|
Supporting aggreements with the international institutions
|
IMF program
approved on
April 28, 2000
Download the IMF report :
letter of intent
|
|
HIPC Initiative
|
Decision point
reached on
December 19, 2000
|
|
Amounts treated
|
$27 million
|
|
Categories of debts treated
|
treatment of arrears as of
March 31, 2000
,
treatment of maturities falling due from
April 01, 2000
up to
April 30, 2003
|
|
Repayment profile
|
treatment under
Naples 67% terms
None
|
|
Specific provisions
|
good will clause
In response to the request of the representatives of the Government of the Democratic Republic of Sao Tome and Principe, the Participating Creditor Countries agreed in principle to a meeting to consider the matter of the Democratic Republic of Sao Tome and Principe's debt service payments falling due after April 30, 2003 and relating to loans or credits pursuant to a contract or other financial arrangement concluded before April 1st, 1999, provided :
- that the Democratic Republic of Sao Tome and Principe continues to have an appropriate arrangement with the International Monetary Fund ;
- that the Democratic Republic of Sao Tome and Principe has reached with other creditors effective arrangements meeting the conditions described in [the present Agreed Minute] and has reported in writing to the Chairman of the Paris Club, pursuant to [the present Agreed Minute] ;
- and that the Democratic Republic of Sao Tome and Principe has complied with all conditions set out in this Agreed Minute.
Phases
-
First phase :
From
April 01, 2000
up to
April 30, 2001
implemented at the signature of the agreement
-
Second phase :
From
May 01, 2001
up to
April 30, 2002
not implemented yet
-
Third phase :
From
May 01, 2002
up to
April 30, 2003
not implemented yet
de minimis threshold of
150 000
SDR
payment of non-consolidated amounts before
October 31, 2000
|
|
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 Democratic Republic of Sao Tome and Principe commits itself to seek promptly from all its external creditors debt reduction and reorganization arrangements on terms comparable in net present value to those set forth in the present Agreed Minute for credits of comparable maturity. Comparability of treatment for debt reduction in net present value is assessed not only on the basis of the reduction in the face value of the debt but also on the terms of repayment of the debts not cancelled.
Consequently, the Government of the Democratic Republic of Sao Tome and Principe commits itself to accord all categories of creditors -and in particular creditor countries not participating in the present Agreed Minute, commercial banks and suppliers- a treatment not more favourable than that accorded to the Participating Creditor Countries.
For the purpose of the comparison between the arrangements concluded by the Government of the Democratic Republic of Sao Tome and Principe with its creditor not listed in the present Agreed Minute on the one hand, and with the Participating Creditor Countries on the other hand, all relevant elements will be taken into account, including the real exposure of the creditors not listed in the present Agreed Minute, the level of cash payments received by those creditors from the Government of the Democratic Republic of Sao Tome and Principe as compared to their share in the Democratic Republic of Sao Tome and Principe'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 Government of the Democratic Republic of Sao Tome and Principe and the creditors not listed in the present Agreed Minute.
The Government of the Democratic Republic of Sao Tome and Principe will inform in writing the Chairman of the Paris Club no later than December 31, 2000 of the progress made for this purpose in negotiations with other creditors [of the present Agreed Minute], and will communicate to the Chairman of the Paris Club the content of its bilateral agreements with these creditors.
|
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Cutoff date
|
April 01, 1999
|
|
Organisation of the session
|
Participating creditors
FRANCE
,
GERMANY
,
ITALY
,
RUSSIAN FEDERATION
,
SPAIN
Observers
BELGIUM
,
JAPAN
,
UNITED STATES OF AMERICA
,
African Development Bank
,
European Commission
,
IMF
,
OECD
,
UNCTAD
|
|
