CAMEROON
Debt Treatment
-
June 17, 2006
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Supporting aggreements with the international institutions
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IMF program supported by an Arrangement under the Poverty Reduction and Growth Facility (PRGF)
approved on
October 24, 2005
Download the IMF report :
Document sur la FRPC
Download the IMF report :
Completion Point document for the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative
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HIPC Initiative
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Completion point
reached on
April 28, 2006
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Total external debt of the country
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$6200 million
as of
December 31, 2005
,
$4198 million
of which being due to the Paris Club as of
April 01, 2006
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Amounts treated
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$1829 million
,
of which
$1090 million
being canceled
,
of which
$739 million M$
being rescheduled
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Categories of debts treated
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treatment of arrears as of
March 31, 2006
,
treatment of the stock as of
April 01, 2006
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Repayment profile
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treatment under
HIPC Initiative Exit terms
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Specific provisions
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payment of non-consolidated amounts before
December 31, 2006
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Comparability of treatment provision
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The Republic of Cameroon was declared eligible to the Enhanced HIPC Initiative by the IDA and the IMF in October 2000 and was declared to have reached its Completion Point on 28 April 2006. In this context, the Republic of Cameroon commits to seek promptly from all its external creditors which are not participating in these Agreed Minutes, their appropriate contribution in terms of debt relief to the Enhanced HIPC Initiative, on top of traditional debt relief mechanisms and consistent with the proportional burden sharing based on their relative exposure in net present value of total external debt at Decision Point after the full use of traditional debt relief mechanisms.
The appropriate nature of the debt relief provided will be assessed not only on the basis of the reduction in the net present value terms of the debt as computed under Appropriate Market Rate, but also on the terms of repayment of the debts not cancelled. For this purpose, all relevant elements shall be taken into account, including the level of cash payments received by those creditors as compared to their share in the Republic of Cameroon'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 Republic of Cameroon and creditor countries not listed in these Agreed Minutes.
Consequently, the Republic of Cameroon commits not to accord any category of creditors -and in particular creditor countries not participating in these Agreed Minutes, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.
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Cutoff date
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December 31, 1988
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Organisation of the session
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The meeting was chaired by
M. Ramon Fernandez,
Vice President of the Paris Club
The head of the debtor country's delegation was
M. Polycarpe Abah Abah,
Minister of Economy and Finance
Participating creditors
AUSTRIA
,
BELGIUM
,
CANADA
,
DENMARK
,
FRANCE
,
GERMANY
,
ITALY
,
NETHERLANDS
,
SPAIN
,
SWEDEN
,
SWITZERLAND
,
UNITED KINGDOM
,
UNITED STATES OF AMERICA
Observers
JAPAN
,
IMF
,
World Bank
Press release
Read the press release
Download the press release in PDF
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