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Supporting aggreements with the international institutions
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IMF programme supported by an Arrangement under the Poverty Reduction and Growth Facility (PRGF)
approved on
December 22, 2006
Download the IMF report :
Completion Point Document for the Enhanced Initiative for the Heavily Indebted Poor Countries (HIPC)
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HIPC Initiative
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Completion point
reached on
June 30, 2009
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Total external debt of the country
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$1050 million
as of
December 31, 2008
,
$59 million
of which being due to the Paris Club as of
June 01, 2009
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Amounts treated
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$49 million
,
of which
$49 million
being canceled
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Categories of debts treated
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treatment of arrears as of
May 31, 2009
,
treatment of the stock as of
June 01, 2009
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Repayment profile
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treatment under
HIPC Initiative Exit terms
Creditors also commited on a bilateral basis to grant additional debt relief for an amount of US$ 6.5 million. As a result of this agreement and additional efforts, the Central African Republic's debt to Paris Club creditors will be reduced from US$ 59.3 million to US$ 3.7 million.
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Comparability of treatment provision
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The Central African Republic was declared eligible to the enhanced HIPC Initiative by the IDA and the IMF in 2007 and was declared to have reached its Completion Point in June 2009. In this context, the Central African Republic commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 15 September 2009, 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 Central African Republic’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 Central African Republic and creditor countries not listed in the Agreed Minutes dated 15 September 2009.
Consequently, the Central African Republic commits not to accord any category of external creditors -and in particular creditor countries not participating in the Agreed Minutes dated 15 September 2009, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.
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Cutoff date
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January 01, 1983
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Organisation of the session
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The meeting was chaired by
Mr. Julien RENCKI,
Vice Chairman of the Paris Club
The head of the debtor country's delegation was
Mr. Abdalla-Kadre ASSANE,
Delegate Minister for Finance and Budget in charge of Fiscal Revenue Mobilisation
Participating creditors
AUSTRIA
,
BELGIUM
,
DENMARK
,
FRANCE
,
GERMANY
,
ITALY
,
JAPAN
,
NETHERLANDS
,
RUSSIAN FEDERATION
,
SWITZERLAND
,
UNITED KINGDOM
,
UNITED STATES OF AMERICA
Observers
NORWAY
,
African Development Bank
,
IMF
,
World Bank
Press release
Read the press release
Download the press release in PDF
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