SENEGAL
Debt Treatment
-
June 09, 2004
|
Supporting aggreements with the international institutions
|
IMF programme : Poverty Reduction and Growth Facility (PRGF)
approved on
April 28, 2003
Download the IMF report :
PRGF document
|
|
HIPC Initiative
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Completion point
reached on
April 19, 2004
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Total external debt of the country
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$2538 million
as of
December 31, 2002
,
$968 million
of which being due to the Paris Club as of
April 01, 2004
|
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Amounts treated
|
$463 million
,
of which
$127 million
being canceled
,
of which
$336 million
being rescheduled
|
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Categories of debts treated
|
treatment of arrears as of
March 31, 2004
,
treatment of the stock as of
April 01, 2004
|
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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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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 mentioned in Article II-1 above as regards ODA loans ;
(ii) the amounts of other outstanding credits mentioned in Article II-1 above, up to 20% of the amounts of outstanding credits as of June 30, 1991 or up to an amount of 30 million SDR, whichever is higher.
payment of non-consolidated amounts before
December 31, 2004
|
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Comparability of treatment provision
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The Republic of Senegal was declared eligible to the Enhanced HIPC Initiative by the IDA and the IMF in June 2000 and was declared to have reached its Completion Point respectively on April 15 and 19, 2004. In this context, the Republic of Senegal commits to seek promptly from all its external creditors which are not participating in the present Agreed Minute, 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.
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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
M. Ramon Fernandez,
Vice-Chairman of the Paris Club
The head of the debtor country's delegation was
M. Abdoulaye Diop,
Minister of Economy and Finance
Participating creditors
BELGIUM
,
BRAZIL
,
CANADA
,
FRANCE
,
ITALY
,
NETHERLANDS
,
NORWAY
,
SPAIN
,
UNITED KINGDOM
,
UNITED STATES OF AMERICA
Observers
DENMARK
,
GERMANY
,
JAPAN
,
RUSSIAN FEDERATION
,
African Development Bank
,
IMF
,
OECD
,
World Bank
Press release
Read the press release
Download the press release in PDF
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