COTE D'IVOIRE
Debt Treatment
-
April 10, 2002
|
Supporting aggreements with the international institutions
|
program with the IMF
approved on
March 27, 2002
Download the IMF report :
letter of intent
|
|
Total external debt of the country
|
$10520 million
as of
December 31, 2001
,
representing
397%
of the Republic of côte d'ivoire revenues in net present value terms
$4160 million
of which being due to the Paris Club as of
January 31, 2002
|
|
Amounts treated
|
$1822 million
,
of which
$911 million
being canceled
,
of which
$911 million
being rescheduled
|
|
Categories of debts treated
|
treatment of arrears as of
March 31, 2002
,
treatment of maturities falling due from
April 01, 2002
up to
December 31, 2004
|
|
Repayment profile
|
treatment under
Lyon terms
(cancellation rate of
80% )
-
repayment of non ODA credits over
23
years
,
with
6
years of grace
, after cancellation to a rate of
80%
-
repayment of ODA credits over
40
years
with
16
years of grace
rescheduling of ODA credits at a rate at least as favorable as the original contractual rate
|
|
Specific provisions
|
possibility to conduct debt swaps
20%-30MSDR
good will clause
Participating Creditor Countries agree to grant a topping-up of the debt reduction of the present agreement from Lyon terms to Cologne terms on loans, credits or consolidations pursuant to a contract or other financial arrangement concluded before July 1, 1983, as soon as the Republic of Côte d'Ivoire has reached the Decision Point under the Enhanced Debt Initiative for the Heavily Indebted Poor Countries, provided that the Government of the Republic of Côte d'Ivoire maintains satisfactory relations with the Participating Creditor Countries and the International Monetary Fund.
Phases
-
First phase :
From
April 01, 2002
up to
March 31, 2003
implemented at the signature of the agreement
-
Second phase :
From
April 01, 2003
up to
March 31, 2004
not implemented yet
-
Third phase :
From
April 01, 2004
up to
December 31, 2004
not implemented yet
de minimis threshold of
1 000 000
SDR
payment of non-consolidated amounts before
September 30, 2002
|
|
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 Côte d'Ivoire commits to seek from all its external creditors debt reduction and reorganisation 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.
|
|
Cutoff date
|
July 01, 1983
|
|
Organisation of the session
|
The meeting was chaired by
Jean-Pierre Jouyet,
president of the Paris Club
The head of the debtor country's delegation was
Bohoun Bouabre,
Ministry of Economy and Finance of the Republic of Côte d'Ivoire
Participating creditors
AUSTRIA
,
BELGIUM
,
BRAZIL
,
CANADA
,
FRANCE
,
GERMANY
,
ITALY
,
JAPAN
,
NETHERLANDS
,
NORWAY
,
SPAIN
,
SWITZERLAND
,
UNITED KINGDOM
,
UNITED STATES OF AMERICA
Observers
African Development Bank
,
IMF
,
OECD
,
UNCTAD
,
World Bank
Press release
Read the press release
Download the press release in PDF
|
|
