Supporting agreements with the international institutions
IMF program under the ESAF approved on June 24, 1998
Amounts treated
$54 million
Categories of debt treated
Treatment of arrears as of June 30, 1998
Treatment of maturities falling due from July 01, 1998 up to November 30, 2000
Repayment profile
Treatment under Naples terms (cancellation rate of 67%)
- repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 67%
- repayment of ODA credits over 40 years with 16 years of grace
Specific provisions
Possibility to conduct debt swaps
On a voluntary and bilateral basis, the Government of each participating 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 [treated in the Agreed Minute] as regards official development aid loans ; (ii) the amounts of other outstanding credits, loans and consolidations [treated in the Agreed Minute], up to 20% of the amounts of outstanding credits as of June 30, 1998 or up to an amount of 15 million SDR, whichever is higher.
Entry-into-force provision
Agreement implemented on June 30, 1999
Good will clause
In response to the request of the representatives of the Government of the Republic of Rwanda, the Participating Creditor Countries agreed in principle to a meeting to consider the matter of the Republic of Rwanda's debt service payments falling due after May 31, 2001 and relating to loans or credits pursuant to a contract or other financial arrangement concluded before December 31, 1994 provided :
- that the Republic of Rwanda continues to have an appropriate arrangement with the International Monetary Fund ;
- that the Republic of Rwanda has reached with other creditors effective arrangements meeting the conditions described in [the Agreed Minute] and has reported in writing to the Chairman of the Paris Club, pursuant to [the Agreed Minute] ;
- and that the Republic of Rwanda has complied with all conditions set out in this Agreed Minute.
Phases
- First phase : From July 01, 1998 up to July 31, 1999, implemented on June 30, 1999
- Second phase : From August 01, 1999 up to July 31, 2000, implemented on December 21, 1999
- Third phase : From August 01, 2000 up to November 30, 2000, implemented on May 30, 2001
De minimis threshold of 500 000 SDR
Payment of non-consolidated amounts before December 31, 1998
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 Rwanda commits itself to promptly negotiate debt reduction arrangements with all its external creditors.
Consequently, the Government of the Republic of Rwanda commits itself not to accord any category of creditors -and in particular creditor countries not participating in the Agreed Minute, commercial banks and suppliers - a treatment more favourable than that accorded by the Participating Creditor Countries for credits of comparable maturity and legal nature.
The Government of the Republic of Rwanda will inform in writing the Chairman of the Paris Club not later than December 31, 1998 of the status of its negotiations and of the contents of its bilateral agreements with other creditors. Afterwards, the Government of the Republic of Rwanda will further inform in writing regularly the Chairman of the Paris Club of the status of its negotiations with other creditors, as well as of the payments made to them, and in any case before the meeting mentioned in [the Agreed Minute].
Cut-off date
December 31, 1994
Organisation of the session
Have attended:
- BELGIUM, DENMARK, GERMANY, ITALY, NORWAY, UNITED KINGDOM