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Debt treatment -
May 12, 2006

Supporting agreements with the international institutions

Programme with IMF -Poverty Reduction and Growth Facility (PRGF)- approved on May 05, 2006


Total external debt of the country

$821 million as of December 31, 2005

$278 million of which being due to Paris Club as of May 01, 2006

Amounts treated

Categories of debt treated

Treatment of arrears as of April 30, 2006

Treatment of maturities falling due from May 01, 2006 up to December 31, 2008

Repayment profile

Treatment under Houston terms

  • repayment of non ODA credits over 15 years, with 5 years of grace
  • repayment of ODA credits over 20 years with 10 years of grace

repayment profile

Specific provisions


  • First phase : From May 01, 2006 up to April 30, 2007, implemented at the signature of the agreement
  • Second phase : From May 01, 2007 up to April 29, 2008, implemented on August 07, 2007
  • Third phase : From May 01, 2008 up to December 31, 2008, implemented on August 13, 2008

Payment of non-consolidated amounts before November 30, 2006

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 Moldova commits to seek promptly from all its external creditors debt reorganisation arrangements on terms comparable to those set forth in these Agreed Minutes, while trying to avoid discrimination among different categories of creditors. Consequently, the Government of Moldova commits to accord all categories of creditors -and in particular creditor countries not participating in these Agreed Minutes, 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 Moldova with its creditors not listed in these Agreed Minutes on the one hand, and with the Participating Creditor Countries on the other hand, all relevant elements shall be taken into account, including the real exposure of the creditors not listed in these Agreed Minutes, the level of cash payments received by those creditors from the Government of Moldova as compared to their share in Moldova'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 Moldova and the creditors not listed in these Agreed Minutes.

Cut-off date

December 31, 2000

Organisation of the session

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

The head of the debtor country's delegation was Mr. Mihail Pop, Minister of Finance.


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