Supporting agreements with the international institutions
IMF program approved on August 20, 1998
Total external debt of the country
$747 million of which being due to Paris Club as of June 22, 2000
Amounts treated
$22 million of which $22 million being canceled
Accorded treatment
Decision point reached on June 20, 2000
Categories of debt treated
Treatment of maturities falling due from June 22, 2000 up to December 31, 2003
Repayment profile
Treatment under Cologne terms
Specific provisions
Good will clause
Given the decision by Paris Club Creditors to contribute to the exceptional assistance in favour of the Republic of Senegal under the enhanced Debt Initiative for the Heavily Indebted Poor Countries, 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 Senegal's outstanding debt stock and to make the necessary effort, in favour of the Republic of Senegal to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that :
- the Republic of Senegal 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 Senegal has reached its completion point under the enhanced Debt Initiative for the Heavily Indebted Poor Countries
De minimis threshold of 100 000 SDR
Payment of non-consolidated amounts before October 30, 2000
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 Senegal commits itself to seek from all its external creditors debt reduction and reorganisation 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 Senegal 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 credits of comparable maturity and legal nature.
For the purpose of the comparison between the arrangements concluded by the Government of the Republic of Senegal with its creditors not listed in the present Agreed Minute on the one hand, and 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 present Agreed Minute, the level of cash payments received by those creditors from the Government of the Republic of Senegal as compared to their share in the Senegal'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 the Republic of Senegal and the creditors not listed in the present Agreed Minute.
Organisation of the session
Have attended:
- AUSTRALIA, AUSTRIA, BRAZIL, DENMARK, FINLAND, GERMANY, JAPAN, RUSSIAN FEDERATION, SWEDEN, SWITZERLAND