JORDAN
Debt Treatment
-
July 10, 2002
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Supporting aggreements with the international institutions
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Stand-by Arrangement
approved on
July 03, 2002
Download the IMF report :
letter of intent
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Total external debt of the country
|
$7293 million
as of
December 31, 2001
,
IMF programme
$4171 million
of which being due to the Paris Club as of
June 30, 2002
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Amounts treated
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$1171 million
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Categories of debts treated
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100% of pre-cut off date maturities falling due from July 2002 to June 2004;
90% of pre-cut off date maturities falling due from July 2004 to December 2005;
80% of pre-cut off date maturities falling due in 2006;
70% of pre-cut off date maturities falling due in 2007;
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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
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Specific provisions
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possibility to conduct debt swaps
Moreover, on a voluntary and bilateral basis, Participating Creditors Countries may sell or exchange, in the framework of debt for nature, debt for aid, debt for equity swaps or other local currency debt swaps, all the pre cut off ODA loans as well as the pre cut off date commercial credits (up to 30% of the amounts of outstanding credits as of December 31, 1991 or up to an amount of 40 million SDR, whichever is higher).
free transferability provision
The Government of the Hashemite Kingdom of Jordan undertakes to continue to permit the unrestricted transfer of foreign exchange due by the private debtors in the Hashemite Kingdom of Jordan for servicing their foreign debt owed to or guaranteed by the Participating Creditor Countries or their appropriate institutions and not subject to the present reorganization.
Phases
-
First phase :
From
July 01, 2002
up to
June 30, 2003
implemented at the signature of the agreement
-
Second phase :
From
July 01, 2003
up to
June 30, 2004
implemented at
July 16, 2003
-
Third phase :
From
July 01, 2004
up to
December 31, 2004
implemented at
June 24, 2004
-
Fourth phase :
From
January 01, 2005
up to
December 31, 2005
implemented at
March 23, 2005
-
Fifth phase :
From
January 01, 2006
up to
December 31, 2006
implemented at
January 23, 2006
-
Sixth phase :
From
January 01, 2007
up to
December 31, 2007
implemented at
March 28, 2007
de minimis threshold of
500 000
SDR
|
|
Comparability of treatment provision
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The Government of the Hashemite Kingdom of Jordan commits to accord all categories of creditors -and in particular creditor countries not participating in the present Agreed Minute, commercial banks and suppliers- a treatment not more favourable than that accorded to the Participating Creditor Countries for credits of comparable maturity and legal basis.
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Cutoff date
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January 01, 1989
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Organisation of the session
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The meeting was chaired by
Stéphane Pallez,
Co-Chairperson of the Paris Club
The head of the debtor country's delegation was
Michel Marto,
Minister of Finance
Participating creditors
AUSTRIA
,
BELGIUM
,
CANADA
,
DENMARK
,
FRANCE
,
GERMANY
,
ITALY
,
JAPAN
,
SPAIN
,
SWITZERLAND
,
UNITED KINGDOM
Observers
FINLAND
,
NORWAY
,
RUSSIAN FEDERATION
,
UNITED STATES OF AMERICA
,
IMF
,
UNCTAD
,
World Bank
Press release
Read the press release
Download the press release in PDF
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