RWANDA
Debt Treatment
-
May 10, 2005
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Supporting aggreements with the international institutions
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program with the IMF : Poverty Reduction and Growth Facility (PRGF)
approved on
August 12, 2002
Download the IMF report :
PRGF document
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HIPC Initiative
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Completion point
reached on
April 13, 2005
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Total external debt of the country
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$1572 million
as of
December 31, 2003
,
$90 million
of which being due to the Paris Club as of
March 31, 2005
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Amounts treated
|
$90 million
,
of which
$82 million
being canceled
,
of which
$7 million
being rescheduled
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Categories of debts treated
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treatment of arrears as of
March 31, 2005
,
treatment of the stock as of
April 01, 2005
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Repayment profile
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treatment under
HIPC Initiative Exit terms
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Specific provisions
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payment of non-consolidated amounts before
December 01, 2005
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Comparability of treatment provision
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The Republic of Rwanda was declared eligible to the Enhanced HIPC initiative by the IDA and the IMF in 2000 and was declared to have reached its Completion Point on April 13, 2005. In this context, the Republic of Rwanda commits to seek promptly from all its external creditors which are not participating in these Agreed Minutes, 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 Republic of Rwanda'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 Republic of Rwanda and creditor countries not listed in these Agreed Minutes. Consequently, the Republic of Rwanda commits not to accord any category of creditors -and in particular creditor countries not participating in these Agreed Minutes, 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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December 31, 1994
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Organisation of the session
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The meeting was chaired by
M. Ramon Fernandez,
Vice President of the Paris Club
The head of the debtor country's delegation was
M. Donald Kaberuka,
Minister of Finance and Economic Planning
Participating creditors
AUSTRIA
,
BELGIUM
,
CANADA
,
DENMARK
,
FRANCE
,
GERMANY
,
ITALY
,
JAPAN
,
NETHERLANDS
,
UNITED KINGDOM
,
UNITED STATES OF AMERICA
Observers
SPAIN
,
SWITZERLAND
,
IMF
,
World Bank
Press release
Read the press release
Download the press release in PDF
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