF program under the PRGF approved on August 06, 1999

Download the IMF report : letter on intent

Total external debt of the country

$2 382 million as of December 31, 2001, representing 239% of GDP.

$276 million of which being due to Paris Club as of March 01, 2003

Amounts treated

$155 million of which $145 million being canceled, of which $10 million being rescheduled

Accorded treatment

Reduction of the stock of debt

Completion point reached on March 06, 2003

Categories of debt treated

Treatment of arrears as of February 28, 2003

Treatment of the stock as of March 01, 2003

Repayment profile

Treatment under HIPC Initiative Exit terms

  • repayment of ODA credits over 40 years with 16 years of grace

Specific provisions

Payment of non-consolidated amounts before October 31, 2003

Comparability of treatment provision

The Republic of Mali 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.

The appropriate nature of the debt relief provided shall be assessed not only on the basis of the reduction in the net present value of the debt as computed under Appropriate Market Rate, but also on the terms of repayment of the debts not cancelled. For this purpose, all relevant elements shall be taken into account, including the level of cash payments received by those creditors as compared to their share in the Republic of Mali'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 Republic of Mali and creditor countries not listed in the present Agreed Minute.

Consequently, the Republic of Mali commits not to accord any category of creditors -and in particular creditor countries not participating in the present Agreed Minute, commercial banks and suppliers- a treatment more favourable than that accorded to the Participating Creditor Countries.

Cut-off date

January 01, 1988

Organisation of the session

The meeting was chaired by Mr. Ambroise Fayolle, Vice president.

The head of the debtor country's delegation was Mr. Bassary Touré, Ministry of Economy and Finances.

Observers
  • BELGIUM, CANADA, GERMANY, SPAIN

Files attached

PReng6870.pdf (96.8 KB)
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