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Debt treatment -
May 12, 2004

Supporting agreements with the international institutions

IMF programme supported by an Arrangement under the Poverty Reduction and Growth Facility (PRGF) approved on December 13, 2000

Download the IMF report : PRGF document

Download the IMF report : Completion Point Document for the Enhanced Heavily Indebted Poor Countries (HIPC)

Total external debt of the country

$1 758 million as of December 31, 2002

$250 million of which being due to Paris Club as of April 01, 2004

Amounts treated

$250 million of which $160 million being canceled, of which $90 million being rescheduled

Accorded treatment

Cancellation of the stock of debt

Completion point reached on April 08, 2004

Categories of debt treated

Treatment of arrears as of March 31, 2004

Treatment of the stock as of April 01, 2004

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 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: (i) all ODA loans; (ii) amounts of outstanding credits, loans and consolidations on debts mentioned in paragraph 1. above other than official development aid loans, up to 20% of the amounts of outstanding credits as of March 4, 1994 or up to an amount of 20 million SDR, whichever is higher. Participating Creditor Countries and the Republic of Niger will inform semi-annually the Secretariat of the Paris Club, who will inform other creditors, of the debt swap agreements they have implemented. All elements necessary to evaluate the operation, its impact on Niger'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 Niger.

Payment of non-consolidated amounts before October 31, 2004

Comparability of treatment provision

The Republic of Niger was declared eligible to the Enhanced HIPC Initiative by the IMF and the IDA on December 14, 2000 and was declared to have reached its Completion Point respectively on April 7 and 8, 2004. In this context, the Republic of Niger 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 will 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 will be taken into account, including the level of cash payments received by those creditors as compared to their share in the Republic of Niger'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 Niger and creditor countries not listed in the present Agreed Minute.

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

Cut-off date

July 01, 1983

Organisation of the session

The meeting was chaired by Mr. Jean-Pierre Jouyet, Chairman of the Paris Club.

The head of the debtor country's delegation was Mr Ali M. Lamine Zeine, Minister of Economy and Finance.


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