GUYANA
Debt Treatment
-
January 14, 2004
|
Supporting aggreements with the international institutions
|
program with the IMF
approved on
September 13, 2002
|
|
HIPC Initiative
|
Completion point
reached on
December 18, 2003
|
|
Total external debt of the country
|
$1324 million
as of
December 31, 2002
,
$291 million
of which being due to the Paris Club as of
December 01, 2003
|
|
Amounts treated
|
$248 million
,
of which
$156 million
being canceled
,
of which
$92 million M$
being rescheduled
|
|
Categories of debts treated
|
treatment of the stock as of
December 01, 2003
|
|
Repayment profile
|
treatment under
HIPC Initiative Exit terms
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Specific provisions
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possibility to conduct debt swaps
On a voluntary and bilateral basis, the Government of each 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:
(i) the amounts of outstanding loans mentioned in Article II paragraph 1 above as regards Official Development Assistance loans;
(ii) the amounts of other outstanding credits mentioned in Article II paragraph 1, up to 20% of the amounts of outstanding credits as of May 6, 1993 or up to an amount of 10 million SDR, whichever is higher.
payment of non-consolidated amounts before
July 01, 2004
|
|
Comparability of treatment provision
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The Republic of Guyana commits to seek promptly from all its external creditors which are not participating in the present Agreed Minute 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
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Cutoff date
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December 31, 1988
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Organisation of the session
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The meeting was chaired by
M. Ramon Fernandez,
Vice-Chairman of the Paris Club
The head of the debtor country's delegation was
M. Saisnarine Kowlessar,
Minister of Finance
Participating creditors
CANADA
,
DENMARK
,
FRANCE
,
GERMANY
,
JAPAN
,
NETHERLANDS
,
RUSSIAN FEDERATION
,
TRINIDAD AND TOBAGO
,
UNITED KINGDOM
,
UNITED STATES OF AMERICA
Observers
AUSTRALIA
,
ITALY
,
NORWAY
,
SWITZERLAND
,
IMF
,
Inter-American Development Bank
,
UNCTAD
,
World Bank
Press release
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