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Back Matter

Author: International Monetary Fund

Language:: English

Keywords:: WEFS; debt; developing country; market; developing country securities; debt exchange; increase market liquidity; market maturity; debt problem; Bonds; Stock markets; Stocks; Debt reduction; Securities; Western Hemisphere; Africa; Asia and Pacific; Middle East; Global

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Abstract

Chronology of Bank Debt Restructurings and Bank Financial Packages

Statistical Appendix

^{Table A1.}

Chronology of Bank Debt Restructurings and Bank Financial Packages

Source: Restructuring agreements.Note: “Restructuring” covers rescheduling and also certain refinancing operations.

^¹Agreement either signed or reached in principle (if signature has not yet taken place): not all signed agreements have become effective.

^²The restructuring agreement includes new financing.

^³Refinancing agreement.

^⁴Agreed in principle or tentative agreement with banks’ steering committees.

^⁵A separate club deal for new financing was arranged at the same time.

^⁶Preliminary agreement on interest arrears.

^{Table A2.}

Amounts of Medium- and Long-Term Bank Debt Restructured¹

(In millions of U.S. dollars; by year of agreement in principle)

Sources: Restructuring agreements; and IMF staff estimates.

^¹Including short-term debt converted into long-term debt and debt exchanges involving interest or principal reduction. Amounts represent face value of old claims restructured; includes past-due interest where applicable.

^²Excludes past-due interest.

^³Face value of debt extinguished in buyback.

^⁴Multiyear rescheduling agreement (MYRA) entailing the restructuring of all eligible debt outstanding as of a certain date.

^⁵Financing packages involving debt and debt-service reduction.

^⁶Excluding $9.6 billion in deferments corresponding to maturities due in 1986.

^⁷Amendments to previous restructuring agreements.

^⁸Estimates of eligible debt.

^⁹Deferment agreement.

^¹⁰Agreements in 1985 and 1987 modified debt-service profiles on debt rescheduled under the 1984 agreements; the amounts involved are not shown because repayments made during 1985-87 have not been identified.

^¹¹Preliminary agreements.

^{Table A2.}

Amounts of Medium- and Long-Term Bank Debt Restructured¹

(In millions of U.S. dollars; by year of agreement in principle)

		1986	1987	1988	1989	1990	1991	1992	1993	1994	1995 (first half)
Albania		—	—	—	—	—	—	—	—	—	501^{2, 3}
Algeria		—	—	—	—	—	—	—	—	—	3,200
Argentina		—	29,500⁴	—	—	—	—	27,980⁵	—	—	—
Bolivia		—	473^{2, 5}	—	—	—	—	170^{2, 3}	—	—	—
Brazil		6,671⁶	—	61,000⁴	—	—	7,100	46,600⁵	—	—	—
Bulgaria		—	—	—	—	—	—	—	8,082⁵	—	—
Chile		—	5,902⁴	—	—	1,800⁷	—	—	—	—	—
Congo		217	—	—	—	—	—	—	—	—	—
Costa Rica		—	—	—	1,570⁵	—	—	—	—	—	—
Côte d’Ivoire		691⁴	—	2,211⁴	—	—	—	—	—	—	—
Dominican Republic		—	—	—	—	—	—	—	1,100⁵	—	—
Ecuador		—	—	—	—	—	—	—	—	7,257⁵	—
Gabon		—	39	—	—	—	157	—	—	150⁸	—
Gambia, The		—	19	—	—	—	—	—	—	—	—
Guinea		—	43	—	—	—	—	—	—	—	—
Guyana		(57)⁹	—	—	—	—	—	93¹⁰	—	—	—
Honduras		—	248⁴	—	132⁴	—	—	—	—	—	—
Jamaica		—	285⁴	—	—	332	—	—	—	—	—
Jordan		—	—	—	—	—	—	—	857⁵	—	—
Madagascar		—	…¹⁰	—	—	21	—	—	—	—	—
Malawi		—	—	35⁴	—	—	—	—	—	—	—
Mexico		43,700⁴	—	3,671⁵	48,231⁵	—	—	—	—	—	—
Morocco		2,174	—	—	—	3,150	—	—	—	—	—
Mozambique		—	253⁴	—	—	—	124^{2, 3}	—	—	—	—
Nicaragua		—	—	—	—	—	—	—	—	—	—
Niger		52	—	—	—	—	111^{2, 3}	—	—	—	—
Nigeria		4,250	—	5,824⁴	—	—	5,811³	—	—	—	—
Panama		—	—	—	—	—	—	—	—	—	3,460^{5, 8}
Peru		—	—	—	—	—	—	—	—	—	—
Philippines		—	9,010⁴	—	781	1,339³	4,473⁵	—	—	—	—
Poland		1,970	8,411⁴	—	(351)⁹	—	—	—	—	13,567⁵	—
Romania		800	—	—	—	—	—	—	—	—	—
Russia		—	—	—	—	—	—	—	24,000^{8, 11}	28,000^{8, 11}	—
São Tomé and Príncipe		—	—	—	—	—	—	—	—	—	10 ²^,³
Senegal		—	—	—	—	37	—	—	—	—	—
Sierra Leone		—	—	—	—	—	—	—	—	—	148 ²^,³
Slovenia		—	—	—	—	—	—	—	—	—	1,000
South Africa		(13,600)⁹	11,900⁴	—	8,000	—	—	—	5,000	—	—
Sudan		—	—	—	—	—	—	—	—	—	—
Togo		—	—	49⁴	—	—	—	—	—	—	—
Trinidad and Tobago		—	—	470⁴	—	—	—	—	—	—	—
Uganda		—	—	—	—	—	—	—	153^{2, 3}	—	—
Uruguay		—	1,770⁴	—	—	1,608⁵	—	—	—	—	—
Venezuela			20,338⁴	—	—	19,700⁵	—	—	—	—	—
Yugoslavia, former		—	—	6,895⁴	—	—	—	—	—	—	—
Zaire		(65)⁹	(61)⁹	—	(61)⁹	—	—	—	—	—	—
Zambia		—	—	—	—	—	—	—	—	200^{2, 3}	—
	Total³	60,525	87,221	80,155	50,714	27,987	17,776	74,843	39,192	49,174	8,309

Sources: Restructuring agreements; and IMF staff estimates.

^²Excludes past-due interest.

^³Face value of debt extinguished in buyback.

^⁴Multiyear rescheduling agreement (MYRA) entailing the restructuring of all eligible debt outstanding as of a certain date.

^⁵Financing packages involving debt and debt-service reduction.

^⁶Excluding $9.6 billion in deferments corresponding to maturities due in 1986.

^⁷Amendments to previous restructuring agreements.

^⁸Estimates of eligible debt.

^⁹Deferment agreement.

^¹¹Preliminary agreements.

^{Table A2.}

Amounts of Medium- and Long-Term Bank Debt Restructured¹

(In millions of U.S. dollars; by year of agreement in principle)

		1986	1987	1988	1989	1990	1991	1992	1993	1994	1995 (first half)
Albania		—	—	—	—	—	—	—	—	—	501^{2, 3}
Algeria		—	—	—	—	—	—	—	—	—	3,200
Argentina		—	29,500⁴	—	—	—	—	27,980⁵	—	—	—
Bolivia		—	473^{2, 5}	—	—	—	—	170^{2, 3}	—	—	—
Brazil		6,671⁶	—	61,000⁴	—	—	7,100	46,600⁵	—	—	—
Bulgaria		—	—	—	—	—	—	—	8,082⁵	—	—
Chile		—	5,902⁴	—	—	1,800⁷	—	—	—	—	—
Congo		217	—	—	—	—	—	—	—	—	—
Costa Rica		—	—	—	1,570⁵	—	—	—	—	—	—
Côte d’Ivoire		691⁴	—	2,211⁴	—	—	—	—	—	—	—
Dominican Republic		—	—	—	—	—	—	—	1,100⁵	—	—
Ecuador		—	—	—	—	—	—	—	—	7,257⁵	—
Gabon		—	39	—	—	—	157	—	—	150⁸	—
Gambia, The		—	19	—	—	—	—	—	—	—	—
Guinea		—	43	—	—	—	—	—	—	—	—
Guyana		(57)⁹	—	—	—	—	—	93¹⁰	—	—	—
Honduras		—	248⁴	—	132⁴	—	—	—	—	—	—
Jamaica		—	285⁴	—	—	332	—	—	—	—	—
Jordan		—	—	—	—	—	—	—	857⁵	—	—
Madagascar		—	…¹⁰	—	—	21	—	—	—	—	—
Malawi		—	—	35⁴	—	—	—	—	—	—	—
Mexico		43,700⁴	—	3,671⁵	48,231⁵	—	—	—	—	—	—
Morocco		2,174	—	—	—	3,150	—	—	—	—	—
Mozambique		—	253⁴	—	—	—	124^{2, 3}	—	—	—	—
Nicaragua		—	—	—	—	—	—	—	—	—	—
Niger		52	—	—	—	—	111^{2, 3}	—	—	—	—
Nigeria		4,250	—	5,824⁴	—	—	5,811³	—	—	—	—
Panama		—	—	—	—	—	—	—	—	—	3,460^{5, 8}
Peru		—	—	—	—	—	—	—	—	—	—
Philippines		—	9,010⁴	—	781	1,339³	4,473⁵	—	—	—	—
Poland		1,970	8,411⁴	—	(351)⁹	—	—	—	—	13,567⁵	—
Romania		800	—	—	—	—	—	—	—	—	—
Russia		—	—	—	—	—	—	—	24,000^{8, 11}	28,000^{8, 11}	—
São Tomé and Príncipe		—	—	—	—	—	—	—	—	—	10 ²^,³
Senegal		—	—	—	—	37	—	—	—	—	—
Sierra Leone		—	—	—	—	—	—	—	—	—	148 ²^,³
Slovenia		—	—	—	—	—	—	—	—	—	1,000
South Africa		(13,600)⁹	11,900⁴	—	8,000	—	—	—	5,000	—	—
Sudan		—	—	—	—	—	—	—	—	—	—
Togo		—	—	49⁴	—	—	—	—	—	—	—
Trinidad and Tobago		—	—	470⁴	—	—	—	—	—	—	—
Uganda		—	—	—	—	—	—	—	153^{2, 3}	—	—
Uruguay		—	1,770⁴	—	—	1,608⁵	—	—	—	—	—
Venezuela			20,338⁴	—	—	19,700⁵	—	—	—	—	—
Yugoslavia, former		—	—	6,895⁴	—	—	—	—	—	—	—
Zaire		(65)⁹	(61)⁹	—	(61)⁹	—	—	—	—	—	—
Zambia		—	—	—	—	—	—	—	—	200^{2, 3}	—
	Total³	60,525	87,221	80,155	50,714	27,987	17,776	74,843	39,192	49,174	8,309

Sources: Restructuring agreements; and IMF staff estimates.

^²Excludes past-due interest.

^³Face value of debt extinguished in buyback.

^⁴Multiyear rescheduling agreement (MYRA) entailing the restructuring of all eligible debt outstanding as of a certain date.

^⁵Financing packages involving debt and debt-service reduction.

^⁶Excluding $9.6 billion in deferments corresponding to maturities due in 1986.

^⁷Amendments to previous restructuring agreements.

^⁸Estimates of eligible debt.

^⁹Deferment agreement.

^¹¹Preliminary agreements.

^{Table A3.}

Terms and Conditions of Bank Debt Restructurings and Financial Packages¹

Sources: Restructuring agreements; and IMF staff estimates.

^¹Arrangements approved in principle before January 1, 1989 are reported in previous issues of Private Market Financing background papers.

^²Voluntary amortization payments made during the grace period would be matched on a 1:1 basis by debt forgiveness (equivalent to a buyback option at 50 cents on the dollar).

^³Interest rate would be increased by a maximum of 3 percentage points if GDP growth exceeds a threshold rate.

^⁴Seventy percent of these arrears to be forgiven in 1990 upon down payment equal to 5 percent of these arrears. Beginning at the end of 1990 and provided that Honduras remains current on interest due on all rescheduled amounts under the agreement, the creditor bank would further forgive interest arrears by a yearly amount equal to 5 percent of the arrears outstanding at the end of October 1989.

^⁵New money options include medium-term loan, new money bonds, on-lending facility, and medium-term trade facility. As of end of March 1992, $952 million had been disbursed.

^⁶Includes $ 112 million of previously capitalized interest arrears on letters of credit.

^⁷Allowance for relending for up to 366 days of up to 20 percent of the new money on a revolving basis, of which one half would be available in any one calendar year, and one half would be available to the private sector.

^⁸Committed to the new money option at the end of June 1992, with 95 percent of eligible debt tendered under the package.

^⁹Payment is to be deferred until December 30, 1991. Alternatively, banks may receive payments according to the original schedule in return for an equal increase in the short-term revolving trade facility.

^¹⁰Payment was deferred until the second quarter of 1990.

^¹¹The interest rate of LIBOR plus ¼ applies to the new money bonds issued by the central bank (as opposed to bonds issued by Venezuela).

^{Table A3.}

Terms and Conditions of Bank Debt Restructurings and Financial Packages¹

Country, Date of Agreement, and Type of Debt Rescheduled				Basis	Amount Provided	Grace Period	Maturity	Interest Rate
					In millions of U.S. dollars	In years, unless otherwise noted		In percent spread over LIBOR/U.S. prime, unless otherwise noted
Albania
	Agreement in principle of May 10, 1995			Debt reduction (see Table A4)
Algeria
	Agreement in principle of May 12, 1995
		Restructuring of non-reprofiled debt falling due through 1997		100 percent of principal; and	2,100	5	15	$\frac{13}{16}$ after maturity
				100 percent of principal arrears
		Restructuring of reprofiled debt falling due through 1997		100 percent of principal	1,100	6	11½	$\frac{13}{16}$ after maturity
Argentina
	Preliminary agreement on April 7, 1992; term sheet June 23, 1992; final agreement December 6, 1992; and closing of agreement for principal on April 7, 1993
		Collateralized debt exchange		Debt reduction (see Table A4)
Bolivia
	Agreement in principle of April 1992; term sheet July 10, 1992; final agreement March 30, 1993; and closing of agreement on May 19, 1993
		Waiver to allow debt buyback and exchanges		Debt reduction (see Table A4)
Brazil
	Preliminary agreement on July 8, 1992; term sheet September 22, 1992; final agreement November 29, 1993; and closing of agreement April 15, 1994			Old debt (equal to 5.5 times the new money provided to be exchanged at par for new noncollateralized bonds)	…	7	15	⅞
		New money bonds
		Restructuring loan		Difference between interest rate in years 1-6 and LIBOR plus $\frac{13}{16}$ to be capitalized	…	10	20	Years 1-2; 4 percent Years 3-4; 4.5 percent Years 5-6; 5 percent Years 7-20; $\frac{13}{16}$
		Capitalization bond		Difference between interest rate in years 1-6 and 8 percent to be capitalized. Back-loaded amortization schedule	…	10	20	Years 1-2; 4 percent Years 3-4; 4.5 percent Years 5-6; 5 percent Years 7-20; 8 percent
		Collateralized debt exchanges		Debt reduction (see Table A4)
Bulgaria
	Agreement in principle on November 24, 1993; term sheet March 11, 1994; final agreement June 29, 1994; and closing of the agreement July 28, 1994
		Collateralized debt exchange		Debt reduction (see Table A4)
Costa Rica
	Preliminary agreement of November 16, 1989; and final agreement on May 21, 1990			Debt reduction (see Table A4)
Dominican Republic
	Preliminary agreement on May 3, 1993; term sheet August 6, 1993; final agreement February 14, 1994; and closing of agreement August 30, 1994
		Collateralized debt exchange		Debt reduction (see Table A4)
Ecuador
	Agreement in principle on May 2, 1994; term sheet June 14, 1994; final agreement October 4, 1994; and closing of agreement February 28, 1995 Collateralized debt exchange			Debt reduction (see Table A4)
Gabon
	Agreement in principle of December 11, 1991; and final agreement on May 12, 1992
	Rescheduling of principal due January I, 1989-December 31, 1992			100 percent of principal	157	3	13	⅞
Guyana
	Agreement on term sheet on August 27, 1992; and final agreement November 24, 1992			Debt reduction (see Table A4)
Honduras
	Agreements of August 17, 1989
		Bilateral concessional rescheduling of debt to Lloyds Bank
			Principal outstanding at end of October 1989	100 percent	46²	7	20	6.25 percent fixed rate³
			Interest arrears at end of October 1989	100 percent	22^{2, 4}	7	20	6.25 percent fixed rate³
		Bilateral concessional rescheduling of debt to Bank of America
			Principal outstanding	100 percent	47²	10	20	6.5 percent
			Interest arrears as of end October 1989	100 percent	17⁴	⅔	20	4 percent fixed rate
Jamaica
	Agreement of June 26, 1990
		Refinancing of debt previously rescheduled in 1987
			Tranche A	100 percent of principal	144	—	10½	$\frac{13}{16}$
			Tranche BA	100 percent of principal	188	8	14½	$\frac{13}{16}$
Jordan
	Agreement in principle of November 20, 1989
		Restructuring of medium-term loans maturing between January 1, 1989-June 30, 1991		100 percent of principal	580	5	11½	$\frac{13}{16}$
		New medium-term money facility		New money	50	3	3	$\frac{13}{16}$
	Preliminary agreement on June 30, 1993; term sheet August 20, 1991; final agreement December 10, 1993; and closing of agreement December 23, 1993
		Collateralized debt exchange		Debt reduction (see Table A4)
Madagascar
	Agreement in principle in October 1989, and signed on April 10, 1990
		Rescheduling		100 percent of principal falling due on December 15, 1989, and 50 percent of principal falling due in 1990-93	21.1	3½	9	⅞-1
Mexico
	Agreement of February 4, 1990
			New money facility	New money	1.090⁵	7	15	$\frac{13}{16}$
		Collateralized debt exchanges		Debt reduction (see Table A4)
		Restructuring of maturities of eligible debt not subject to debt and debt-service reduction		100 percent of principal	6,400	7	15	$\frac{13}{16}$
Morocco
	Agreement in principle of April 1990; and final agreement of September 1990
		Restructuring of the entire debt outstanding at end of 1989		100 percent of pre-cutoff debt	3,150	7-10	15-20	$\frac{13}{16}$
		Debt buy backs authorized
Mozambique
	Agreement in principle of November 1, 1991; and operation completed December 27, 1991
		Waivers to allow debt buyback		Debt reduction (see Table A4)
Niger
	Agreement in principle of January 14, 1991; and operation completed March 8, 1991
		Waivers to allow debt buyback		Debt reduction (see Table A4)
Nigeria
	Agreement in principle of September 1988; and final agreement of April 1989
		Restructuring of debt outstanding at end of 1987
		Not previously rescheduled medium-term debt		100 percent of principal	1,256	3	20	⅞
			Debt covered by the November 1987 rescheduling agreement	100 percent of principal	1,635	3	20	⅞
			Debt (letters of credit) covered by the November 1987 refinancing agreement	Arrears on interest, fees, and commissions on letters of credit 100 percent	2,448	3	15	$\frac{13}{16}$
					490⁶	—	3	Non-interest-bearing
	Agreement in principle of March 1991; final agreement December 20, 1991; and closing of agreement on January 25, 1992
		New money bond exchange		Banks would provide new money in an amount equivalent to 20 percent of debts exchanged for noncollateralized new bonds	—	7	15	1
		Buyback and debt exchange		Debt reduction (see Table A4)
Panama
	Agreement in principle of May 5, 1995
		Collateralized debt exchange		Debt reduction (see Table A4)
Philippines
	Agreement in principle of October 1989; and final agreement February 1990
		New money bonds or loans⁷		New money	710	8	15	$\frac{13}{16}$
		Rescheduling of maturities falling due in 1990-93		100 percent of principal	781	8	15	$\frac{13}{16}$
		Change in spread on previously restructured debt		—	Unchanged			$\frac{13}{16}$
		Waivers to allow debt buybacks and exchanges		Debt reduction (see Table A4)
	Preliminary agreement of August 1991; term sheet February 1992; final agreement July 24, 1992; and closing of agreement on December 1, 1992
		New money bonds		Old debt (equal to four times the new money provided) to be exchanged at par bond for new noncollateralized bonds	139⁸	5	17	$\frac{13}{16}$
		Collateralized debt exchanges		Debt reduction (see Table A4).
Poland
	Agreement in principle of June 16, 1989
		Deferment of amortization payments falling due between May 1989 and December 1990⁹		100 percent	206	…	…	Unchanged
	Agreement in principle of October 1989
		Rescheduling of interest falling due in the fourth quarter of 1989¹⁰		85 percent	145	…	…
	Agreement in principle of March 10, 1994; term sheet May 23, 1994; final agreement September 13, 1994; and closing of agreement October 27, 1994
		New money bonds		New money bonds to be provided corresponding to 35 percent of debt allocated to debt conversion bonds (see Table A4)	…	10	15	$\frac{13}{16}$
		Collateralized debt exchange		Debt reduction (see Table A4)
Russia
	Agreement in principle (preliminary) of July 30, 1993			100 percent of principal	24,000	5	15	…
		Rescheduling of existing stock of debt and interest arrears		100 percent of interest arrears after cash payments of $500 million	3,000	5	10	…
	Agreement in principle (preliminary) of October 5, 1994			100 percent of principal	24,000	…	…	…
		Rescheduling of existing stock of debt and interest arrears		100 percent of interest arrears after cash payments of $500 million	4,000	…	…	…
São Tomé and Príncipe
	Agreement in principle July 1994; and final agreement August 1994			Debt reduction (see Table A4)
Senegal
	Agreement of September 1990			…	37	—	9	⅞
Sierra Leone
	Agreement in principle March 31, 1995; and first phase of final agreement May 11, 1995			Debt reduction (see Table A4)
Slovenia
	Agreement in principle June 8, 1995			100 percent of principal	750	Same as NFA		$\frac{13}{16}$
		Restructuring of 18 percent of the unmatured principal under New Financing Agreement (Yugoslavia)		100 percent of principal arrears	250	Same as NFA		$\frac{13}{16}$
		Restructuring of 18 percent of past-due amounts under NFA (Yugoslavia)		100 percent of interest arrears
		Purchase of 9.9 percent of Trade and Deposit Facility (Yugoslavia)		…	…	…	…	…
South Africa
	Debt arrangement of September 27, 1993			100 percent of principal	5,000	½	8	1⅛
		Rescheduling of short- and medium-term debt subject to September 1985 standstill, and falling due at expiration of third interim arrangement
Trinidad and Tobago
	Agreement in principle of November 1988; and final agreement December 1989
		Medium- and long-term maturities falling due September 1, 1988-August 31, 1992		100 percent of principal	446	4½	12½	$\frac{13}{16}$
Uganda
	Final agreement February 26, 1993			Debt reduction (see Table A4)
Uruguay
	Agreement in principle of November 1990; and final agreement January 1991
		New money bond exchange		20 percent increase in exposure via purchase of new bonds would entitle banks to exchange at par old debt for non-collateralized “debt-conversion notes”	89	7	15	1.0
		Buyback and debt exchange		Debt reduction (see Table A4)
Venezuela
	Agreement in principle of March 20, 1990; term sheet of June 25, 1990; and final agreement December 5, 1990
		New money bond exchange		Old debt (equal to five times the new money provided) to be exchanged at par for new, noncollateralized bonds	1,197	7	15	1 and⅞¹¹
		Collateralized debt exchanges		Debt reduction (see Table A4)
Zambia
	Agreement in principle May 1994; and final agreement July 1, 1994			Debt reduction (see Table A4)

Sources: Restructuring agreements; and IMF staff estimates.

^¹Arrangements approved in principle before January 1, 1989 are reported in previous issues of Private Market Financing background papers.

^²Voluntary amortization payments made during the grace period would be matched on a 1:1 basis by debt forgiveness (equivalent to a buyback option at 50 cents on the dollar).

^³Interest rate would be increased by a maximum of 3 percentage points if GDP growth exceeds a threshold rate.

^⁵New money options include medium-term loan, new money bonds, on-lending facility, and medium-term trade facility. As of end of March 1992, $952 million had been disbursed.

^⁶Includes $ 112 million of previously capitalized interest arrears on letters of credit.

^⁸Committed to the new money option at the end of June 1992, with 95 percent of eligible debt tendered under the package.

^¹⁰Payment was deferred until the second quarter of 1990.

^¹¹The interest rate of LIBOR plus ¼ applies to the new money bonds issued by the central bank (as opposed to bonds issued by Venezuela).

^{Table A3.}

Terms and Conditions of Bank Debt Restructurings and Financial Packages¹

Country, Date of Agreement, and Type of Debt Rescheduled				Basis	Amount Provided	Grace Period	Maturity	Interest Rate
					In millions of U.S. dollars	In years, unless otherwise noted		In percent spread over LIBOR/U.S. prime, unless otherwise noted
Albania
	Agreement in principle of May 10, 1995			Debt reduction (see Table A4)
Algeria
	Agreement in principle of May 12, 1995
		Restructuring of non-reprofiled debt falling due through 1997		100 percent of principal; and	2,100	5	15	$\frac{13}{16}$ after maturity
				100 percent of principal arrears
		Restructuring of reprofiled debt falling due through 1997		100 percent of principal	1,100	6	11½	$\frac{13}{16}$ after maturity
Argentina
	Preliminary agreement on April 7, 1992; term sheet June 23, 1992; final agreement December 6, 1992; and closing of agreement for principal on April 7, 1993
		Collateralized debt exchange		Debt reduction (see Table A4)
Bolivia
	Agreement in principle of April 1992; term sheet July 10, 1992; final agreement March 30, 1993; and closing of agreement on May 19, 1993
		Waiver to allow debt buyback and exchanges		Debt reduction (see Table A4)
Brazil
	Preliminary agreement on July 8, 1992; term sheet September 22, 1992; final agreement November 29, 1993; and closing of agreement April 15, 1994			Old debt (equal to 5.5 times the new money provided to be exchanged at par for new noncollateralized bonds)	…	7	15	⅞
		New money bonds
		Restructuring loan		Difference between interest rate in years 1-6 and LIBOR plus $\frac{13}{16}$ to be capitalized	…	10	20	Years 1-2; 4 percent Years 3-4; 4.5 percent Years 5-6; 5 percent Years 7-20; $\frac{13}{16}$
		Capitalization bond		Difference between interest rate in years 1-6 and 8 percent to be capitalized. Back-loaded amortization schedule	…	10	20	Years 1-2; 4 percent Years 3-4; 4.5 percent Years 5-6; 5 percent Years 7-20; 8 percent
		Collateralized debt exchanges		Debt reduction (see Table A4)
Bulgaria
	Agreement in principle on November 24, 1993; term sheet March 11, 1994; final agreement June 29, 1994; and closing of the agreement July 28, 1994
		Collateralized debt exchange		Debt reduction (see Table A4)
Costa Rica
	Preliminary agreement of November 16, 1989; and final agreement on May 21, 1990			Debt reduction (see Table A4)
Dominican Republic
	Preliminary agreement on May 3, 1993; term sheet August 6, 1993; final agreement February 14, 1994; and closing of agreement August 30, 1994
		Collateralized debt exchange		Debt reduction (see Table A4)
Ecuador
	Agreement in principle on May 2, 1994; term sheet June 14, 1994; final agreement October 4, 1994; and closing of agreement February 28, 1995 Collateralized debt exchange			Debt reduction (see Table A4)
Gabon
	Agreement in principle of December 11, 1991; and final agreement on May 12, 1992
	Rescheduling of principal due January I, 1989-December 31, 1992			100 percent of principal	157	3	13	⅞
Guyana
	Agreement on term sheet on August 27, 1992; and final agreement November 24, 1992			Debt reduction (see Table A4)
Honduras
	Agreements of August 17, 1989
		Bilateral concessional rescheduling of debt to Lloyds Bank
			Principal outstanding at end of October 1989	100 percent	46²	7	20	6.25 percent fixed rate³
			Interest arrears at end of October 1989	100 percent	22^{2, 4}	7	20	6.25 percent fixed rate³
		Bilateral concessional rescheduling of debt to Bank of America
			Principal outstanding	100 percent	47²	10	20	6.5 percent
			Interest arrears as of end October 1989	100 percent	17⁴	⅔	20	4 percent fixed rate
Jamaica
	Agreement of June 26, 1990
		Refinancing of debt previously rescheduled in 1987
			Tranche A	100 percent of principal	144	—	10½	$\frac{13}{16}$
			Tranche BA	100 percent of principal	188	8	14½	$\frac{13}{16}$
Jordan
	Agreement in principle of November 20, 1989
		Restructuring of medium-term loans maturing between January 1, 1989-June 30, 1991		100 percent of principal	580	5	11½	$\frac{13}{16}$
		New medium-term money facility		New money	50	3	3	$\frac{13}{16}$
	Preliminary agreement on June 30, 1993; term sheet August 20, 1991; final agreement December 10, 1993; and closing of agreement December 23, 1993
		Collateralized debt exchange		Debt reduction (see Table A4)
Madagascar
	Agreement in principle in October 1989, and signed on April 10, 1990
		Rescheduling		100 percent of principal falling due on December 15, 1989, and 50 percent of principal falling due in 1990-93	21.1	3½	9	⅞-1
Mexico
	Agreement of February 4, 1990
			New money facility	New money	1.090⁵	7	15	$\frac{13}{16}$
		Collateralized debt exchanges		Debt reduction (see Table A4)
		Restructuring of maturities of eligible debt not subject to debt and debt-service reduction		100 percent of principal	6,400	7	15	$\frac{13}{16}$
Morocco
	Agreement in principle of April 1990; and final agreement of September 1990
		Restructuring of the entire debt outstanding at end of 1989		100 percent of pre-cutoff debt	3,150	7-10	15-20	$\frac{13}{16}$
		Debt buy backs authorized
Mozambique
	Agreement in principle of November 1, 1991; and operation completed December 27, 1991
		Waivers to allow debt buyback		Debt reduction (see Table A4)
Niger
	Agreement in principle of January 14, 1991; and operation completed March 8, 1991
		Waivers to allow debt buyback		Debt reduction (see Table A4)
Nigeria
	Agreement in principle of September 1988; and final agreement of April 1989
		Restructuring of debt outstanding at end of 1987
		Not previously rescheduled medium-term debt		100 percent of principal	1,256	3	20	⅞
			Debt covered by the November 1987 rescheduling agreement	100 percent of principal	1,635	3	20	⅞
			Debt (letters of credit) covered by the November 1987 refinancing agreement	Arrears on interest, fees, and commissions on letters of credit 100 percent	2,448	3	15	$\frac{13}{16}$
					490⁶	—	3	Non-interest-bearing
	Agreement in principle of March 1991; final agreement December 20, 1991; and closing of agreement on January 25, 1992
		New money bond exchange		Banks would provide new money in an amount equivalent to 20 percent of debts exchanged for noncollateralized new bonds	—	7	15	1
		Buyback and debt exchange		Debt reduction (see Table A4)
Panama
	Agreement in principle of May 5, 1995
		Collateralized debt exchange		Debt reduction (see Table A4)
Philippines
	Agreement in principle of October 1989; and final agreement February 1990
		New money bonds or loans⁷		New money	710	8	15	$\frac{13}{16}$
		Rescheduling of maturities falling due in 1990-93		100 percent of principal	781	8	15	$\frac{13}{16}$
		Change in spread on previously restructured debt		—	Unchanged			$\frac{13}{16}$
		Waivers to allow debt buybacks and exchanges		Debt reduction (see Table A4)
	Preliminary agreement of August 1991; term sheet February 1992; final agreement July 24, 1992; and closing of agreement on December 1, 1992
		New money bonds		Old debt (equal to four times the new money provided) to be exchanged at par bond for new noncollateralized bonds	139⁸	5	17	$\frac{13}{16}$
		Collateralized debt exchanges		Debt reduction (see Table A4).
Poland
	Agreement in principle of June 16, 1989
		Deferment of amortization payments falling due between May 1989 and December 1990⁹		100 percent	206	…	…	Unchanged
	Agreement in principle of October 1989
		Rescheduling of interest falling due in the fourth quarter of 1989¹⁰		85 percent	145	…	…
	Agreement in principle of March 10, 1994; term sheet May 23, 1994; final agreement September 13, 1994; and closing of agreement October 27, 1994
		New money bonds		New money bonds to be provided corresponding to 35 percent of debt allocated to debt conversion bonds (see Table A4)	…	10	15	$\frac{13}{16}$
		Collateralized debt exchange		Debt reduction (see Table A4)
Russia
	Agreement in principle (preliminary) of July 30, 1993			100 percent of principal	24,000	5	15	…
		Rescheduling of existing stock of debt and interest arrears		100 percent of interest arrears after cash payments of $500 million	3,000	5	10	…
	Agreement in principle (preliminary) of October 5, 1994			100 percent of principal	24,000	…	…	…
		Rescheduling of existing stock of debt and interest arrears		100 percent of interest arrears after cash payments of $500 million	4,000	…	…	…
São Tomé and Príncipe
	Agreement in principle July 1994; and final agreement August 1994			Debt reduction (see Table A4)
Senegal
	Agreement of September 1990			…	37	—	9	⅞
Sierra Leone
	Agreement in principle March 31, 1995; and first phase of final agreement May 11, 1995			Debt reduction (see Table A4)
Slovenia
	Agreement in principle June 8, 1995			100 percent of principal	750	Same as NFA		$\frac{13}{16}$
		Restructuring of 18 percent of the unmatured principal under New Financing Agreement (Yugoslavia)		100 percent of principal arrears	250	Same as NFA		$\frac{13}{16}$
		Restructuring of 18 percent of past-due amounts under NFA (Yugoslavia)		100 percent of interest arrears
		Purchase of 9.9 percent of Trade and Deposit Facility (Yugoslavia)		…	…	…	…	…
South Africa
	Debt arrangement of September 27, 1993			100 percent of principal	5,000	½	8	1⅛
		Rescheduling of short- and medium-term debt subject to September 1985 standstill, and falling due at expiration of third interim arrangement
Trinidad and Tobago
	Agreement in principle of November 1988; and final agreement December 1989
		Medium- and long-term maturities falling due September 1, 1988-August 31, 1992		100 percent of principal	446	4½	12½	$\frac{13}{16}$
Uganda
	Final agreement February 26, 1993			Debt reduction (see Table A4)
Uruguay
	Agreement in principle of November 1990; and final agreement January 1991
		New money bond exchange		20 percent increase in exposure via purchase of new bonds would entitle banks to exchange at par old debt for non-collateralized “debt-conversion notes”	89	7	15	1.0
		Buyback and debt exchange		Debt reduction (see Table A4)
Venezuela
	Agreement in principle of March 20, 1990; term sheet of June 25, 1990; and final agreement December 5, 1990
		New money bond exchange		Old debt (equal to five times the new money provided) to be exchanged at par for new, noncollateralized bonds	1,197	7	15	1 and⅞¹¹
		Collateralized debt exchanges		Debt reduction (see Table A4)
Zambia
	Agreement in principle May 1994; and final agreement July 1, 1994			Debt reduction (see Table A4)

Sources: Restructuring agreements; and IMF staff estimates.

^¹Arrangements approved in principle before January 1, 1989 are reported in previous issues of Private Market Financing background papers.

^²Voluntary amortization payments made during the grace period would be matched on a 1:1 basis by debt forgiveness (equivalent to a buyback option at 50 cents on the dollar).

^³Interest rate would be increased by a maximum of 3 percentage points if GDP growth exceeds a threshold rate.

^⁵New money options include medium-term loan, new money bonds, on-lending facility, and medium-term trade facility. As of end of March 1992, $952 million had been disbursed.

^⁶Includes $ 112 million of previously capitalized interest arrears on letters of credit.

^⁸Committed to the new money option at the end of June 1992, with 95 percent of eligible debt tendered under the package.

^¹⁰Payment was deferred until the second quarter of 1990.

^¹¹The interest rate of LIBOR plus ¼ applies to the new money bonds issued by the central bank (as opposed to bonds issued by Venezuela).

^{Table A4.}

Debt and Debt-Service Reduction in Commercial Bank Agreements

By year of agreement in principal; in millions of U.S. dollars

Sources: Debt-restructuring agreements; and IMF staff estimates.Note: BCEAO = Banque Centrale des Etats de L’Afrique de L’Ouest (Central Bank of West African States); IDA = International Development Association; IDB = Inter-American Development Bank.

^¹Excludes $700 million in down payment on past-due interest.

^²Excludes $64 million in down payment on past-due interest.

^³Excludes $29 million in down payment on past-due interest.

^⁴Excludes $75 million in interest equalization payments.

^⁵Excludes $29 million in down payment on past-due interest.

^⁶Includes $2,447 million of debt of domestic commercial banks, for which no enhancements were provided (the Gurria bonds).

^⁷Excludes $375 million of cash payments to clear all interest arrears.

^⁸Excludes $98 million in catch-up and down payment on past-due interest.

^{Table A4.}

Debt and Debt-Service Reduction in Commercial Bank Agreements

By year of agreement in principal; in millions of U.S. dollars

			Face Value of Debt to Commercial Banks
			Retired	Issued	Resources Used	Terms	Enhancements for New Instruments	Special Features
Albania (1995)
	Cash buyback		160	—	100 (including resources from IDA Debt-Reduction Facility, a grant from Switzerland, and own resources)	At preannounced price of 20 cents on the dollar per unit of principal.	—	—
	Interest reduction		225	225	—	Old claims exchanged at par for non-interest-bearing hew bonds with a 30-year bullet maturity and an income note bearing a below-market interest rate determined by earnings of an income fund.	Principal fully collateralized	Income fund established at 15 percent of the debt assigned to the par bond option, and managed by a third party.
Argentina (1987)
	Noncollateralized debt exchange with interest reduction		15	15	—	Old claims exchanged at par for new exit bonds with 25-year maturity (12 years’ grace) and 4 percent fixed rate.	—	New bonds excluded from future new money base.
Argentina (1992)
	Principal reduction		6,663	4,331	—	Old claims exchanged for new bonds, with a 30-year bullet maturity and interest at LIBOR plus $\frac{13}{16}$ at prenegotiated exchange ratio of 1:0.65.	Principal fully collateralized and 12-month rolling interest guarantee based on 8 percent rate	Part of past-due interest settled at closing date (through cash payments of $700 million). The balance refinanced (three years’ grace) hearing interest of LIBOR plus $\frac{13}{16}$ and (semiannual amortization payments rising from 1 percent of the original face value in payments 1-7, 5 percent in payment 8, and 8 percent in payments 9-19).
	Interest reduction		12,734	12,734	3,059¹ (including resources from IMF, World Bank, IDB, Eximbank Japan, and own resources)	Old claims exchanged at par for new bonds with a 30-year bullet maturity and interest increasing gradually from 4 percent in year 1, to 6 percent in year 7, and remaining at that level until maturity.	Principal fully collateralized and 12-month rolling interest guarantee based on 6 percent rate	Interest due reduced to respective monthly LIBOR through end-1991, and to 4 percent thereafter. Bonds eligible for debt conversions.
Bolivia (1987)
	Cash buyback		253	—	28 (bilateral donations)	At preannounced price of 11 cents on the dollar.	—	—
	Collateralized debt exchange with principal reduction		204	22	7 (bilateral donations)	Old claims exchanged for new zero-coupon 25-year bond carrying 9.25 percent yield at a preannounced exchange ratio of 1:0.11.	Principal and interest fully collateralized	Past-due interest canceled under all options. New bonds eligible for debt conversions.
	Debt forgiveness		16	—	—	—	—	Includes $0.6 million of debt-for-nature swap.
Bolivia (1992)
	Cash buyback		78	—	27 (including resources from IDA Debt-Reduction Facility and grants from the United States, Sweden, Switzerland, and the Netherlands)	At preannounced price of 16 cents on the dollar.	—	Past-due interest canceled under all options.
	Interest reduction		33	33	—	Old claims exchanged at par for non-interest-bearing new bonds with a 30-year bullet maturity.	Principal fully collateralized	Value recovery clause based on the world price of tin.
	Principal reduction		60	10	—	Old claims exchanged for new short-term bonds at prenegotiated exchange ratio of 1:0.16.	—	Upon maturity, bonds exchanged into assets denominated in domestic currency at prenegotiated ratio of 1:1.5 for approved investment in special projects.
Brazil (1988)
	Noncollateralized debt exchange with interest reduction		1,100	1,100	—	Old claims exchanged at par for new exit bonds with 25-year maturity (10 years’ grace) and 6 percent fixed rate.	—	New bonds excluded from future new money base. Eligible for debt-equity conversion program.
	Temporary interest reduction		2,030	2,030	—	Old claims exchanged at par for new bonds with a 15-year maturity (9 years’ grace), and an interest rate of 4 percent in years 1-2, 4.5 percent in years 3-4, 5 percent in years 5-6, and LIBOR plus $\frac{13}{16}$ from years 7-15.	Twelve-month rolling interest guarantee for the first six years	Remaining past-due interest accumulated in 1991 and 1992 is converted into 12-year bonds (3 years’ grace) at LIBOR plus $\frac{13}{16}$ ; semiannual amortization payments of 1 percent of original principal for payments 1–7.5 percent for payment 8, and 8 percent bonds eligible for debt conversions for payments 9-19.
Brazil (1992)
	Principal reduction		14,210	9,237	2,800 (own resources and about 400 of new money); additional 900 is to be delivered in the next two years	Old claims exchanged for new bonds with a 30-year bullet maturity and interest at LIBOR plus $\frac{13}{16}$ , at prenegotiated exchange ratio of 1:0.65.	Principal fully collateralized and 12-month rolling interest guarantee	Cash payment of $2 billion paid during May-December 1991.
	Interest reduction		12,992	12,992	—	Old claims exchanged at par for new bonds with a 30-year bullet maturity and interest increasing gradually from 4 percent in year 1, to 6 percent in year 7, and remaining at that level until maturity.	Principal fully collateralized and 12-month rolling interest guarantee	The past-due interest remaining at end of 1990 converted into a 10-year bond (3 years’ grace) at LIBOR plus $\frac{13}{16}$ . Interest due in 1992-93 reduced to 4 percent.
Bulgaria (1993)
	Cash buyback		798	—	652² (expected to come from IMF, World Bank, and own resources)	At preannounced price of 25.1875 cents on the dollar.	—	Buyback price applies to principal and interest arrears separately.
	Principal reduction		3,730	1,865	—	Old claims exchanged for new bonds, with a 30-year bullet maturity and interest at LIBOR plus $\frac{13}{16}$ , at prenegotiated exchange ratio of 1;0.50.	Principal fully collateralized and 12-month rolling interest	At closing 3 percent of past-due interest will be settled through cash payments. The balance will be refinanced as an uncollateralized 17-year bond (7 years’ grace) bearing interest of LIBOR plus $\frac{13}{16}$ and semiannual amortization payments rising from 1 percent of the original face value in payments 1-6 to 3 percent in payments 7-11, to 6 percent in payments 17-21. Value recovery clause based on GDP performance. Package includes short-term debt. A special issue of discount and temporary interest-reduction bonds will be made for 30 percent of the short-term allocated to these options at an interest rate ½ of 1 percent higher. The package includes a currency option for deutsche mark. Agreement limits allocation for temporary interest-reduction bonds to 30 percent.
	Temporary interest reduction		1,658	1,658	—	Old claims exchanged at par for new bonds with an 18-year maturity (7 years’ grace) and an interest rate of 2 percent in years 1-2, 2.25 percent in years 3-4, 2.5 percent in year 5, 2.75 percent in year 6, 3 percent in year 7, and LIBOR plus $\frac{13}{16}$ from 8-18.	Twelve-month rolling interest guarantee for the first seven years
Chile
	Cash buy backs		439	—	248 (own resources)	$299 million bought back in November 1988 at average price of 56 cents on the dollar; $140 bought back in November 1989 at average price of 58 cents on the dollar. Price determined in Dutch auction.	—	Resources used for buybacks subject to aggregate limit of $500 million; debt to be extinguished subject to aggregate ceiling of $2 billion.
Costa Rica (1989)
	Cash buy back		991	—	—	At preannounced price of 16 cents on the dollar.	—	Includes $223 million of past-due interest.
	Collateralized debt exchanges with interest reduction		290	290	196³ (from bilateral and multilateral sources and own reserves)	(a) Old debt exchanged at par for new 20-year bond (10-years’ grace) carrying 6.25 percent fixed, negotiated rate.	(a) Eighteen-month interest guarantee (excess enhance-funds to be applied to increase coverage up to 18 months)	Terms (a) and (b) available only to banks tendering at least 60 percent of their exposure to the buyback option. Value recovery clause linked to GDP growth. Converted past-due interest equaled $53 million.
						(b) Past-due interest, after 20 percent cash down payment, exchanged at par for a new claim with a 15-year maturity (no grace period) and LIBOR plus $\frac{13}{16}$ .	(b) Thirty-six month interest guarantee	Terms (c) and (d) optional to banks tendering less than 60 percent of their exposure (including past-due interest) to the buy back option. Converted past-due interest equaled $61 million.
	Noncollateralized debt exchange with interest reduction		289	289	—	(c) Old claims (including past-due interest) exchanged at par for a new 25-year bond (15 years’ grace) carrying 6.25 percent fixed, negotiated rate.	—	Terms (a), (b), (c), and (d): new bonds eligible for debt-equity conversion program.
					—	(d) Past-due interest, after a 20 percent cash down payment, exchanged at par for a new claim with a 15-year maturity (no grace period) and LIBOR plus $\frac{13}{16}$ .	—	Value recovery clause activated if GDP exceeds 1989 GDP by 120 percent in real terms.
Dominican Republic (1993)
	Cash buyback		272	—	189 (own resources)	At preannounced price of 25 cents on the dollar.	—	Buyback price applies to principal and interest arrears separately.
	Principal reduction		505	328	—	Old claims exchanged for new bonds with 30-year bullet maturity and interest at LIBOR plus $\frac{13}{16}$ at prenegotiated exchange rate of 1:0.65.	Principal fully collateralized and 9-month rolling interest guarantee to be capitalized until 12 months	At closing, 12.5 percent of remaining past-due interest will be settled through cash payments. The balance will be refinanced as uncollateralized 15-year bond (3 years’ grace) bearing interest of LIBOR plus $\frac{13}{16}$ and semiannual amortization payments rising from 1 percent of the original face value in payments 17 and equal installments thereafter.
	Temporary interest reduction		—	—	—	Old claims exchanged at par for new bonds with an 18-year maturity (9 years grace) with equal semiannual installments after grace and an interest rate of 3 percent in years 1–2, 3.5 percent in years 3–4, 4 percent in years 5-6, and LIBOR plus $\frac{13}{16}$ from years 7-18.	—	Agreement included a “pull-back” clause if banks’ allocation does not yield at least 50 percent debt reduction.
Ecuador (1994)
	Principal reduction		2,608	1,435	583⁴ (expected to come from IMF, World Bank, official sources, and own resources)	Old claims exchanged for new bonds with 30-year bullet maturity and interest at LIBOR plus $\frac{13}{16}$ at prenegotiated exchange rate of 1:0.55.	Principal fully collateralized and 12-month rolling interest guarantee based on 7 percent	Part of past-due interest settled before closing (through cash payments of $75 million). The balance will be refinanced as an uncoilateralized 20-year bond (10 years’ grace) bearing interest of LIBOR plus $\frac{13}{16}$ and semiannual amortization payments rising from 2.5 percent of the original face value in payments 1-6 to 4 percent in payments 7-12, to 6,78 percent in payments 13-21. The past-due interest bond will have the option to capitalize interest due in excess of the following rates during the first 6 years of the bond: 3 percent in years i-2; 3.25 percent in years 3-4; and 3.75 percent in years 5-6. An uncollateralized 10-year interest equalization bond for $191 million will be issued to regularize currently discriminatory payments to creditor.
	Interest reduction		1,914	1,914	—	Old claims exchanged at par for new bonds with 30-year bullet maturity and interest increasing gradually from 3 percent in year 1 to 5 percent in year 11, and remaining at that level until maturity.	Principal fully collateralized and 12-month rolling interest guarantee at 3.75 percent (to be capitalized until it reaches 5 percent)
Guyana (1992)
	Cash buyback		69	—	10 (fully financed by IDA Debt-Reduction Facility)	At preannounced price of 14.5 cents on the dollar.	—	Excludes export credit debt, Buyback price applied to principal; past-due interest ($23.5 million) canceled.
Jordan (1993)
	Cash buyback		—	—	118⁵ (own resources)	At preannounced price of 39 cents on the dollar.	—	Buyback price applies to principal and interest arrears separately.
	Principal reduction		243	158	—	Old claims exchanged for new bonds with a 30-year bullet maturity and interest at LIBOR plus $\frac{13}{16}$ , at prenegotiated exchange ratio of 1:0.65.	Principal fully collateralized and 6-month rolling interest guarantee based on 8 percent	At closing, 50 percent of past-due interest with the discount exchange and 10 percent of past-due interest associated with the par exchange will be settled through cash payments. The balance will be refinanced as uncollateralized 12-year bond (3 years grace) bearing interest of LIBOR plus $\frac{13}{16}$ and equal semiannual installments after grace.
	Interest reduction		493	493	—	Old claims exchanged at par for new bonds with a 30-year bullet maturity and interest increasing gradually starting at 4 percent in years 1-4, 5 percent in year 5, 5.5 percent in year 6, and 6 percent from years 7-30.	Principal fully collateralized and 6-month rolling interest guarantee based on 6 percent	Interest due after March 1991 and until the closing date reduced to an interest rate of 4 percent.
Mexico (1988)
	Collateralized debt exchange with principal reduction		3,671	2,556	555 (own resources)	Old claims exchanged for new bonds with 20-year bullet maturity and LIBOR plus $\frac{13}{16}$ ; average exchange ratio 1:0.7 (determined in Dutch auction).	Principal fully collateralized	New bonds excluded from future new money base.
Mexico (1989)
	Collateralized debt exchanges
		Principal reduction	20,546	13,354⁶	7,122 (including resources from IMF and World Bank)	Old claims exchanged for new bonds with 30-year bullet maturity and LIBOR plus $\frac{13}{16}$ ; exchange ratio 1:0.65 (negotiated).	Principal fully collateralized and 18-month rolling interest guarantee	Recovery clause in case real oil prices exceed threshold real price of $14 a barrel. New bonds excluded from future new money base and eligible for debt-equity conversion.
		Interest reduction	22,427	22,427	—	Old claims exchanged at par for new bond with 30-year bullet maturity and 6.25 percent fixed, negotiated interest rate.	Same as above	—
Mozambique (1991)
	Cash buyback		124	—	12 (including resources from IDA Debt-Reduction Facility, and French, Swiss, Swedish, and Dutch grants)	At the preannounced price of 10 cents on the dollar.	—	Buyback price applied to principal, past-due interest canceled.
Niger (1991)
	Principal reduction		111	—	23 (including resources from IDA Debt-Reduction Facility and French and Swiss grants)	Old claims exchanged for new 60-day notes with face value equivalent to 18 percent of outstanding face value of principal.	Principal fully guaranteed by BCEAO	Buyback price applied to principal, past-due interest canceled. Operation has been structured as a novation (that is, the exchange of a new obligation for an old obligation) to avoid seeking waivers from certain provisions in existing loan contracts.
	Interest reduction		—	—	—	Old claims exchanged at par for 21-year non-interest-bearing notes.	Principal fully collateralized by zero coupon bonds purchased by the BCEAO	—
Nigeria (1991)
	Cash buyback		3,390	1,356	1,708⁷ (own resources)	At preannounced price of 40 cents on the dollar.	—	All past-due interest cleared prior to closing dale. Recovery clause in the event that oil prices exceed threshold of $28 a barrel in 1996, adjusted for inflation thereafter. New bonds eligible for debt conversions.
	Interest reduction		2,048	2,048	—	Old claims exchanged at par for new registered bonds with a 30-year bullet maturity and a fixed interest rate of 5.5 percent for 3 years and 6.25 percent thereafter.	Principal fully collateralized by U.S. Treasury bonds with a 12-month rolling interest guarantee, based on rate of 6.25 percent
Panama (1995)
	Principal reduction		—	—	—	Old claims exchanged for new bonds, with a 30-year bullet maturity and interest at LIBOR plus $\frac{13}{16}$ , at prenegotiated exchange ratio of 1:0.55.	Principal fully collateralized and 12-month rolling interest guarantee of which 9 months will be paid al closing and the remaining amounts in 2 equal annual installments	Past-due interest settled through partial interest payments at $2 million from January 1995 through closing; a cash down payment of $100 million at closing; and the balance will be re-financed with an uncollateralized, 20-year bond (10 years’ grace) bearing interest of LIBOR plus $\frac{13}{16}$ and a back-loaded amortization schedule, having an option to capitalize interest due in excess of 4 percent during the first 6 years.
	Interest reduction		—	—	—	Old claims exchanged at par for new bonds with a 30-year bullet maturity and interest increasing gradually from 3 percent in year 1 to 5.5 percent in year 11, and remaining at that level until maturity.	Principal fully collateralized and a 12-month rolling interest guarantee of which 9 months will be paid at closing and the remaining amounts in 3 equal annual installments	—
	Temporary interest reduction		—	—	—	Old claims exchanged at par for new bonds with an 18-year maturity (5 years’ grace) and interest increasing gradually from 3.5 percent in year 1 to 5 percent in year 7, and LIBOR plus $\frac{13}{16}$ from years 8-18.	Six-month rolling interest guarantee for the first seven years	—
	Noncollateralized debt exchange with interest reduction		—	—	—	Old claims exchanged at par for debt conversion bonds with 20-year maturity (9.5 years’ grace) and interest increasing gradually from 4.5 percent in year 1 to 5,75 percent in years 5-7, and LIBOR plus $\frac{13}{16}$ from years 8-20.	—	Requires purchase of a 15-year new money bond for 10 percent of amounts restructured (7.5 years’ grace) being LIBOR plus $\frac{13}{16}$
Philippines (1989)
	Cash buyback		1,339	—	670 (including resources from IMF and World Bank)	At preannounced price of 50 cents on the dollar.	—	Included waiver for second round of buybacks.
Philippines (1992)
	Cash buyback		1,263	—	1,125 (including resources from IMF, World Bank, Eximbank Japan, and own resources)	At preannounced price of 52 cents on the dollar.	—	—
	Temporary interest rate reduction		757	757	—	Old claims exchanged at par for new bonds with 15-year maturity (7 years’ grace) and an interest rate of 4 percent in the first two years, 5 percent in years 3-5, 6 percent in year 6, and LIBOR plus $\frac{13}{16}$ from year 7 and onward.	Twelve-month rolling interest guarantee based on a 6 percent annual rate for the first 6 years	—
	Principal collateralized interest reduction		1,894	1,894	—	Old claims exchanged at par for new bonds with a 25-year bullet maturity and an interest rale that gradually rises from 4.25 percent in the first year to 6.5 percent in the sixth year and remains at that level until maturity.	Principal fully collateralized and 14 months’ rolling interest guarantee based on a rate of 6.5 percent	—
Poland (1994)
	Cash buyback		2,441	—	1,996⁸ (expected to come from IMF, World Bank, official sources, and own resources)	At preannounced price of 41 cents on the dollar for medium- and long-term debt, and 38 cents on the dollar for short-term debt.	—	—
	Principal reduction		5,393	2,966	—	Old claims exchanged for new bonds with a 30-year bullet maturity and interest at LIBOR plus $\frac{13}{16}$ at prenegotiated exchange ratio of 1:0.55.	Principal fully collateralized; no interest collateral	—
	Interest reduction		1,829	1,829	—	Old claims exchanged for new bonds with a 30-year bullet maturity and interest increasing gradually from 2.75 percent in year 1 to 5 percent from year 21.	Principal fully collateralized; no interest collateral	Separate par bonds with slightly different interest profiles for short-medium-, and long-term debt. Payment of 85 percent of interest due in December 1989 and 30 percent of interest due accruing from May 1993 expected before closing. The balance will be subject to debt-service reduction through an uncollateralized 20-year bond (7 years’ grace) bearing an interest rate gradually increasing from 3.25 percent in year 1 to 7 percent in year 9 and remaining at that level until maturity. Amortization payments are semiannual, rising from 1 percent of the original face value in payments 1-3 to 2 percent in payments 4–6, to 3 percent in payments 7-17, to 5 percent in payments 18-23, and to 7 percent in payments 24-27.
	Noncollateralized debt exchange with interest reduction		393	393	—	Old claims exchanged at par for debt-conversion bonds with 25-year maturity (20 years’ grace) and interest increasing gradually from 4.5 percent in year 1 to 7.5 percent from year 11 and remaining at that level until maturity.	—
São Tomé and Príncipe
	Cash buyback		10	—	1 (fully financed by IDA Debt-Reduction Facility)	At preannounced price of 10 cents on the dollar of principal with past-due interest attached.	—	—
Sierra Leone (1995)
	cash buyback		148	—	22 (including resources from IDA Debt-Reduction Facility and the United Kingdom)	At preannounced price of 15 cents on the dollar of principal with past-due interest attached.	—	—
Uganda (1993)
	Cash buyback		153	—	18 (including resources from IDA Debt-Reduction Facility and grants from the Netherlands, Switzerland, Germany, and the European Union)	At preannounced price of 12 cents on the dollar.	—	Buyback price applied to principal, past-due interest canceled.
Uruguay (1991)
	Cash buyback		633	—	463 (including resources from the IDB)	At preannounced price of 56 cents on the dollar.	—	—
	Interest reduction		530	530	—	Old claims exchanged at par for new bonds with a 30-year bullet maturity and a fixed interest rate of 6.75 percent.	Principal fully collateralized and an 18-month rolling interest guarantee	Value recovery clause allowing for larger payments in the event of a favorable performance of an index of Uruguay’s terms of trade.
Venezuela (1990)
	Collateralized debt exchanges
		Principal reduction	1,411	647	—	Old claims exchanged for new three-month notes with present value equal to 45 percent of face value of old claims.	Face value of notes fully collateralized by short-term U.S. Treasury securities	—
		Principal reduction	1,808	1,265	2,585 (including resources from IMF and World Bank)	Old claims exchanged for new bonds with 30-year maturity and LIBOR plus $\frac{13}{16}$ at prenegotiated exchange ratio of 1:0.70.	Principal fully collateralized and 14-month rolling interest guarantee	Eligible for debt-equity conversion. Includes warrants to be triggered in case oil prices exceed threshold price of $26 a barrel in 1996, adjusted for inflation thereafter through 2020.
		Interest reduction	7,450	7,450	—	Old claims exchanged at par for new bond with 30-year maturity and fixed interest rate of 6.75 percent.	Principal fully collateralized and 14-month rolling interest guarantee	—
		Temporary interest reduction	3,018	3,018	—	Old claims exchanged for new bonds with 17-year maturity and interest rate of 5 percent for years 1-2, 6 percent for years 3-4, 7 percent for year 5, and LIBOR plus $\frac{13}{16}$ of 1 percent thereafter.	Twelve-month rolling interest guarantee for the first five years	Eligible for debt-equity conversion.
Zambia (1994)			414	—	47 (including resources from IDA Debt-Reduction Facility and grants from Germany, the Netherlands, Sweden, and Switzerland)	At preannounced price of 11 cents on the dollar, past-due interest canceled.	—	Buyback price applied to principal.

^¹Excludes $700 million in down payment on past-due interest.

^²Excludes $64 million in down payment on past-due interest.

^³Excludes $29 million in down payment on past-due interest.

^⁴Excludes $75 million in interest equalization payments.

^⁵Excludes $29 million in down payment on past-due interest.

^⁶Includes $2,447 million of debt of domestic commercial banks, for which no enhancements were provided (the Gurria bonds).

^⁷Excludes $375 million of cash payments to clear all interest arrears.

^⁸Excludes $98 million in catch-up and down payment on past-due interest.

^{Table A4.}

Debt and Debt-Service Reduction in Commercial Bank Agreements

By year of agreement in principal; in millions of U.S. dollars

			Face Value of Debt to Commercial Banks
			Retired	Issued	Resources Used	Terms	Enhancements for New Instruments	Special Features
Albania (1995)
	Cash buyback		160	—	100 (including resources from IDA Debt-Reduction Facility, a grant from Switzerland, and own resources)	At preannounced price of 20 cents on the dollar per unit of principal.	—	—
	Interest reduction		225	225	—	Old claims exchanged at par for non-interest-bearing hew bonds with a 30-year bullet maturity and an income note bearing a below-market interest rate determined by earnings of an income fund.	Principal fully collateralized	Income fund established at 15 percent of the debt assigned to the par bond option, and managed by a third party.
Argentina (1987)
	Noncollateralized debt exchange with interest reduction		15	15	—	Old claims exchanged at par for new exit bonds with 25-year maturity (12 years’ grace) and 4 percent fixed rate.	—	New bonds excluded from future new money base.
Argentina (1992)
	Principal reduction		6,663	4,331	—	Old claims exchanged for new bonds, with a 30-year bullet maturity and interest at LIBOR plus $\frac{13}{16}$ at prenegotiated exchange ratio of 1:0.65.	Principal fully collateralized and 12-month rolling interest guarantee based on 8 percent rate	Part of past-due interest settled at closing date (through cash payments of $700 million). The balance refinanced (three years’ grace) hearing interest of LIBOR plus $\frac{13}{16}$ and (semiannual amortization payments rising from 1 percent of the original face value in payments 1-7, 5 percent in payment 8, and 8 percent in payments 9-19).
	Interest reduction		12,734	12,734	3,059¹ (including resources from IMF, World Bank, IDB, Eximbank Japan, and own resources)	Old claims exchanged at par for new bonds with a 30-year bullet maturity and interest increasing gradually from 4 percent in year 1, to 6 percent in year 7, and remaining at that level until maturity.	Principal fully collateralized and 12-month rolling interest guarantee based on 6 percent rate	Interest due reduced to respective monthly LIBOR through end-1991, and to 4 percent thereafter. Bonds eligible for debt conversions.
Bolivia (1987)
	Cash buyback		253	—	28 (bilateral donations)	At preannounced price of 11 cents on the dollar.	—	—
	Collateralized debt exchange with principal reduction		204	22	7 (bilateral donations)	Old claims exchanged for new zero-coupon 25-year bond carrying 9.25 percent yield at a preannounced exchange ratio of 1:0.11.	Principal and interest fully collateralized	Past-due interest canceled under all options. New bonds eligible for debt conversions.
	Debt forgiveness		16	—	—	—	—	Includes $0.6 million of debt-for-nature swap.
Bolivia (1992)
	Cash buyback		78	—	27 (including resources from IDA Debt-Reduction Facility and grants from the United States, Sweden, Switzerland, and the Netherlands)	At preannounced price of 16 cents on the dollar.	—	Past-due interest canceled under all options.
	Interest reduction		33	33	—	Old claims exchanged at par for non-interest-bearing new bonds with a 30-year bullet maturity.	Principal fully collateralized	Value recovery clause based on the world price of tin.
	Principal reduction		60	10	—	Old claims exchanged for new short-term bonds at prenegotiated exchange ratio of 1:0.16.	—	Upon maturity, bonds exchanged into assets denominated in domestic currency at prenegotiated ratio of 1:1.5 for approved investment in special projects.
Brazil (1988)
	Noncollateralized debt exchange with interest reduction		1,100	1,100	—	Old claims exchanged at par for new exit bonds with 25-year maturity (10 years’ grace) and 6 percent fixed rate.	—	New bonds excluded from future new money base. Eligible for debt-equity conversion program.
	Temporary interest reduction		2,030	2,030	—	Old claims exchanged at par for new bonds with a 15-year maturity (9 years’ grace), and an interest rate of 4 percent in years 1-2, 4.5 percent in years 3-4, 5 percent in years 5-6, and LIBOR plus $\frac{13}{16}$ from years 7-15.	Twelve-month rolling interest guarantee for the first six years	Remaining past-due interest accumulated in 1991 and 1992 is converted into 12-year bonds (3 years’ grace) at LIBOR plus $\frac{13}{16}$ ; semiannual amortization payments of 1 percent of original principal for payments 1–7.5 percent for payment 8, and 8 percent bonds eligible for debt conversions for payments 9-19.
Brazil (1992)
	Principal reduction		14,210	9,237	2,800 (own resources and about 400 of new money); additional 900 is to be delivered in the next two years	Old claims exchanged for new bonds with a 30-year bullet maturity and interest at LIBOR plus $\frac{13}{16}$ , at prenegotiated exchange ratio of 1:0.65.	Principal fully collateralized and 12-month rolling interest guarantee	Cash payment of $2 billion paid during May-December 1991.
	Interest reduction		12,992	12,992	—	Old claims exchanged at par for new bonds with a 30-year bullet maturity and interest increasing gradually from 4 percent in year 1, to 6 percent in year 7, and remaining at that level until maturity.	Principal fully collateralized and 12-month rolling interest guarantee	The past-due interest remaining at end of 1990 converted into a 10-year bond (3 years’ grace) at LIBOR plus $\frac{13}{16}$ . Interest due in 1992-93 reduced to 4 percent.
Bulgaria (1993)
	Cash buyback		798	—	652² (expected to come from IMF, World Bank, and own resources)	At preannounced price of 25.1875 cents on the dollar.	—	Buyback price applies to principal and interest arrears separately.
	Principal reduction		3,730	1,865	—	Old claims exchanged for new bonds, with a 30-year bullet maturity and interest at LIBOR plus $\frac{13}{16}$ , at prenegotiated exchange ratio of 1;0.50.	Principal fully collateralized and 12-month rolling interest	At closing 3 percent of past-due interest will be settled through cash payments. The balance will be refinanced as an uncollateralized 17-year bond (7 years’ grace) bearing interest of LIBOR plus $\frac{13}{16}$ and semiannual amortization payments rising from 1 percent of the original face value in payments 1-6 to 3 percent in payments 7-11, to 6 percent in payments 17-21. Value recovery clause based on GDP performance. Package includes short-term debt. A special issue of discount and temporary interest-reduction bonds will be made for 30 percent of the short-term allocated to these options at an interest rate ½ of 1 percent higher. The package includes a currency option for deutsche mark. Agreement limits allocation for temporary interest-reduction bonds to 30 percent.
	Temporary interest reduction		1,658	1,658	—	Old claims exchanged at par for new bonds with an 18-year maturity (7 years’ grace) and an interest rate of 2 percent in years 1-2, 2.25 percent in years 3-4, 2.5 percent in year 5, 2.75 percent in year 6, 3 percent in year 7, and LIBOR plus $\frac{13}{16}$ from 8-18.	Twelve-month rolling interest guarantee for the first seven years
Chile
	Cash buy backs		439	—	248 (own resources)	$299 million bought back in November 1988 at average price of 56 cents on the dollar; $140 bought back in November 1989 at average price of 58 cents on the dollar. Price determined in Dutch auction.	—	Resources used for buybacks subject to aggregate limit of $500 million; debt to be extinguished subject to aggregate ceiling of $2 billion.
Costa Rica (1989)
	Cash buy back		991	—	—	At preannounced price of 16 cents on the dollar.	—	Includes $223 million of past-due interest.
	Collateralized debt exchanges with interest reduction		290	290	196³ (from bilateral and multilateral sources and own reserves)	(a) Old debt exchanged at par for new 20-year bond (10-years’ grace) carrying 6.25 percent fixed, negotiated rate.	(a) Eighteen-month interest guarantee (excess enhance-funds to be applied to increase coverage up to 18 months)	Terms (a) and (b) available only to banks tendering at least 60 percent of their exposure to the buyback option. Value recovery clause linked to GDP growth. Converted past-due interest equaled $53 million.
						(b) Past-due interest, after 20 percent cash down payment, exchanged at par for a new claim with a 15-year maturity (no grace period) and LIBOR plus $\frac{13}{16}$ .	(b) Thirty-six month interest guarantee	Terms (c) and (d) optional to banks tendering less than 60 percent of their exposure (including past-due interest) to the buy back option. Converted past-due interest equaled $61 million.
	Noncollateralized debt exchange with interest reduction		289	289	—	(c) Old claims (including past-due interest) exchanged at par for a new 25-year bond (15 years’ grace) carrying 6.25 percent fixed, negotiated rate.	—	Terms (a), (b), (c), and (d): new bonds eligible for debt-equity conversion program.
					—	(d) Past-due interest, after a 20 percent cash down payment, exchanged at par for a new claim with a 15-year maturity (no grace period) and LIBOR plus $\frac{13}{16}$ .	—	Value recovery clause activated if GDP exceeds 1989 GDP by 120 percent in real terms.
Dominican Republic (1993)
	Cash buyback		272	—	189 (own resources)	At preannounced price of 25 cents on the dollar.	—	Buyback price applies to principal and interest arrears separately.
	Principal reduction		505	328	—	Old claims exchanged for new bonds with 30-year bullet maturity and interest at LIBOR plus $\frac{13}{16}$ at prenegotiated exchange rate of 1:0.65.	Principal fully collateralized and 9-month rolling interest guarantee to be capitalized until 12 months	At closing, 12.5 percent of remaining past-due interest will be settled through cash payments. The balance will be refinanced as uncollateralized 15-year bond (3 years’ grace) bearing interest of LIBOR plus $\frac{13}{16}$ and semiannual amortization payments rising from 1 percent of the original face value in payments 17 and equal installments thereafter.
	Temporary interest reduction		—	—	—	Old claims exchanged at par for new bonds with an 18-year maturity (9 years grace) with equal semiannual installments after grace and an interest rate of 3 percent in years 1–2, 3.5 percent in years 3–4, 4 percent in years 5-6, and LIBOR plus $\frac{13}{16}$ from years 7-18.	—	Agreement included a “pull-back” clause if banks’ allocation does not yield at least 50 percent debt reduction.
Ecuador (1994)
	Principal reduction		2,608	1,435	583⁴ (expected to come from IMF, World Bank, official sources, and own resources)	Old claims exchanged for new bonds with 30-year bullet maturity and interest at LIBOR plus $\frac{13}{16}$ at prenegotiated exchange rate of 1:0.55.	Principal fully collateralized and 12-month rolling interest guarantee based on 7 percent	Part of past-due interest settled before closing (through cash payments of $75 million). The balance will be refinanced as an uncoilateralized 20-year bond (10 years’ grace) bearing interest of LIBOR plus $\frac{13}{16}$ and semiannual amortization payments rising from 2.5 percent of the original face value in payments 1-6 to 4 percent in payments 7-12, to 6,78 percent in payments 13-21. The past-due interest bond will have the option to capitalize interest due in excess of the following rates during the first 6 years of the bond: 3 percent in years i-2; 3.25 percent in years 3-4; and 3.75 percent in years 5-6. An uncollateralized 10-year interest equalization bond for $191 million will be issued to regularize currently discriminatory payments to creditor.
	Interest reduction		1,914	1,914	—	Old claims exchanged at par for new bonds with 30-year bullet maturity and interest increasing gradually from 3 percent in year 1 to 5 percent in year 11, and remaining at that level until maturity.	Principal fully collateralized and 12-month rolling interest guarantee at 3.75 percent (to be capitalized until it reaches 5 percent)
Guyana (1992)
	Cash buyback		69	—	10 (fully financed by IDA Debt-Reduction Facility)	At preannounced price of 14.5 cents on the dollar.	—	Excludes export credit debt, Buyback price applied to principal; past-due interest ($23.5 million) canceled.
Jordan (1993)
	Cash buyback		—	—	118⁵ (own resources)	At preannounced price of 39 cents on the dollar.	—	Buyback price applies to principal and interest arrears separately.
	Principal reduction		243	158	—	Old claims exchanged for new bonds with a 30-year bullet maturity and interest at LIBOR plus $\frac{13}{16}$ , at prenegotiated exchange ratio of 1:0.65.	Principal fully collateralized and 6-month rolling interest guarantee based on 8 percent	At closing, 50 percent of past-due interest with the discount exchange and 10 percent of past-due interest associated with the par exchange will be settled through cash payments. The balance will be refinanced as uncollateralized 12-year bond (3 years grace) bearing interest of LIBOR plus $\frac{13}{16}$ and equal semiannual installments after grace.
	Interest reduction		493	493	—	Old claims exchanged at par for new bonds with a 30-year bullet maturity and interest increasing gradually starting at 4 percent in years 1-4, 5 percent in year 5, 5.5 percent in year 6, and 6 percent from years 7-30.	Principal fully collateralized and 6-month rolling interest guarantee based on 6 percent	Interest due after March 1991 and until the closing date reduced to an interest rate of 4 percent.
Mexico (1988)
	Collateralized debt exchange with principal reduction		3,671	2,556	555 (own resources)	Old claims exchanged for new bonds with 20-year bullet maturity and LIBOR plus $\frac{13}{16}$ ; average exchange ratio 1:0.7 (determined in Dutch auction).	Principal fully collateralized	New bonds excluded from future new money base.
Mexico (1989)
	Collateralized debt exchanges
		Principal reduction	20,546	13,354⁶	7,122 (including resources from IMF and World Bank)	Old claims exchanged for new bonds with 30-year bullet maturity and LIBOR plus $\frac{13}{16}$ ; exchange ratio 1:0.65 (negotiated).	Principal fully collateralized and 18-month rolling interest guarantee	Recovery clause in case real oil prices exceed threshold real price of $14 a barrel. New bonds excluded from future new money base and eligible for debt-equity conversion.
		Interest reduction	22,427	22,427	—	Old claims exchanged at par for new bond with 30-year bullet maturity and 6.25 percent fixed, negotiated interest rate.	Same as above	—
Mozambique (1991)
	Cash buyback		124	—	12 (including resources from IDA Debt-Reduction Facility, and French, Swiss, Swedish, and Dutch grants)	At the preannounced price of 10 cents on the dollar.	—	Buyback price applied to principal, past-due interest canceled.
Niger (1991)
	Principal reduction		111	—	23 (including resources from IDA Debt-Reduction Facility and French and Swiss grants)	Old claims exchanged for new 60-day notes with face value equivalent to 18 percent of outstanding face value of principal.	Principal fully guaranteed by BCEAO	Buyback price applied to principal, past-due interest canceled. Operation has been structured as a novation (that is, the exchange of a new obligation for an old obligation) to avoid seeking waivers from certain provisions in existing loan contracts.
	Interest reduction		—	—	—	Old claims exchanged at par for 21-year non-interest-bearing notes.	Principal fully collateralized by zero coupon bonds purchased by the BCEAO	—
Nigeria (1991)
	Cash buyback		3,390	1,356	1,708⁷ (own resources)	At preannounced price of 40 cents on the dollar.	—	All past-due interest cleared prior to closing dale. Recovery clause in the event that oil prices exceed threshold of $28 a barrel in 1996, adjusted for inflation thereafter. New bonds eligible for debt conversions.
	Interest reduction		2,048	2,048	—	Old claims exchanged at par for new registered bonds with a 30-year bullet maturity and a fixed interest rate of 5.5 percent for 3 years and 6.25 percent thereafter.	Principal fully collateralized by U.S. Treasury bonds with a 12-month rolling interest guarantee, based on rate of 6.25 percent
Panama (1995)
	Principal reduction		—	—	—	Old claims exchanged for new bonds, with a 30-year bullet maturity and interest at LIBOR plus $\frac{13}{16}$ , at prenegotiated exchange ratio of 1:0.55.	Principal fully collateralized and 12-month rolling interest guarantee of which 9 months will be paid al closing and the remaining amounts in 2 equal annual installments	Past-due interest settled through partial interest payments at $2 million from January 1995 through closing; a cash down payment of $100 million at closing; and the balance will be re-financed with an uncollateralized, 20-year bond (10 years’ grace) bearing interest of LIBOR plus $\frac{13}{16}$ and a back-loaded amortization schedule, having an option to capitalize interest due in excess of 4 percent during the first 6 years.
	Interest reduction		—	—	—	Old claims exchanged at par for new bonds with a 30-year bullet maturity and interest increasing gradually from 3 percent in year 1 to 5.5 percent in year 11, and remaining at that level until maturity.	Principal fully collateralized and a 12-month rolling interest guarantee of which 9 months will be paid at closing and the remaining amounts in 3 equal annual installments	—
	Temporary interest reduction		—	—	—	Old claims exchanged at par for new bonds with an 18-year maturity (5 years’ grace) and interest increasing gradually from 3.5 percent in year 1 to 5 percent in year 7, and LIBOR plus $\frac{13}{16}$ from years 8-18.	Six-month rolling interest guarantee for the first seven years	—
	Noncollateralized debt exchange with interest reduction		—	—	—	Old claims exchanged at par for debt conversion bonds with 20-year maturity (9.5 years’ grace) and interest increasing gradually from 4.5 percent in year 1 to 5,75 percent in years 5-7, and LIBOR plus $\frac{13}{16}$ from years 8-20.	—	Requires purchase of a 15-year new money bond for 10 percent of amounts restructured (7.5 years’ grace) being LIBOR plus $\frac{13}{16}$
Philippines (1989)
	Cash buyback		1,339	—	670 (including resources from IMF and World Bank)	At preannounced price of 50 cents on the dollar.	—	Included waiver for second round of buybacks.
Philippines (1992)
	Cash buyback		1,263	—	1,125 (including resources from IMF, World Bank, Eximbank Japan, and own resources)	At preannounced price of 52 cents on the dollar.	—	—
	Temporary interest rate reduction		757	757	—	Old claims exchanged at par for new bonds with 15-year maturity (7 years’ grace) and an interest rate of 4 percent in the first two years, 5 percent in years 3-5, 6 percent in year 6, and LIBOR plus $\frac{13}{16}$ from year 7 and onward.	Twelve-month rolling interest guarantee based on a 6 percent annual rate for the first 6 years	—
	Principal collateralized interest reduction		1,894	1,894	—	Old claims exchanged at par for new bonds with a 25-year bullet maturity and an interest rale that gradually rises from 4.25 percent in the first year to 6.5 percent in the sixth year and remains at that level until maturity.	Principal fully collateralized and 14 months’ rolling interest guarantee based on a rate of 6.5 percent	—
Poland (1994)
	Cash buyback		2,441	—	1,996⁸ (expected to come from IMF, World Bank, official sources, and own resources)	At preannounced price of 41 cents on the dollar for medium- and long-term debt, and 38 cents on the dollar for short-term debt.	—	—
	Principal reduction		5,393	2,966	—	Old claims exchanged for new bonds with a 30-year bullet maturity and interest at LIBOR plus $\frac{13}{16}$ at prenegotiated exchange ratio of 1:0.55.	Principal fully collateralized; no interest collateral	—
	Interest reduction		1,829	1,829	—	Old claims exchanged for new bonds with a 30-year bullet maturity and interest increasing gradually from 2.75 percent in year 1 to 5 percent from year 21.	Principal fully collateralized; no interest collateral	Separate par bonds with slightly different interest profiles for short-medium-, and long-term debt. Payment of 85 percent of interest due in December 1989 and 30 percent of interest due accruing from May 1993 expected before closing. The balance will be subject to debt-service reduction through an uncollateralized 20-year bond (7 years’ grace) bearing an interest rate gradually increasing from 3.25 percent in year 1 to 7 percent in year 9 and remaining at that level until maturity. Amortization payments are semiannual, rising from 1 percent of the original face value in payments 1-3 to 2 percent in payments 4–6, to 3 percent in payments 7-17, to 5 percent in payments 18-23, and to 7 percent in payments 24-27.
	Noncollateralized debt exchange with interest reduction		393	393	—	Old claims exchanged at par for debt-conversion bonds with 25-year maturity (20 years’ grace) and interest increasing gradually from 4.5 percent in year 1 to 7.5 percent from year 11 and remaining at that level until maturity.	—
São Tomé and Príncipe
	Cash buyback		10	—	1 (fully financed by IDA Debt-Reduction Facility)	At preannounced price of 10 cents on the dollar of principal with past-due interest attached.	—	—
Sierra Leone (1995)
	cash buyback		148	—	22 (including resources from IDA Debt-Reduction Facility and the United Kingdom)	At preannounced price of 15 cents on the dollar of principal with past-due interest attached.	—	—
Uganda (1993)
	Cash buyback		153	—	18 (including resources from IDA Debt-Reduction Facility and grants from the Netherlands, Switzerland, Germany, and the European Union)	At preannounced price of 12 cents on the dollar.	—	Buyback price applied to principal, past-due interest canceled.
Uruguay (1991)
	Cash buyback		633	—	463 (including resources from the IDB)	At preannounced price of 56 cents on the dollar.	—	—
	Interest reduction		530	530	—	Old claims exchanged at par for new bonds with a 30-year bullet maturity and a fixed interest rate of 6.75 percent.	Principal fully collateralized and an 18-month rolling interest guarantee	Value recovery clause allowing for larger payments in the event of a favorable performance of an index of Uruguay’s terms of trade.
Venezuela (1990)
	Collateralized debt exchanges
		Principal reduction	1,411	647	—	Old claims exchanged for new three-month notes with present value equal to 45 percent of face value of old claims.	Face value of notes fully collateralized by short-term U.S. Treasury securities	—
		Principal reduction	1,808	1,265	2,585 (including resources from IMF and World Bank)	Old claims exchanged for new bonds with 30-year maturity and LIBOR plus $\frac{13}{16}$ at prenegotiated exchange ratio of 1:0.70.	Principal fully collateralized and 14-month rolling interest guarantee	Eligible for debt-equity conversion. Includes warrants to be triggered in case oil prices exceed threshold price of $26 a barrel in 1996, adjusted for inflation thereafter through 2020.
		Interest reduction	7,450	7,450	—	Old claims exchanged at par for new bond with 30-year maturity and fixed interest rate of 6.75 percent.	Principal fully collateralized and 14-month rolling interest guarantee	—
		Temporary interest reduction	3,018	3,018	—	Old claims exchanged for new bonds with 17-year maturity and interest rate of 5 percent for years 1-2, 6 percent for years 3-4, 7 percent for year 5, and LIBOR plus $\frac{13}{16}$ of 1 percent thereafter.	Twelve-month rolling interest guarantee for the first five years	Eligible for debt-equity conversion.
Zambia (1994)			414	—	47 (including resources from IDA Debt-Reduction Facility and grants from Germany, the Netherlands, Sweden, and Switzerland)	At preannounced price of 11 cents on the dollar, past-due interest canceled.	—	Buyback price applied to principal.

^¹Excludes $700 million in down payment on past-due interest.

^²Excludes $64 million in down payment on past-due interest.

^³Excludes $29 million in down payment on past-due interest.

Agreement classified by month of signature¹
1985		1989
	Côte d’Ivoire: March²		Nigeria: April
	Mexico: March, August		Zaire: June (deferment)
	Costa Rica: May²		Poland: June (deferment)²
	Senegal: May		South Africa: October
	Philippines: May²		Honduras: August⁴
	Zaïre: May (deferment)		Niger: October⁴
	Guyana: July (deferment)		Trinidad and Tobago: December
	Argentina: August²
	Jamaica: September	1990
	Panama: October²		Philippines: February²
	Sudan: October (modification of 1981 agreement)		Mexico: February²
	Chile: November²		Madagascar: April
	Colombia: December³		Bulgaria: April (standstill)²
	Ecuador: December²		Costa Rica: May
	Madagascar: December (modification of 1984 agreement)		Jamaica: June
	Yugoslavia: December		Morocco: September
			Senegal: September
1986			Chile: December (amendments to previous agreements)
	Dominican Republic: February		Venezuela: December²
	Morocco: February
	Venezuela: February	1991
	South Africa: March (standstill)		Colombia: April1³
	Niger: April		Niger: April
	Zaire: May (deferment)		Uruguay: January²
	Brazil: July		Brazil: May⁶
	Uruguay: July		USSR., former: December (deferment)
	Poland: September²		Mozambique: December
	Romania: September		Nigeria: December
	Congo: October^{2, 4}
	Côte d’Ivoire: December	1992
1987			Algeria: March
	South Africa: March		Gabon: May
	Mexico: March (public sector debt),² August (private sector debt)		Philippines: July²
			Guyana: November
	Jamaica: May		Argentina: December
	Mozambique: May⁴
	Zaïre: May (deferment)	1993
	Chile: June		Uganda: February
	Honduras: June⁴		Bolivia: March
	Madagascar: June (modification of 1985 agreement)		Russia: July⁴
	Argentina: August²		South Africa: September
	Morocco: September		Brazil: November²
	Romania: September (modification of 1986 agreement)		Jordan: December
	Bolivia: November (amendment to 1981 agreement)
	Nigeria: November^{2, 4}	1994
	Venezuela: November		Dominican Republic: February
	Gabon: December⁵		Gabon: May
	Philippines: December		Bulgaria: July
1988			Zambia: July
	Gambia, The: February		São Tomé and Príncipe: August
	Chile: August (amendment to 1987 agreement)⁴		Poland: September²
	Uruguay: March (modification of 1986 agreement)		Ecuador: October
	Côte d’Ivoire: April^{2, 4}		Russia: October⁴
	Guinea: April
	Togo: May	1995
	Poland: July		Sierra Leone: July
	Yugoslavia: September²		Albania: May⁴
	Malawi: October		Algeria: May⁴
	Brazil: November²		Slovenia: June⁴

Agreement classified by month of signature¹
1985		1989
	Côte d’Ivoire: March²		Nigeria: April
	Mexico: March, August		Zaire: June (deferment)
	Costa Rica: May²		Poland: June (deferment)²
	Senegal: May		South Africa: October
	Philippines: May²		Honduras: August⁴
	Zaïre: May (deferment)		Niger: October⁴
	Guyana: July (deferment)		Trinidad and Tobago: December
	Argentina: August²
	Jamaica: September	1990
	Panama: October²		Philippines: February²
	Sudan: October (modification of 1981 agreement)		Mexico: February²
	Chile: November²		Madagascar: April
	Colombia: December³		Bulgaria: April (standstill)²
	Ecuador: December²		Costa Rica: May
	Madagascar: December (modification of 1984 agreement)		Jamaica: June
	Yugoslavia: December		Morocco: September
			Senegal: September
1986			Chile: December (amendments to previous agreements)
	Dominican Republic: February		Venezuela: December²
	Morocco: February
	Venezuela: February	1991
	South Africa: March (standstill)		Colombia: April1³
	Niger: April		Niger: April
	Zaire: May (deferment)		Uruguay: January²
	Brazil: July		Brazil: May⁶
	Uruguay: July		USSR., former: December (deferment)
	Poland: September²		Mozambique: December
	Romania: September		Nigeria: December
	Congo: October^{2, 4}
	Côte d’Ivoire: December	1992
1987			Algeria: March
	South Africa: March		Gabon: May
	Mexico: March (public sector debt),² August (private sector debt)		Philippines: July²
			Guyana: November
	Jamaica: May		Argentina: December
	Mozambique: May⁴
	Zaïre: May (deferment)	1993
	Chile: June		Uganda: February
	Honduras: June⁴		Bolivia: March
	Madagascar: June (modification of 1985 agreement)		Russia: July⁴
	Argentina: August²		South Africa: September
	Morocco: September		Brazil: November²
	Romania: September (modification of 1986 agreement)		Jordan: December
	Bolivia: November (amendment to 1981 agreement)
	Nigeria: November^{2, 4}	1994
	Venezuela: November		Dominican Republic: February
	Gabon: December⁵		Gabon: May
	Philippines: December		Bulgaria: July
1988			Zambia: July
	Gambia, The: February		São Tomé and Príncipe: August
	Chile: August (amendment to 1987 agreement)⁴		Poland: September²
	Uruguay: March (modification of 1986 agreement)		Ecuador: October
	Côte d’Ivoire: April^{2, 4}		Russia: October⁴
	Guinea: April
	Togo: May	1995
	Poland: July		Sierra Leone: July
	Yugoslavia: September²		Albania: May⁴
	Malawi: October		Algeria: May⁴
	Brazil: November²		Slovenia: June⁴

Under preparation
Ethiopia	Nicaragua	Senegal
Guinea	Peru	Tanzania
Mauritania	Russia	Vietnam

Under preparation
Ethiopia	Nicaragua	Senegal
Guinea	Peru	Tanzania
Mauritania	Russia	Vietnam

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