GAMBIA
Debt Treatment
-
June 22, 2007
|
Supporting aggreements with the international institutions
|
IMF programm under the Poverty Reduction and Growth Facility (PRGF)
approved on
February 21, 2007
Download the IMF report :
PRGF document
|
|
Amounts treated
|
$3 million
|
|
Categories of debts treated
|
treatment of arrears as of
January 31, 2007
,
treatment of maturities falling due from
February 01, 2007
up to
January 31, 2010
|
|
Repayment profile
|
treatment under
Cologne terms
(cancellation rate of
90% )
-
repayment of non ODA credits over
23
years
,
with
6
years of grace
, after cancellation to a rate of
90%
-
repayment of ODA credits over
40
years
with
16
years of grace
|
|
Specific provisions
|
Phases
-
First phase :
From
February 01, 2007
up to
January 31, 2008
implemented at the signature of the agreement
-
Second phase :
From
February 01, 2008
up to
January 31, 2009
not implemented yet
-
Third phase :
From
February 01, 2009
up to
January 31, 2010
not implemented yet
payment of non-consolidated amounts before
October 01, 2007
|
|
Comparability of treatment provision
|
The Republic of Gambia was declared eligible to the Enhanced HIPC initiative by the IDA and the IMF in 2000 and was declared to have reached its Decision Point in December 2000. In this context, the Republic of Gambia 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 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 will be taken into account, including the level of cash payments received by those creditors as compared to their share in the Republic of Gambia’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 Gambia and creditor countries not listed in these Agreed Minutes.
Consequently, the Republic of Gambia 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
|
July 01, 1986
|
|
Organisation of the session
|
Participating creditors
BELGIUM
,
DENMARK
,
FRANCE
,
GERMANY
,
ITALY
,
NETHERLANDS
,
NORWAY
,
UNITED KINGDOM
|
|
