Supporting agreements with the international institutions
Programme supported by an Arrangement under the Poverty Reduction and Growth Facility (PRGF) with the IMF approved on June 12, 2002
Download the IMF report : PRGF document
Accorded treatment
Decision point reached on July 28, 2003
Categories of debt treated
Treatment of maturities falling due from July 01, 2003 up to March 31, 2006
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 favor of the Democratic Republic of Congo under the enhanced HIPC Initiative, the Government of the Democratic Republic of Congo and the Participating Creditor Countries agree in principle to hold at Completion Point a meeting to examine the question of the Democratic Republic of Congo's outstanding debt stock and to make the necessary effort, in favor of the Democratic Republic of Congo to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that:
- the Democratic Republic of Congo maintains satisfactory relations with Participating Creditor Countries, fully implements all the agreements signed with them and maintains a sound adjustment track record;
- the Executive Boards of the IMF and the IDA decide that the Democratic Republic of Congo has reached its Completion Point under the enhanced HIPC Initiative.
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 Democratic Republic of Congo commits to seek promptly from all its external creditors debt reduction and reorganization arrangements on terms comparable in net present value to those set forth in the Agreed Minute dated September 13, 2002 and the present Amendment 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.
The Government of the Democratic Republic of Congo commits to accord all categories of creditors -and in particular creditor countries not participating in the Agreed Minute dated September 13, 2002, commercial banks and suppliers- a treatment not more favourable than that accorded to the Participating Creditor Countries for credits of comparable maturity.
For the purpose of the comparison between the arrangements concluded by the Government of the Democratic Republic of Congo with its creditor countries not listed in the Agreed Minute dated September 13, 2002 on the one hand, and 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 Agreed Minute dated September 13, 2002, the level of cash payments received by those creditor countries from the Government of the Democratic Republic of Congo as compared to their share in the Democratic Republic of Congo'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 Democratic Republic of Congo and the creditor countries not listed in the Agreed Minute dated September 13, 2002.
Cut-off date
June 30, 1983
Organisation of the session
By written notification