In order to secure comparable treatment of its debt due to all its external public or private creditors, the Government of Senegal commits itself 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 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 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 favourable than that accorded by the Participating Creditor Countries.

For the purpose of the comparison between the arrangements concluded by the Government of Senegal with its creditor countries 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 creditor countries not listed in the present Agreed Minute, the level of cash payments received by those creditor countries from the Government 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 reorganized claims and in particular their repayment terms whatever forms they take, and in general the financial relations between the Government of Senegal and the creditor countries not listed in the present Agreed Minute.

The Government of Senegal will inform regularly in writing the Chairman of the Paris Club of the progress made for this purpose in the negotiations with all its external creditors. A first report should be provided to the Chairman of the Paris Club by December 17, 1998.

The Government of Senegal will inform in writing without delay the Chairman of the Paris Club of the content of any agreement reached with its other external creditors.

The Government of Senegal will inform in writing the Chairman of the Paris Club, on a yearly basis, of the cash payments made by Senegal to its external creditors, and especially to the creditor countries not participating in the present Agreed Minute.