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Debt treatment -
June 09, 2004

Supporting agreements with the international institutions

IMF programme : Poverty Reduction and Growth Facility (PRGF) approved on April 28, 2003

Download the IMF report : PRGF document

Total external debt of the country

$2 538 million as of December 31, 2002

$968 million of which being due to Paris Club as of April 01, 2004

Amounts treated

$463 million of which $127 million being canceled, of which $336 million being rescheduled

Accorded treatment

Reduction of the stock of debt

Completion point reached on April 19, 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 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) the amounts of outstanding loans as regards ODA loans ; (ii) the amounts of other outstanding credits, up to 20% of the amounts of outstanding credits as of June 30, 1991 or up to an amount of 30 million SDR, whichever is higher.

Payment of non-consolidated amounts before December 31, 2004

Comparability of treatment provision

The Republic of Senegal was declared eligible to the Enhanced HIPC Initiative by the IDA and the IMF in June 2000 and was declared to have reached its Completion Point respectively on April 15 and 19, 2004. In this context, the Republic of Senegal 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.

Cut-off date

January 01, 1983

Organisation of the session

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

The head of the debtor country's delegation was Mr. Abdoulaye Diop, Minister of Economy and Finance.


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