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Debt treatment -
November 17, 2001

Supporting agreements with the international institutions

Total external debt of the country

$5 130 million as of December 31, 2000

$2 802 million of which being due to Paris Club as of September 01, 2001

Amounts treated

$2 800 million of which $2 270 million being canceled, of which $530 million being rescheduled

Accorded treatment

Completion point reached on September 25, 2001

Categories of debt treated

Treatment of arrears as of September 01, 2001

Treatment of the stock as of September 01, 2001


Repayment profile

Treatment under HIPC Initiative Exit terms

Specific provisions

Possibility to conduct debt swaps

On 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.

Payment of non-consolidated amounts before March 31, 2002

Comparability of treatment provision

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

For the purpose of the comparison between the arrangements concluded by the Government of the Mozambique with its creditors not listed in the Agreed Minute on the one hand, and arrangements with the Participating Creditor Countries on the other hand, all relevant elements will be taken into account, including the exposure of the creditors not listed in the Agreed Minute, the level of cash payments received by those creditors from the Government of Mozambique as compared to their share in Mozambique's external debt, the nature and characteristics of all treatment applied, including debt buy backs, and all characteristics of the reorganised claims and in particular their repayment terms whatever forms they take, and in general the financial relations between the Government of Mozambique and the creditors not listed in the Agreed Minute.

Cut-off date

February 01, 1984

Organisation of the session

The meeting was chaired by Ambroise Fayolle, Vice President of the Paris Club.

The head of the debtor country's delegation was Luisa Dias Diogo, Ministry of Planning and Finance.

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