ANTIGUA AND BARBUDA Debt Treatment - September 16, 2010

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) all Official Development Assistance loans;

(ii) amounts of outstanding credits, loans and consolidations on debts other than ODA loans, up to 20% of the amounts of outstanding credits as of 31 August 2010 or up to an amount of 5 million SDR, whichever is higher.

Phases

• First phase : From September 01, 2010 up to August 31, 2011 implemented at the signature of the agreement
• Second phase : From September 01, 2011 up to August 31, 2012 not implemented yet
• Third phase : From September 01, 2012 up to April 30, 2013 not implemented yet

In order to secure comparable treatment of its debt due to all its external public or private creditors, the Government of Antigua and Barbuda commits to seek promptly from all its external creditors debt reorganisation arrangements on terms comparable to those set forth in the Agreed Minutes dated 16 September 2010, while trying to avoid discrimination among different categories of creditors. Consequently, the Government of Antigua and Barbuda commits to accord all categories of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 16 September 2010, and private creditors- a treatment not more favourable than that accorded to the Participating Creditor Countries.

For the purpose of the comparison between the arrangements concluded by the Government of Antigua and Barbuda with its creditors not listed in the Agreed Minutes dated 16 September 2010 on the one hand, and with the Participating Creditor Countries on the other hand, all relevant elements shall be taken into account, including the real exposure of the creditors not listed in the Agreed Minutes dated 16 September 2010, the level of cash payments received by those creditors from the Government of Antigua and Barbuda as compared to their share in Antigua and Barbuda‘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 Antigua and Barbuda and the creditors not listed in the Agreed Minutes dated 16 September 2010. It is understood that debt issued on the regional government securities market (RGSM) should not be subject to comparability of treatment.

Participating creditors

Observers

Press release