Supporting agreements with the international institutions
IMF program supported by an Arrangement under the Poverty Reduction and Growth Facility (PRGF) approved on December 13, 2000
Total external debt of the country
$1 600 million as of December 31, 1999
$275 million of which being due to Paris Club as of December 31, 1999
Amounts treated
$115 million of which $84 million being canceled, of which $31 million being rescheduled
Accorded treatment
Restructuring of the public external debt
Decision point reached on December 13, 2000
Categories of debt treated
Treatment of arrears as of November 30, 2000
Treatment of maturities falling due from December 01, 2000 up to December 31, 2003
Repayment profile
Treatment under Cologne terms (cancellation rate of 90%)
- repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 90%
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.
Good will clause
Given the decision by Paris Club Creditors to contribute to the exceptional assistance in favor of the Republic of Niger under the enhanced Debt Initiative for the Heavily Indebted Poor Countries (HIPC), the Participating Creditor Countries declare their readiness in principle to hold at completion point a meeting designed to examine the question of the Republic of Niger's outstanding debt stock and to make the necessary effort, in favor of the Republic of Niger to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that :
- the Republic of Niger maintains satisfactory relations with participating Creditor Countries, fully implements all the agreements signed with them and maintains a sound adjustment track record ;
- the Boards of the International Monetary Fund and the International Development Association decide that the Republic of Niger has reached its completion point under the enhanced Debt Initiative for the Heavily Indebted Poor Countries.
Pullback clause
The Participating Creditor Countries will review the implementation of the conditions stated in [the present Agreed Minute]. If in light of the decisions taken by the Board of the International Monetary Fund, the Participating Creditor Countries determine that these conditions were not fulfilled for the implementation of the present Agreed Minute, they may declare part or all of the provisions set forth [...] in the present Agreed Minute null and void.
Phases
- First phase : From December 01, 2000 up to December 31, 2001, implemented at the signature of the agreement
- Second phase : From January 01, 2002 up to December 31, 2002, implemented on February 26, 2002
- Third phase : From January 01, 2003 up to December 31, 2003, implemented on June 11, 2003
De minimis threshold of 100 000 SDR
Payment of non-consolidated amounts before April 30, 2001
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 the Republic of Niger commits itself to seek from all its external creditors debt reduction and reorganization arrangements on terms comparable in net present value to those set forth in the present Agreed Minute for credits of comparable maturity. Comparability of treatment for debt reduction in net present value is assessed not only on the basis of the reduction in the face value of the debt but also on the terms of repayment of the debts not cancelled.
Consequently, the Government of the Republic of Niger commits itself to accord all categories of creditors -and in particular creditor countries not participating in the present Agreed Minute, commercial banks and suppliers- a treatment not more favorable than that accorded to the Participating Creditor Countries.
For the purpose of the comparison between the arrangements concluded by the Government of the Republic of Niger with its creditor countries not listed in the present 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 real exposure of the creditor countries not listed in the present Agreed Minute, the level of cash payments received by those creditor countries from the Government of the Republic of Niger 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 Government of the Republic of Niger and the creditor countries not listed in the present Agreed Minute.
Cut-off date
July 01, 1983
Organisation of the session
The meeting was chaired by Mr. Bruno BEZARD, Vice Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Ali Badjo Gamatié, Minister of Finance.
Files attached
NE25012001CPEN6870.pdf (11.32 KB)