Accorded treatment
Agreement on the Debt service suspension Initiative (DSSI)
Categories of debt treated
Treatment of arrears as of April 30, 2020
Treatment of maturities falling due from May 01, 2020 up to December 31, 2020
Repayment profile
Treatment under Ad Hoc terms
Duration of the suspension of payment : from May 1st, 2020 until end- 2020
Perimeter of maturities and cut-off date
- Suspension of principal repayments and interest payments
- Cut-off date protecting new financing in case of possible future restructuring: March 24, 2020
Modalities for the debt service suspension
NPV-neutral for the suspension of payments
Repayment period: 3 years with a one-year grace period (4 years total)
Treatment will be achieved either through rescheduling or refinancing
Specific provisions
The Government of the Republic of Tajikistan is required to commit :
- to use the created fiscal space to increase social, health or economic spending in response to the crisis. A monitoring system is expected to be put in place by the IFIs;
- to disclose all public sector financial commitments (debt) , respecting commercially sensitive information. Technical Assistance is expected to be provided by the IFIs as appropriate to achieve this;
- to comply with the debt limits on contracting new non-concessional during the suspension period agreed under the IMF Debt Limit Policy (DLP) or WBG policy.
Good will clause
If the Government of tte Republic of Tajikistan has fulfilled all its commitments under the Memorandum of Understanding dated September 3, 2020, the Participating Creditor Countries declare their intention to envisage a possible extension during 2020 taking into account the report to be produced by the World Bank Group and the International Monetary Fund on the liquidity needs of the eligible countries.
Comparability of treatment provision
The Government of the Republic of Tajikistan commits to seek from all its other bilateral official creditors a debt service treatment that is in line with the agreed term sheet providing the key features of the time-bound suspension of debt service payments initiative set out in Annex I and commits not to accord any of these creditors a treatment more favourable.
Organisation of the session
The agreement was signed by Mr. Guillaume CHABERT, Co-Chairman of the Paris Club.
The head of the debtor country was Mr. Faiziddin QAHHORZODA, Minister of Finance.
- AUSTRALIA, AUSTRIA, BELGIUM, BRAZIL, CANADA, DENMARK, FINLAND, IRELAND, ISRAEL, ITALY, JAPAN, KOREA, REPUBLIC OF, NETHERLANDS, NORWAY, SPAIN, SWEDEN, SWITZERLAND, UNITED KINGDOM
Files attached
2020903_pr_dssi_tajikistan.pdf (116.63 KB)