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Debt treatment -
January 09, 2003

Supporting agreements with the international institutions

Program with the IMF: Poverty Reduction and Growth Facility (PRGF) approved on July 18, 2002
Download the IMF report : letter of intent

 

Accorded treatment

Decision point reached on December 11, 2000

Categories of debt treated

Treatment of maturities falling due from July 17, 2002 up to July 17, 2005

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%
  • repayment of ODA credits over 40 years with 16 years of grace

Specific provisions

Phases

  • First phase : From July 17, 2002 up to July 17, 2003, implemented at the signature of the agreement
  • Second phase : From July 18, 2003 up to July 16, 2004, not implemented
  • Third phase : From July 18, 2004 up to July 17, 2005, not implemented

Payment of non-consolidated amounts before March 01, 2003

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 Gambia commits 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.

The Government of the Republic of Gambia commits to accord all categories of external 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 Gambia with its creditors 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 shall 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 Gambia as compared to their share in the Republic of Gambia'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 Gambia and the creditors not listed in the present Agreed Minute.

Cut-off date

July 01, 1986

Organisation of the session

By written notification

Participating creditors
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