ECUADOR
Debt Treatment
-
June 13, 2003
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Supporting aggreements with the international institutions
|
program with the IMF
approved on
March 21, 2003
Download the IMF report :
Document of the Stand-By Arrangement
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Total external debt of the country
|
$11400 million
as of
December 31, 2002
,
$2730 million
of which being due to the Paris Club as of
January 01, 2003
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Amounts treated
|
$81 million
|
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Categories of debts treated
|
treatment of maturities falling due from
March 01, 2003
up to
March 31, 2004
|
|
Repayment profile
|
treatment under
Houston terms
-
repayment of non ODA credits over
18
years
,
with
3
years of grace
-
repayment of ODA credits over
20
years
with
10
years of grace
|
|
Specific provisions
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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 debt swaps:
(i) all Official Development Assistance loans (ODA);
(ii) amounts of outstanding credits, loans and consolidations on debts mentioned in Article II paragraph 1 other than ODA loans, up to 20% of the amounts of outstanding credits as of December 31, 1991 or up to an amount of 20 million SDR, whichever is higher.
entry-into-force provision
The provisions of Article II-2 paragraphs A/ and B/ will come into force provided that the IMF has approved no later than July 31, 2003 the 1st review under the programme supported by the current Stand-by Arrangement.
Agreement implemented on
August 07, 2003
de minimis threshold of
1 000 000
SDR
payment of non-consolidated amounts before
September 30, 2003
|
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Comparability of treatment provision
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In order to secure comparable treatment of its debt due to its other external public or private creditors, the Government of the Republic of Ecuador commits to seek promptly from its external creditors debt reorganization arrangements on terms comparable to those set forth in the present Agreed Minute, while trying to avoid discrimination among different categories of creditors.
The Government of the Republic of Ecuador commits to accord all categories of creditors -and in particular creditor countries not participating in the present Agreed Minute, and private sector- a treatment not more favourable than that accorded to the Participating Creditor Countries for credits of comparable maturity.
For the purpose of the comparison between the arrangements concluded by the Government of the Republic of Ecuador with its creditors 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 real exposure of the creditor not listed in the present Agreed Minute, the level of cash payments received by those creditors from the Government of the Republic of Ecuador as compared to their share in the Republic of Ecuador'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 the Republic of Ecuador and the creditors not listed in the present Agreed Minute.
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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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The meeting was chaired by
Mme Stéphane Pallez,
Co-Chairperson of the Paris Club
The head of the debtor country's delegation was
M. Mauricio POZO,
Minister of Economy and Finance
Participating creditors
CANADA
,
FRANCE
,
GERMANY
,
ISRAEL
,
ITALY
,
JAPAN
,
NORWAY
,
SPAIN
,
UNITED KINGDOM
,
UNITED STATES OF AMERICA
Observers
BELGIUM
,
BRAZIL
,
DENMARK
,
RUSSIAN FEDERATION
,
IMF
,
Inter-American Development Bank
,
OECD
,
UNCTAD
,
World Bank
Press release
Read the press release
Download the press release in PDF
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