KENYA
Debt Treatment
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November 15, 2000
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Supporting aggreements with the international institutions
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Program with the IMF
approved on
August 04, 2000
Download the IMF report :
Letter of Intent
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Total external debt of the country
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$5500 million
as of
December 31, 1999
,
representing
135%
of exports (in net present value)
$2000 million
of which being due to the Paris Club as of
December 31, 1999
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Amounts treated
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$301 million
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Categories of debts treated
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treatment of arrears as of
July 01, 2000
,
treatment of maturities falling due from
July 01, 2000
up to
June 30, 2001
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Repayment profile
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treatment under
Ad-Hoc terms
-
repayment of non ODA credits over
18
years
,
with
3
years of grace
-
repayment of ODA credits over
20
years
repayment profile
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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 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 ODA loans ;
(ii) amounts of outstanding credits, loans and consolidations, other than Official Development Aid loans, on debts [treated in the present Agreed Minute], up to 20% of the amounts of outstanding claims as December 31, 1993 or up to an amount of 20 million SDR, whichever is higher.
Participating Creditor Countries and the Republic of Kenya will inform semi-annually the Secretariat of the Paris Club, who will inform other creditors, of the debt swap agreements they have implemented. All elements necessary to evaluate the operation, its impact on the Republic of Kenya’s economy and on the evolution of creditor’s exposure will be transmitted to the Secretariat, including : its nature and purpose ; the parties to the debt swap ; the amount, type and value of the debt treated ; the price of sale to investors and the expense of the Republic of Kenya.
free transferability provision
The Government of the Republic of Kenya will continue to guarantee with an appropriate exchange rate system the immediate and unrestricted transfer of foreign exchange counterpart of all amounts paid in local currency by the private debtors in Kenya for servicing their foreign debt owed to or guaranteed by the Participating or Observer Creditor Countries or their appropriate institutions.
de minimis threshold of
500 000
SDR
payment of non-consolidated amounts before
June 30, 2001
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Comparability of treatment provision
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In order to secure comparable treatment of its debt due to all its external public or private creditors, the Government of the Republic of Kenya commits itself to seek promptly from all its external creditors debt reorganisation arrangements on terms comparable to those set forth in the present Agreed Minute, while trying to avoid discriminations among different categories of creditors.
Consequently, the Government of the Republic of Kenya commits itself to accord all categories of creditors -and in particular creditor countries not participating in the present Agreed Minute, and private creditors- a treatment not more favourable than that accorded to the Participating Creditor Countries for credits of comparable maturity.
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Cutoff date
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December 31, 1991
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Organisation of the session
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The meeting was chaired by
Stéphane PALLEZ,
Co-president
The head of the debtor country's delegation was
Hon.Chrisanthus B.OKEMO,
Minister of finance
Participating creditors
AUSTRIA
,
BELGIUM
,
CANADA
,
DENMARK
,
FINLAND
,
FRANCE
,
GERMANY
,
ITALY
,
JAPAN
,
NETHERLANDS
,
SWEDEN
,
SWITZERLAND
,
UNITED KINGDOM
,
UNITED STATES OF AMERICA
Observers
RUSSIAN FEDERATION
,
SPAIN
,
African Development Bank
,
European Commission
,
IMF
,
OECD
,
UNCTAD
,
World Bank
Press release
Read the press release
Download the press release in PDF
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