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THE DEBT TREATED IN THE PARIS CLUB FRAMEWORK
- The debt of developping countries
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- The debt treated in Paris Club agreements
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KINDS OF DEBT TREATMENTS GRANTED
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Home page > GABON - 20040611

GABON Debt Treatment - June 11, 2004

Supporting aggreements with the international institutions	Stand-By Arrangement approved on May 28, 2004 Download the IMF report : Letter of intent
Total external debt of the country	$2460 million of which being due to the Paris Club as of May 01, 2004
Amounts treated	$716 million
Categories of debts treated	treatment of arrears as of April 30, 2004 , treatment of maturities falling due from May 01, 2004 up to June 30, 2005
Repayment profile	treatment under Classic terms repayment of non ODA credits over 14 years , with 3 years of grace repayment of ODA credits over 14 years with 3 years of grace
Specific provisions	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 the amounts of outstanding credits and loans mentioned in paragraph 1. above other than Official Development Assistance loans, as well as consolidation of such credits, up to 10% of the amounts of these outstanding credits and consolidations as of December 31, 1999, or up to an amount of 15 million SDR, whichever is higher. good will clause If the Government of the Republic of Gabon implements fully the present Agreed Minute, maintains satisfactory relations with the Participating Creditor Countries and the IMF, successfully completes the Stand-By Arrangement with the International Monetary Fund, approved on May 28, 2004, and has a new appropriate follow-on medium term arrangement with the IMF, the representatives of the Participating Creditor Countries agreed in principle to consider a treatment of maturities of the debt after June 30, 2005, that is consistent with the Republic of Gabon's financing needs. Phases First phase : From May 01, 2004 up to December 31, 2004 implemented at the signature of the agreement Second phase : From January 01, 2005 up to June 30, 2005 implemented at February 11, 2005 de minimis threshold of 1 500 000 SDR payment of non-consolidated amounts before December 31, 2004
Comparability of treatment provision	In order to secure comparable treatment of its debt due to its other external public or private creditors, the Government of the Republic of Gabon 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 Gabon 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 favorable than that accorded to the Participating Creditor Countries for credits of comparable maturity.
Cutoff date	July 01, 1986
Organisation of the session	The meeting was chaired by Mr. Ramon Fernandez, Vice-President of the Paris Club The head of the debtor country's delegation was Mr. Paul Toungui, State Minister, Minister of Economy, Finance, Budget and Privatisation Participating creditors BELGIUM , BRAZIL , CANADA , FRANCE , GERMANY , ITALY , JAPAN , NETHERLANDS , SPAIN , SWITZERLAND , UNITED KINGDOM , UNITED STATES OF AMERICA Observers RUSSIAN FEDERATION , African Development Bank , IMF , OECD , UNCTAD , World Bank Press release Read the press release Download the press release in PDF