|
Supporting aggreements with the international institutions
|
IMF program
approved on
July 28, 1999
|
|
Total external debt of the country
|
$51153 million
of which being due to the Paris Club as of
January 01, 1999
|
|
Amounts treated
|
$8047 million
|
|
Categories of debts treated
|
treatment of arrears as of
June 30, 1999
,
treatment of maturities falling due from
July 01, 1999
up to
December 31, 2000
|
|
Repayment profile
|
treatment under
Ad-Hoc terms
-
repayment of non ODA credits over
19
years
,
with
2
years of grace
repayment profile
|
|
Specific provisions
|
good will clause
In response to the request of the Government of the Russian Federation and in order to support Russia's efforts toward macroeconomic stability and sustainable growth, the Participating Creditor Countries agreed to continue to deal with the problem of the debts of the Russian Federation owed to Participating Creditor Countries contracted or guaranteed on behalf of the Government of the Former Soviet Union for which the Government of the Russian Federation has agreed to be responsible by the Declaration made in Paris on April 2, 1993 referred to hereabove in Article II paragraph 1., aiming at comprehensive solutions.
Discussions between the Government of the Russian Federation and the Participating Creditor Countries of comprehensive solutions will begin in the autumn of 2000, provided that the Government of the Russian Federation continues to implement the program supported by the stand-by arrangement approved by the International Monetary Fund Executive Board on July 28, 1999.
Negotiations aiming at an agreement providing for such solutions will take place expeditiously upon approval by the International Monetary Fund of a new arrangement in the upper credit tranches supporting an ambitious economic reform program, and compliance with all the conditions set out in this Agreed Minute, and especially the following :
- that the Government of the Russian Federation has made all payments due to the Participating Creditor Countries referred to in the present Agreed Minute ;
- that the Government of the Russian Federation has made substantial progress in concluding the bilateral agreements implementing the present Agreed Minute ;
- that the Government of the Russian Federation has complied with its commitments, referred to in Article IV paragraphs 1. and 2. above, to seek comparable treatment from its external creditors and not accord them more favourable repayment conditions than those accorded to the Participating Creditor Countries ; and
- that the Government of the Russian Federation has reported in writing to the Chairman of the Paris Club pursuant to Article IV paragraph 3. above.
de minimis threshold of
1 000 000
SDR
payment of non-consolidated amounts before
November 30, 1999
|
|
Comparability of treatment provision
|
1. In order to secure comparable treatment of debts due to external public or private creditors, the Government of the Russian Federation commits itself to seek from its external creditors, including inter alia other official creditors, financial institutions and suppliers, rescheduling or refinancing arrangements on terms comparable to those set forth in the present Agreed Minute for credits of comparable maturity making sure to avoid inequality between different categories of creditors.
2. The Government of the Russian Federation commits itself not to accord any external creditors conditions of repayment for comparable credits more favourable than those accorded to the Participating Creditor Countries.
3. The Government of the Russian Federation will inform in writing the Chairman of the Paris Club not later than March 31, 2000 of the progress made for this purpose in negotiations with other external creditors and, when appropriate, of the content of its bilateral agreements with creditors mentioned in paragraphs 1. and 2. hereabove.
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Cutoff date
|
January 01, 1991
|
|
Organisation of the session
|
The meeting was chaired by
Francis MAYER,
Chairman of the Paris Club and Assistant Secretary for International Affairs at the french Treasury
The head of the debtor country's delegation was
Mikhail KASIANOV,
Minister of Finance
Participating creditors
AUSTRALIA
,
AUSTRIA
,
BELGIUM
,
CANADA
,
DENMARK
,
FINLAND
,
FRANCE
,
GERMANY
,
ITALY
,
JAPAN
,
NETHERLANDS
,
PORTUGAL
,
SPAIN
,
SWEDEN
,
SWITZERLAND
,
UNITED KINGDOM
,
UNITED STATES OF AMERICA
Observers
NORWAY
,
European Commission
,
IMF
,
OECD
,
UNCTAD
,
World Bank
Press release
Read the press release
Download the press release in PDF
|
|
