PAKISTAN
Debt Treatment
-
January 30, 1999
|
Supporting aggreements with the international institutions
|
IMF program
approved on
January 14, 1999
Download the IMF report :
IMF report
|
|
Amounts treated
|
$3254 million
|
|
Categories of debts treated
|
treatment of arrears as of
June 30, 1999
,
treatment of maturities falling due from
January 01, 1999
up to
December 31, 2000
|
|
Repayment profile
|
treatment under
Houston terms
|
|
Specific provisions
|
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 [treated in the present Agreed Minute] as regards official development aid loans ;
(ii) the amounts of other outstanding credits, loans and consolidations [treated in the present Agreed Minute], up to 20% of the amounts of outstanding credits as of December 31, 1998 or up to an amount of 30 million SDR, whichever is higher.
pullback clause
The participating Creditor Countries will review the implementation of the conditions stated [...] for the comparability of treatment between all external creditors ; if the Participating Creditor Countries determine that these conditions are not substantially fulfilled, they will declare the provisions set forth [in the present Agreed Minute] null and void.
free transferability provision
The Government of the Islamic Republic of Pakistan will continue to allow unrestricted and immediate access to the foreign exchange required for servicing private sector debts owed to or guaranteed by the Participating Creditor Countries or their appropriate institutions.
Phases
-
First phase :
From
January 01, 1999
up to
February 29, 2000
implemented at the signature of the agreement
-
Second phase :
From
March 01, 2000
up to
December 31, 2000
not implemented yet
de minimis threshold of
1 000 000
SDR
payment of non-consolidated amounts before
June 30, 1999
|
|
Comparability of treatment provision
|
In order to secure comparable treatment of its debt due to all its external public or private creditors, the Government of the Islamic Republic of Pakistan commits itself to seek from all its external creditors - and including inter alia creditor countries not participating in the present Agreed Minute, commercial banks and suppliers- debt reorganization arrangements on terms comparable to those set forth in the present Agreed Minute while avoiding any discrimination among various categories of creditors.
The Government of the Islamic Republic of Pakistan commits itself to seek from bond holders the reorganization of bonds. This reorganization will be done on terms comparable to those set forth in the present Agreed Minute.
The Government of the Islamic Republic of Pakistan commits itself not to accord any category of creditors a treatment more favourable than that accorded to the Participating Creditor Countries.
|
|
Cutoff date
|
September 30, 1997
|
|
Organisation of the session
|
Participating creditors
AUSTRIA
,
BELGIUM
,
CANADA
,
DENMARK
,
FINLAND
,
FRANCE
,
GERMANY
,
ITALY
,
JAPAN
,
KOREA, REPUBLIC OF
,
NETHERLANDS
,
NORWAY
,
RUSSIAN FEDERATION
,
SPAIN
,
SWEDEN
,
SWITZERLAND
,
UNITED KINGDOM
,
UNITED STATES OF AMERICA
Observers
AUSTRALIA
,
Asian Development Bank
,
IMF
,
OECD
,
UNCTAD
,
World Bank
|
|
