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Supporting aggreements with the international institutions
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IMF program
approved on
July 20, 1998
Download the IMF report :
IMF report
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Amounts treated
|
$23 million
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Categories of debts treated
|
treatment of arrears as of
August 31, 1998
,
treatment of maturities falling due from
September 01, 1998
up to
June 30, 2001
|
|
Repayment profile
|
treatment under
Naples 67% terms
-
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
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|
Specific provisions
|
good will clause
In response to the request of the representatives of the Government of the Central African Republic, the Participating Creditor Countries agreed in principle to a meeting to consider the matter of the Central African Republic 's debt service payments falling due after June 30, 2001 and relating to loans or credits pursuant to a contract or other financial arrangement concluded before January 1, 1983 provided :
- that the Central African Republic continues to have an appropriate arrangement with the International Monetary Fund ;
- that the Central African Republic has reached with other creditors effective arrangements meeting the conditions described in [the present Agreed Minute]. above and has reported in writing to the Chairman of the Paris Club, pursuant to [the present Agreed Minute] ;
- and that the Central African Republic has complied with all conditions set out in this Agreed Minute.
If as at June 30, 2001, the Government of the Central African Republic has maintained satisfactory relations with the Participating or Observer Creditor Countries, and notably has fully implemented all agreements signed with them and continues to have an appropriate arrangement with the International Monetary Fund, the Participating Creditor Countries agree in principle to hold a meeting to consider the matter of the Central African Republic 's stock of debt.
entry-into-force provision
Agreement implemented on
June 30, 1999
free transferability provision
The Government of the Central African Republic will take the relevant administrative measures or extend existing measures to ensure that the private debtors in the Central African Republic will be permitted to pay into the Central Bank the local currency counterpart of their obligations past due or falling due, corresponding to their debt of any nature owed to or guaranteed by the Participating or Observer Creditor Countries or their appropriate institutions.
Phases
-
First phase :
From
September 01, 1998
up to
June 30, 1999
implemented at
June 30, 1999
-
Second phase :
From
July 01, 1999
up to
June 30, 2000
implemented at
February 12, 2001
-
Third phase :
From
July 01, 2000
up to
June 30, 2001
implemented at
February 12, 2001
de minimis threshold of
250 000
SDR
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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 Central African Republic commits itself to negotiate debt reorganization arrangements with all its external creditors providing for comparable debt reduction in net present value as well as comparable terms of repayment of the debts not cancelled.
The Government of the Central African Republic commits itself not to accord any category of creditors - and in particular creditor countries not participating in the present 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 Central African Republic 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. The Government of the Central African Republic 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 present Agreed Minute], the Chairman of the Paris Club of the status of its negotiations with other creditors and effective payments in their favour .
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Cutoff date
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January 01, 1983
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Organisation of the session
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Participating creditors
AUSTRIA
,
FRANCE
,
GERMANY
,
ITALY
,
RUSSIAN FEDERATION
,
SWITZERLAND
,
UNITED KINGDOM
,
UNITED STATES OF AMERICA
Observers
JAPAN
,
African Development Bank
,
IMF
,
OECD
,
UNCTAD
,
World Bank
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