Chapter

Statistical Appendix IV

Author(s):
International Monetary Fund
Published Date:
December 1995
Share
  • ShareShare
Show Summary Details
Table A22.Naples Terms 67 Percent NPV Reduction: Total Annual Payments 1
Debt-Service Reduction2Debt-Service Reduction3Capitalization of
Debt Reduction option(Maturities)(Stock)Moratorium Interest4ODA debts 5
Market rate:8.0000%8.0000%8.0000%8.0000%8.0000%
Effective rate:8.0000%1.6623%1.7144%2.1532%2.0000%6
Amount rescheduled:100%100%100%100%100%
YearPrincipalInterestTotalPrincipalInterestTotalPrincipalInterestTotalPrincipalInterestTotalPrincipalInterestTotal
(In percent of amounts consolidated)
1-2.672.670.331.661 99-1.711.71-1.081.08-2.002.00
2-2672.670.391.662.05-1.711.71-1.081.08-2.002.00
3-2.672.670.431.652.08-1.711.71-1.081.08-2.002.00
4-2.672.670.491.642.130.481.712.19-1.081.08-2.002.00
5-2.672.670.551.632.180.551.702.25-1.081.08-2.002.00
6-2.672.670.621.622.240.621.692.31-1.081.08-2.002.00
70.112.672.770.681.612.290.701.682.38-1.081.08-2.002.00
80.222.652.870.771.602.370.791.672.46-1.081.08-2.002.00
90.352.632.990.861.592.450.891.662.551.332.493.82-2.002.00
100.512.603.110.961.572.530.991.642.631.442.463.90-2.002.00
110.672.563.231.071.562.631.111.622.731.562.433.99-2.002.00
120.862.503.361.191.542.731.231.602.831.692.404.09-2.002.00
131.072.433.501.321.522.841.371.582.951.832.364.19-2.002.00
141-312.343.651.461.502.961.521.563.081.982.324.30-2.002.00
151.572.233.801.621.473.091.691.533.222.142.274.41-2.002.00
161.872.103.961.801.443.241.871.503.372.312.234.54-2.002.00
172.211.944.151.991.413.402.081,473.552.512.184.691.091.993.08
182.571.764.322.211.383.592.301.433.732.712.124.831.211.973.18
192.981.544.522.451.343.792.541.393.932.932.064.991.331.953.28
203.441.304.742.711.304.012.811.354.163.162.005.161.461.923.38
213.951.014.963.001.254.253.101.304.403.431.935.361.621.893.51
224.510.695.203.321.204.523.421.244.663.711.855.561.781.863.64
235.140.315.453.671.154.823.771.184.954.001.775.771.961.823.78
244.061.085.144.141.125.264.331.686.012.161.783.94
254.491.015.504.571.045.614.691.596.282.381.744.12
264.960.945.905.020.965.985.071.496.562.621.694.31
275.480.856.335.530.886.415.491.376.862.891.634.52
286.050.766.816.090.786.875.931.257.183.191.574.76
296.680.667.336.700.677.376.411.127.533.521.515.03
307.370.547.917.360.557.916.940.987.923.881.445.32
318.140.428.568.090.428.517.510.838.344.271.365.63
328.980.289.258.890.289.178.120.678.794.711.275.98
339.920.1210.049.780.139.918.780.499.275.191.176.36
345.721.126.84
356.311.077.38
366.971.017.98
377.670.958.62
388.460.899.35
399.330.8210.15
4010.280.7511.03
Sum33.33100.00100.00100.00100.00
NPV33.3333.3333.3333.3431.63
Sources: Paris Club: and IMF staff estimates.

Npv is net present value: annual payments shown are calculated on the basis of semi-annual payments.

For flow reschedulings.

For stock-of-debt operations.

Assumes capitalization of 50 percent of interest payments during the grace period.

Official development assistance.

Assumed to be the original ODA interest rate.

Sources: Paris Club: and IMF staff estimates.

Npv is net present value: annual payments shown are calculated on the basis of semi-annual payments.

For flow reschedulings.

For stock-of-debt operations.

Assumes capitalization of 50 percent of interest payments during the grace period.

Official development assistance.

Assumed to be the original ODA interest rate.

Table A23.Naples Menu: Repayment Schedule by Option
67 Percent NPV Reduction
DebtDebt-Service ReductionCapitalization ofLong
SemesterReductionMaturitiesStockMoratorium InterestODA debtsmaturities
(In percent of amounts consolidated)
1
2-0.17----
3-0.19----
4-0.20----
5-0.21----
6-0.22----
7-0.240.23---
8-0.250.25---
9-0.270.27---
10-0.2811.28---
11-0.300.30---
12-0.320.32---
130.040.330.34---
140.070.350.36---
150.090.370.38---
160.130.400.41---
170.160.420.430.66--
180.190.440.460.68--
190.230.470.480.71--
200.270.490.510.74--
210.310.520.540.77--
220.360.550.570.80--
230.410.580.600.83--
240.450.610.630.86--
250.510.640.670.90--
260.570.680.700.93--
270.620.710.740.97--
280.690.750.781.01--
290.750.790.821.05--
300.820.830.871.09--
310.890.880.911.13--
320.970.920.961.18--
331.060.971.011.230.53-
341.151.021.071.280,56-
351.231.081.121.330.59-
361.331.131.181.380.62-
371.431.191.241.440.65-
381.551.261.301.490,68-
391.661.321.371.550.71-
401.781.391.441.610.75-
411.911.461.511.680.791.18
422.041.541.591.750.831.23
432.181.621.671.820.871.28
442.331.701.751.890.911.34
452.491.791.841.960,961.39
462.651.881.932.041.001.44
471.982.022.121 051.50
482.082.122.211.111.56
492.192.232.301.161.62
502.302.342.391.221.68
512.422.452.491.281.74
522.542.572.581.341.80
532.672.702.691.411.86
542.812.832.801,481.93
552.952.972.911.562.00
563.103.123.021.632.06
573.263.273.141.722.13
583.423.433.271.802.21
593.593.593.401.892.28
603.783.773.541.992.35
613.973.953.682.082.43
624.174.143.832.192.51
634.384,343.982.302.59
644.604.554.142.412.67
654.844.774.302.532.75
665.085.014.482.662.84
672.792.92
682.933.01
693.083.10
703.233.19
713.403.29
723.573.38
733.743.48
743.933.58
754.133.68
764.333.79
774.553.89
784.784.00
795.024.11
805.264.22
Source: Paris Club
Source: Paris Club
Table A24.Naples Terms: Selected Interest Rates(In percent)
67 Percent NPV Reduction50 Percent NPV Reduction
Debt-Service ReductionCapitalization ofDebt-Service ReductionCapitalization of
Market RateMaturitiesStock1Moratorium InterestMaturitiesStock1Moratorium Interest
15.004.34954.43646.52245.76216.15198.1661
14.003.98444.06665.86425.20415.58037.3119
13.003.61443.69185.21674.64085.00316.4718
12.003.23893.31134.58044.07174.45645.6458
11.002.85702.92443.95573.49623.82994.8340
10.002.46762.53003.34292.91373.23294.0366
9.002.06982.12712.74212.32362.62823.2535
8.001.66231.71442.15321.72522.01522.4847
7.001.24381.29081.57601.11801.39321.7300
6.000.81290.85481.01010.50120.76160.9893
5.000.36790.40480.48920.10000.16020.2623
4.000.10000.10000.10000.10000.100000.1000
Source: Paris Club.

The higher interest rate reflects the three-year grace period for payments under stock operations. SeeTable A22.

An interest rate of 0.1 percent would also apply for market rates below 4 percent.

Source: Paris Club.

The higher interest rate reflects the three-year grace period for payments under stock operations. SeeTable A22.

An interest rate of 0.1 percent would also apply for market rates below 4 percent.

Table A25.Overview of Reschedulings of Official Bilateral Debt, 1976-July 1995
Date ofAmount Consolidated2ConsolidationTerms45
DebtorNumber ofAgreement(in millionsPeriod3GraceMaturity
CountriesResheduling1(month/day/year)of U.S dollars)(in months)(in years)
AlgeriaI06/01/945,345123.014.56
AlgeriaII07/21/957,000361.513.56
AngolaI07/20/89446156.09.5
ArgentinaI01/16/852.040125.09.5
ArgentinaII05/20/871.260144.99.5
ArgentinaIII12/21/892.450155.89.3
ArgentinaIV09/19/911.47696.29.7
ArgentinaV07/22/922.701291.113.66
BeninI06/22/8919313Toronto terms
BeninII12/18/9112919London terms
BeninIII06/21/932529London terms
BoliviaI06/25/86449125.09.5
BoliviaII11/14/88226155.99.3
BoliviaIII03/15/9030024Toronto terms
BoliviaIV01/24/926529London terms
BoliviaV03/24/9548236Naples terms
BrazilI11/23/832.337174.07.5
BrazilII01/21/874,178303.05.5
BrazilIII07/28/884.992205.09.5
BrazilIV02/26/9210.500201.813.36
BulgariaI04/17/91640126.510.0
BulgariaII12/14/9225156.39.8
BulgariaIII04/13/94200135.99.4
Burkina FasoI03/15/916315Toronto terms
Burkina FasoII05/07/933633London terms
CambodiaI01/26/95724930Naples terms
CameroonI05/24/89535126.09.5
CameroonII01/23/921.08098.214.6
CameroonIII03/25/941.25918London terms
Central African RepublicI06/12/8172124.08.5
Central African RepublicII07/08/8313125.09.5
Central African RepublicIII11/22/8514184.89.3
Central African RepublicIV12/14/882818Toronto terms
Central African RepublicV06/15/90412Toronto terms
Central African RepublicVI04/12/943212London terms
ChadI10/24/8973815Toronto terms
Chad1102/28/9572412Naples terms
ChileI07/17/85146182.86.3
ChileII04/02/87157212.66.1
CongoI07/18/86756203.79.1
CongoII09/13/901.052215.814.3
CongoIII06/30/941.175118.114.6
Costa RicaI01/11/83136183.88.3
Costa RicaII04/22/85166154.99.4
Costa RicaIII05/26/89182144.99.4
Costa RicaIV07/16/9113995.09.5
Costa RicaV06/22/9358-2.06.5
Cote d’lvoireI05/04/84230134.08.5
Cote d’IvoireII06/25/85213124.08.5
Cote d’IvoireIII05/27/86370364.18.6
Cote d’IvoireIV12/17/87567165.89.3
Cote d’IvoireV12/18/89934167.813.3
Cote d’IvoireVI11/20/91806128.014.5
Cote d’IvoireVII03/22/941.84937London terms
CroatiaI03/21/95861122.113.6
Dominican RepublicI05/21/85290154.99.4
Dominican RepublicII11/22/91850187.814.3
EcuadorI07/28/83142123.07.5
EcuadorII04/24/85450363.07.5
EcuadorIII01/20/88438144.99.4
EcuadorIV10/24/89397145.99.4
EcuadorV01/20/92339128.015.0
EcuadorVI06/27/9429368.314.8
EgyptI05/22/876,350184.79.2
EgyptII05/25/9127,8648Stock2.535.0
El SalvadorI09/17/90135138.014.5
Equatorial GuineaI07/22/8538184.59.0
Equatorial GuineaII03/03/89710-Toronto terms
Equatorial GuineaIII04/02/92773212London terms
Equatorial GuineaIV12/15/9475121London terms
EthiopiaI12/16/9244135London terms
Former Yugoslav Republic of MacedoniaI07/17/952909123.114.66
GabonI06/20/7863---
GabonII01/22/87387153.99.4
GabonIII03/21/88326125.09.5
GabonIV09/19/89545164.010.0
GabonV10/24/91498155.010.0
GabonVI04/15/941,360122.014.5
Gambia. TheI09/19/8617125.09.5
GuatemalaI03/25/93440-8.014.56
GuineaI04/18/86196144.99.4
Guinea1104/12/8912312Toronto terms
GuineaIII11/18/9220312London terms
GuineaIV01/25/9515612Naples terms
Guinea-BissauI10/27/8725189.719.2
Guinea-BissauII10/26/892115Toronto terms
Guinea-BissauIII02/23/9519536Naples terms
GuyanaI05/23/89195149.919.4
GuyanaII09/12/9012335Toronto terms
GuyanaIII05/06/933917London terms
HaitiI05/30/9511713Naples terms
HondurasI09/14/90280118.114.6
HondurasII10/26/9218011London terms
JamaicaI07/16/84105153.98.4
JamaicaII07/19/8562124.09.5
JamaicaIII03/05/87124154.99.4
JamaicaIV10/24/88147184.79.2
JamaicaV04/26/90179184.89.3
JamaicaVI07/19/91127136.014.5
JamaicaVII01/25/93291365.013.5
JordanI07/19/89587184.89.3
JordanII02/28/92603187.714.3
JordanIII06/28/941.147352.116.66
KenyaI01/19/94535-1.37.86
LiberiaI12/19/8035183.37.8
LiberiaII12/16/8125184.18.6
LiberiaIII12/22/8317124.08.5
LiberiaIV12/17/8417125.09.5
MadagascarI04/30/81140183.88.3
MadagascarII07/13/82107123.88.3
MadagascarIII03/23/8489184.810.3
MadagascarIV05/22/85128154.910.4
MadagascarV10/23/86212214.69.1
MadagascarVI10/28/8825421Toronto terms
MadagascarVII07/10/9013913Toronto terms
MalawiI09/22/8225123.58.0
MalawiII10/27/8326123.58.0
MalawiIII04/22/8827149.919.4
Mali110/27/886316Toronto terms
MaliII11/22/894426Toronto terms
MaliIII10/29/922018London terms
MauritaniaI04/27/8568153.88.3
MauritaniaII05/16/8627124.08.5
MauritaniaIII06/15/8790144.914.4
MauritaniaIV06/19/895212Toronto terms
MauritaniaV01/26/9321824London terms
MauritaniaVI06/28/956636Naples terms
MexicoI06/22/831,19963.05.5
MexicoII09/17/861,912154.08.5
MexicoIII05/29/892,400366.19.6
MoroccoI10/25/831,152163.87.3
MoroccoII09/17/851,124183.88.3
MoroccoIII03/06/871,008164.79.2
MoroccoIV10/26/88969184.79.2
MoroccoV09/11/901,39077.914.4
MoroccoVI02/27/921,303118.114.5
MozambiqueI10/25/84283125.010.5
MozambiqueII06/16/87361199.719.3
MozambiqueIII06/14/9071930Toronto terms
MozambiqueIV03/23/9344024London terms
NicaraguaI12/17/9172215London terms
NicaraguaII03/22/9584827Naples terms
NigerI11/14/8336124.58.5
NigerII11/30/8426144.99.4
NigerIII11/21/8538125.19.5
NigerIV11/20/8634135.09.5
NigerV04/21/88371310.019.5
NigerVI12/16/884812Toronto terms
NigerVII09/18/9011628Toronto terms
NigerVIII03/04/9416015London terms
NigeriaI12/16/866,251154.99.4
NigeriaII03/02/895,600164.89.3
NigeriaIII01/18/913.300157.914.3
PanamaI09/19/8519162.87.3
PanamaII11/14/90200174.89.3
PeruI11/03/78420122.06.5
PeruII07/26/83466123.07.5
PeruIII06/05/84704154.98.4
PeruIV09/17/915,910157.914.5
PeruV05/04/931,527396.913.4
PhilippinesI12/20/84757184.89.3
PhilippinesII01/22/87862184.79.2
PhilippinesIII05/27/891,850255.59.0
PhilippinesIV06/20/911,096147.914.4
PhilippinesV07/19/9410586177.914.4
PolandI04/27/812,11084.07.5
PolandII07/15/8510,930365.010.5
PolandIII11/19/851,400125.09.5
PolandIV10/30/879,027124.59.0
PolandV02/16/9010,400158.313.8
PolandVI04/21/9129,87111Stock6.518.0
RomaniaI07/28/82234123.06.0
RomaniaII05/18/83736123.06.0
Russian FederationI04/02/931214,363125.09.5
Russian FederationII06/02/94127,100122.815.36
Russian FederationIII06/03/95126,400122.815.36
SenegalI10/12/8175124.08.5
SenegalII11/29/8274124.38.8
SenegalIII12/21/8372124.08.5
SenegalIV01/18/85122183.88.3
SenegalV11/21/8665164.89.3
SenegalVI11/17/8779126.015.5
SenegalVII01/23/8914314Toronto terms
SenegalVIII02/12/9010712Toronto terms
SenegalIX06/21/9111412Toronto terms
SenegalX03/03/9423715London terms
SenegalXI04/20/9516929Naples terms
Sierra LeoneI09/15/7739241.58.5
Sierra LeoneII02/08/8037164.29.7
Sierra LeoneIII02/08/8425125.010.0
Sierra LeoneIV11/19/8686184.89.2
Sierra LeoneV11/20/9216430London terms
Sierra LeoneVI07/20/944217London terms
SomaliaI03/06/85127125.09.5
SomaliaII07/22/87153249.519.0
SudanI11/13/79487213.09.5
SudanII03/18/82203184.59.5
SudanIII02/04/83518125.515.0
SudanIV05/03/84249126.015.5
TanzaniaI09/18/861,046125.09.5
TanzaniaII12/13/883776Toronto terms
TanzaniaIII03/16/9019912Toronto terms
TanzaniaIV01/21/9269130London terms
TogoI06/15/79260212.88.3
TogoII02/20/81232244.08.5
TogoIII04/12/83300125.09.5
TogoIV06/06/8475164.89.3
TogoV06/24/8527125.010.5
TogoVI03/22/88139157.915.3
TogoVII06/20/897614Toronto terms
TogoVIII07/09/908824Toronto terms
TogoIX06/19/92529London terms
TogoX02/23/9523733Naples terms
Trinidad and TobagoI01/25/89209144.99.4
Trinidad and TobagoII04/27/90110135.094
TurkeyI05/20/781.300132.06.5
TurkeyII07/25/791.200123.07.5
TurkeyIII07/23/803.00364.59.0
UgandaI11/18/8130124.59.0
UgandaII12/01/8219126.58.0
UgandaIII06/19/87170126.014.5
UgandaIV01/26/898918Toronto terms
UgandaV06/17/923924London terms
UgandaVI02/20/957110Stock13Naples terms
VietnamI12/14/93791-London terms
Yugoslavia14105/22/84500124.06.5
Yugoslavia14II05/24/85812163.88.3
Yugoslavia14III05/13/86901123.99.4
Yugoslavia14IV07/13/881,291155.99.4
ZaireI06/16/76270181.07.5
ZaireII07/07/77170123.08.5
ZaireIII12/01/774063.09.0
ZaireIV12/11/791.040183.59.0
ZaireV07/09/81500124.09.5
ZaireVI12/20/831.497125.010.5
ZaireVII09/18/85408154.99.4
ZaireVIII05/15/86429124.09.5
ZaireIX05/18/87671136.014.5
ZaireX06/23/891.53013Toronto terms
ZambiaI05/16/83375125.09.5
ZambiaII07/20/84253125.09.5
ZambiaIII03/04/86371125.09.5
ZambiaIV07/12/9096318Toronto terms
ZambiaV07/23/9291733London terms
Sources: Paris Club; and IMF staff estimates.

Roman numerals indicate, for each country, the number of debt reschedulings in the period beginning 1976.

Includes debt service formally rescheduled as well as postponed maturities.

In a number of cases consolidation period was extended.

Terms for current maturities due on medium- and long-term debt covered by the rescheduling agreement and not rescheduled previously. In December 1994. when Paris Club creditors agreed to Naples terms, they also agreed to refer to the previous enhanced concessions terms as London terms.

In this paper, grace and maturity of rescheduled current maturities are counted from the end of the consolidation period. In cases of multi-year rescheduling, the effective average repayment period can be longer. For repayment schedules under Toronto terms. London terms, and Naples terms, see Table 23.

Graduated payments schedule.

Date of informal meeting of creditors on the terms to be applied in the bilateral reschedulings.

Total value of debt restructured for Egypt in 1991 includes the cancellation of military debt by the United States.

The former Yugoslav Republic of Macedonia agreed to the terms of the rescheduling, but did not sign the Agreed Minute.

The 1994 rescheduling was canceled at the request of the authorities.

Total value of debt restructured for Poland in 1991.

Creditors met under the chairmanship of the group of participating creditor countries.

The first stock-of-debt operation under Naples terms was agreed with Uganda and involved a 67 percent NPV reduction.

Former Socialist Federal Republic of Yugoslavia.

Sources: Paris Club; and IMF staff estimates.

Roman numerals indicate, for each country, the number of debt reschedulings in the period beginning 1976.

Includes debt service formally rescheduled as well as postponed maturities.

In a number of cases consolidation period was extended.

Terms for current maturities due on medium- and long-term debt covered by the rescheduling agreement and not rescheduled previously. In December 1994. when Paris Club creditors agreed to Naples terms, they also agreed to refer to the previous enhanced concessions terms as London terms.

In this paper, grace and maturity of rescheduled current maturities are counted from the end of the consolidation period. In cases of multi-year rescheduling, the effective average repayment period can be longer. For repayment schedules under Toronto terms. London terms, and Naples terms, see Table 23.

Graduated payments schedule.

Date of informal meeting of creditors on the terms to be applied in the bilateral reschedulings.

Total value of debt restructured for Egypt in 1991 includes the cancellation of military debt by the United States.

The former Yugoslav Republic of Macedonia agreed to the terms of the rescheduling, but did not sign the Agreed Minute.

The 1994 rescheduling was canceled at the request of the authorities.

Total value of debt restructured for Poland in 1991.

Creditors met under the chairmanship of the group of participating creditor countries.

The first stock-of-debt operation under Naples terms was agreed with Uganda and involved a 67 percent NPV reduction.

Former Socialist Federal Republic of Yugoslavia.

Table A26.Reschedulings of Official Bilateral Debt, 1991-July 19951
Amount Consolidated3ConsolidationTerms45
DebtorNumber ofDate of(in millions ofPeriodGraceMaturity
CountriesResheduling2AgreementU.S dollars)(in months)(in years)
1991
NigeriaIIIJanuary 183,300157.914.3
Burkina FasoIMarch 156315Toronto terms
BulgariaIApril 17640126.510.0
PolandVIApril 2129,87166.518.0
EgyptIIMay 2527,86464.532.5
PhilippinesIVJune 201,096147.914.4
SenegalIXJune 2111412Toronto terms
Costa RicaIVJuly 1613995.09.5
JamaicaVIJuly 19127136.014.5
PeruIVSeptember 175,910157.914.5
ArgentinaIVSeptember 191,47696.29.7
GabonVOctober 24498155.010.0
Cote d’IvoireVINovember 20806128.014.5
Dominican RepublicIINovember 22850187.814.3
NicaraguaIDecember 1735515London terms
BeninIIDecember 1812919London terms
1992
EcuadorVJanuary 20339128.015.0
TanzaniaIVJanuary 2169130London terms
Cameroon11January 231,08098.214.6
BoliviaIVJanuary 246518London terms
BrazilIVFebruary 2610,500201.813.3
MoroccoVIFebruary 271,303118.114.5
JordanIIFebruary 28603187.714.3
Equatorial GuineaIIIApril 23212London terms
UgandaVJune 173917London terms
TogoIXJune 195224London terms
ArgentinaVJuly 222,701331.113.6
ZambiaVJuly 2391733London terms
Honduras11October 2618034London terms
MaliIIIOctober 292035London terms
GuineaIIINovember 18203-London terms
Sierra LeoneVNovember 2016416London terms
BulgariaIIDecember 1425156.39.8
EthiopiaIDecember 1644135London terms
1993
JamaicaVIIJanuary 25291365.013.5
MauritaniaVJanuary 2621824London terms
MozambiqueIVMarch 2344024London terms
GuatemalaIMarch 25440-8.014.5
Russian FederationIApril 214.363125.09.5
PeruVMay 41,527396.913.4
GuyanaIIIMay 63917London terms
Burkina FasoIIMay 73633London terms
BeninIIIJune 212529London terms
Costa RicaVJune 2258-2.06.5
VietnamIDecember 14791-London terms
1994
KenyaIJanuary 19535-1.37.8
SenegalXMarch 323715London terms
NigerVIIIMarch 416015London terms
Cote d’lvoireVIIMarch 221,84937London terms
CameroonIIIMarch 251,25918London terms
Central African RepublicVIApril 123212London terms
BulgariaIIIApril 13200135.99.4
GabonVIApril 151,360122.014.5
AlgeriaIJune 15,345123.014.5
Russian FederationIIJune 27,100122.815.3
EcuadorVIJune 2729368.314.8
JordanIIIJune 281,147352.116.6
CongoIIIJune 301,175118.114.6
PhilippinesVJuly 19586177.914.4
Sierra LeoneVIJuly 204217London terms
Equatorial GuineaIVDecember 155121London terms
1995
GuineaIVJanuary 2515612Naples teems
CambodiaIJanuary 2624930Naples lerms
ChadIIFebruary 182412Naples terms
UgandaVIFebruary 20110Stock7Naples terms
TogoXFebruary 2323733Naples terms
Guinea-BissauIIIFebruary 2319536Naples terms
CroatiaIMarch 21861122.113.6
NicaraguaIIMarch 2284827Naples terms
BoliviaVMarch 2448236Naples terms
SenegalXIApril 2016929Naples terms
HaitiIMay 3011713Naples terms
Russian FederationIIIJune 36.400122.815.3
MauritaniaVIJune 286636Naples terms
Former Yugoslav Republic of MacedoniaIJuly 17290123.114.6
AlgeriaIIJuly 217,000361.513.5
Sources: Paris Club; and IMF staff estimates.

A more detailed and complete listing is provided in Table A25.

Roman numerals indicate, for each country, the number of debt reschedulings in the period beginning 1976.

Includes debt service formally rescheduled as well as postponed maturities.

Terms for current maturities due on nonpreviously rescheduled medium- and long-term debt covered by the rescheduling agreement.

In this paper, grace and maturity are counted from the end of the consolidation period. In cases of multi-year rescheduling, the effective average repayment period can be longer. For repayment schedules under Toronto. London, and Naples terms, see Table 23Table 23.

Total value of debt stock restructured.

The first stock-of-debt operation under Naples terms was agreed with Uganda, and involved a 67 percent NPV reduction.

Sources: Paris Club; and IMF staff estimates.

A more detailed and complete listing is provided in Table A25.

Roman numerals indicate, for each country, the number of debt reschedulings in the period beginning 1976.

Includes debt service formally rescheduled as well as postponed maturities.

Terms for current maturities due on nonpreviously rescheduled medium- and long-term debt covered by the rescheduling agreement.

In this paper, grace and maturity are counted from the end of the consolidation period. In cases of multi-year rescheduling, the effective average repayment period can be longer. For repayment schedules under Toronto. London, and Naples terms, see Table 23Table 23.

Total value of debt stock restructured.

The first stock-of-debt operation under Naples terms was agreed with Uganda, and involved a 67 percent NPV reduction.

Table A27.Low-Income Rescheduling Countries: Amounts Due and Consolidated, 1991-July 19951, 2
Debt Service
Arrears as of StartFalling Due During
of ConsolidationConsolidation PeriodTotal
(In millions of U.S. dollars)
Pre-cutoff date debt service
Debt service due5,1916,20311,395
Not previously rescheduled3,1041,8924,996
Previously rescheduled2,0874,3116,398
Consolidated4,9905,83010,820
Not previously rescheduled3,0661,8924,958
Previously rescheduled1,9243,9385,862
Amount to be paid201373575
Not previously rescheduled38-38
Previously rescheduled163373536
Moratorium interest-513513
Post-cutoff date debt service6791,3201,999
Deferred55-55
Total debt service to be paid
after consolidation8252,2083,033
(in percent of amount due)
Amount to be paid3.96.05.0
Not previously rescheduled1.2-0.8
Previously rescheduled7.88.78.4
Sources: Paris Club; and IMF staff estimates.

Includes the reschedulings from Benin (2), Bolivia (2). Burkina Faso (2). Cambodia, the Central African Republic, Chad. Equatorial Guinea |2), Ethiopia, Guinea (2i, Guinea-Bissau. Guyana. Haiti, Honduras, Mali. Mauritania (2), Mozambique, Nicaragua (2). Niger, Senegal (3), Sierra Leone (2), Tanzania, Togo (2), Uganda (2), Vietnam, and Zambia. Includes Cote d’lvoirc and Cameroon (excluding arrears that were rescheduled nonconcessionally) in 1994 following the rescheduling of their debts on London terms,

Tolals include double counting in cases where previously rescheduled debt has been rescheduled.

Sources: Paris Club; and IMF staff estimates.

Includes the reschedulings from Benin (2), Bolivia (2). Burkina Faso (2). Cambodia, the Central African Republic, Chad. Equatorial Guinea |2), Ethiopia, Guinea (2i, Guinea-Bissau. Guyana. Haiti, Honduras, Mali. Mauritania (2), Mozambique, Nicaragua (2). Niger, Senegal (3), Sierra Leone (2), Tanzania, Togo (2), Uganda (2), Vietnam, and Zambia. Includes Cote d’lvoirc and Cameroon (excluding arrears that were rescheduled nonconcessionally) in 1994 following the rescheduling of their debts on London terms,

Tolals include double counting in cases where previously rescheduled debt has been rescheduled.

Table A28.Lower Middle-Income Rescheduling Countries: Amounts Due and Consolidated, 1991-July 19951, 2
Debt Service
Arrears as of StartFalling Due During
of ConsolidationConsolidation PeriodTotal
(In millions of U.S. dollars)
Pre-cutoff date debt service
Debt service due12,10212,51324,615
Not previously rescheduled7,7145,22012,934
Previously rescheduled4,3887,29311,681
Consolidated10,6279,52820,155
Not previously rescheduled7,5484,98212,530
Previously rescheduled3,0794,5467,625
Amount to be paid1,4752,9854,460
Not previously rescheduled166238404
Previously rescheduled1,3092,7474,056
Moratorium interest-1,5281.528
Post-cutoff date debt service1,5604,1455,705
Total debt service to be paid
after consolidation33,0358,65811,693
(In percent of amount due)
Amount to be paid12.223.918.1
Not previously rescheduled2.24.63.1
Previously rescheduled29.837.734.7
Sources: Paris Club; and IMF staff estimates.

Includes the reschedulings for Cameroon, the Congo. Kenya. Cote d’Ivoire. the Dominican Republic. Ecuador (2). Guatemala. Jamaica (2), Jordan (2), Morocco. Nigeria. Peru (2). and the Philippines (2). Excludes reschedulings in 1994 of Cote d’ivoire and Cameroon on London terms, but includes Cameroon’s arrears rescheduled on nonconcessional terms. The debt restructuring and reduction agreements with Egypt and Poland are excluded.

Totals include double counting in cases where previously rescheduled debt has been rescheduled.

These figures exclude Peru’s arrears on post-cutoff date debt of $761 million and moratorium payments of $447 million, which were deferred in 1991 beyond the consolidation period. The figures also exclude $320 million of moratorium interest deferred in 1991 and again in 1993, as well as $37 million of moratorium interest from the 1993 rescheduling that were deferred.

Sources: Paris Club; and IMF staff estimates.

Includes the reschedulings for Cameroon, the Congo. Kenya. Cote d’Ivoire. the Dominican Republic. Ecuador (2). Guatemala. Jamaica (2), Jordan (2), Morocco. Nigeria. Peru (2). and the Philippines (2). Excludes reschedulings in 1994 of Cote d’ivoire and Cameroon on London terms, but includes Cameroon’s arrears rescheduled on nonconcessional terms. The debt restructuring and reduction agreements with Egypt and Poland are excluded.

Totals include double counting in cases where previously rescheduled debt has been rescheduled.

These figures exclude Peru’s arrears on post-cutoff date debt of $761 million and moratorium payments of $447 million, which were deferred in 1991 beyond the consolidation period. The figures also exclude $320 million of moratorium interest deferred in 1991 and again in 1993, as well as $37 million of moratorium interest from the 1993 rescheduling that were deferred.

Table A29.Other Middle-Income Rescheduling Countries: Amounts Due and Consolidated, 1991-July I995 1, 2
Debt Service
Arrears as of StartFalling Due During
of ConsolidationConsolidation PeriodTotal
(In millions of U.S. dollars)
Pre-culoff dale debt service
Debt service due13,987.125,483.139,470.2
Not previously rescheduled5,757.416,975.022,732.4
Previously rescheduled8,229.78,508.116,737.8
Consolidated10,978.120,440.131,418.2
Not previously rescheduled5,720.415,774.121,494.5
Previously rescheduled5,257.74,666.09,923.7
Amount to be paid3,009.05,043.08,052.0
Not previously rescheduled37.01.200.91,237.9
Previously rescheduled2,972.03,842.16,814.1
Moratorium interest-2,951.02,951.0
Post-cutoff date debt service due858.96,564.67,423.5
Deferred252.1-52.1
Total debt service to be paid
after consolidation33,815.814.558.618,426.5
(In percent of amount due)
Amount to be paid21.519.820.4
Not previously rescheduled0.67.15.4
Previously rescheduled36.145.240.7
Sources: Paris Club; and IMF staff estimates.

Includes the reschedulings for Algeria (2), Argentina (2), Brazil, Bulgaria (3), Costa Rica (2), Croatia, Gabon (2), and the former Yugoslav Republic of Macedonia. Excludes rescheduling with the Russian Federation.

Totals include double counting in cases where previously rescheduled debt has been rescheduled.

Includes $70 million of late interest not consolidated for Brazil.

Sources: Paris Club; and IMF staff estimates.

Includes the reschedulings for Algeria (2), Argentina (2), Brazil, Bulgaria (3), Costa Rica (2), Croatia, Gabon (2), and the former Yugoslav Republic of Macedonia. Excludes rescheduling with the Russian Federation.

Totals include double counting in cases where previously rescheduled debt has been rescheduled.

Includes $70 million of late interest not consolidated for Brazil.

Table A30.Reschedulings of Official Bilateral Debt: Amounts Consolidated in Successive Reschedulings 1976-July 1995
Amount Under Successive Agreements
(In millions of U.S. dollars)
AgreementNumber of
CountryIIIIIIIVVVIVIIVIIIXIXXITotal1Agreements
Angola4464461
Cambodia2492491
Croatia.8618611
El Salvador1351351
Ethiopia4414411
Former Yugoslav Republic of Macedonia2902901
Gambia, The17171
Guatemala4404401
Haiti1171171
Kenya5355351
Vietnam7917911
Algeria5,3457,000212,3452
Burkina Faso6336992
Chad3824622
Chile1461573032
Dominican Republic2908501,1402
Egypt6,35027,864334,2142
Honduras2801804602
Nicaragua7228481,5702
Panama192002192
Romania2347369702
Somalia1271532802
Trinidad and Tobago2091103192
Benin193129253473
Bulgaria6402512001,0913
Cameroon5351.0801,2592.8743
Congo7561,0521,1752,9833
Guinea-Bissau25211952413
Guyana195123393573
Jordan5876031,1472,3373
Malawi252627783
Mali6344201273
Mexico1,1991,9122,4005,5113
Nigeria6,2515,6003,30015,1513
Russian Federation14,3637,1006,40027,8633
Turkey1,3001,2003,0005,5003
Brazil2,3374,1784,99210,50022,0074
Equatorial Guinea381032511314
Guinea1961232031566784
Liberia35251717944
Mozambique2833617194401,8034
Sudan4872035182491,4574
Tanzania1,0463771996912,3134
Yugoslavia5008129011,2913,5044
Argentina2,0401,2602,4501,4762,7019,9275
Bolivia449226300654821,5225
Costa Rica136166182139586815
Peru4204667045,9101,5279,0275
Philippines7578621,8501,0965865.1515
Zambia3752533719639172,8795
Central African Republic721314284321636
Ecuador1424504383973392932,0596
Gabon633873265454981,3603,1796
Mauritania68279052218665216
Morocco1,1521,1241,0089691,3901,3036,9466
Poland2,11010,9301,4009,02710,40029,871363,7386
Sierra Leone39372586164423936
Uganda3014170893911044576
Cote d’Ivoire2302133705679348061,8494,9697
Jamaica105621241471791272911.0357
Madagascar140107891282122541391,0697
Niger3626383437481161604958
Togo26023230075271397688522371,48610
Zaire270170401,0405001,4974084296711,5306,55510
Senegal75747212265791431071142371691,25711
Total58,16880,49237,12936,35021,27736,0273,0227848372,004169276,259244
Sources: Paris Club: and IMF staff estimates.

Includes significant double counting in cases where previously rescheduled debt has been rescheduled.

Estimate.

Total value of debt restructured in 1991.

First stock-of-debt operation under Naples terms.

Sources: Paris Club: and IMF staff estimates.

Includes significant double counting in cases where previously rescheduled debt has been rescheduled.

Estimate.

Total value of debt restructured in 1991.

First stock-of-debt operation under Naples terms.

Table A31.Selected Debt-Restructuring Agreements Involving Official Bilateral Creditors Not Participating in the Paris Club, 1993-95
Amount
CreditorDebtorAgreementTotalDate of arrearsOf Which: Coverage1TermsOther
1.ArgentinaDominican Republic6/1994$24.2 m$24.2 mABuyback at a 50 percent discount.
EI Salvador9/1993$14 m$14 mABuy back using Argentine commercial debt at a 60 percent discount.
Honduras6/1994$35.4 m$35.4 iiACash buybacfc effected at a 70 percent discount.
Nicaragua8/1993$76m$76mABuyback at an 88 percent discount.Payment effected with U.S. Treasury 30-year zero coupon bonds at a cost of $9.7 million. Financing supplied by Argentina.
2.BrazilBolivia3/1994$68.7 m$IM mA+DBuyback in three installments:Payments to be effected with U.S. Treasury 25-year zero coupon bonds. First payment made at a 60 percent discount.
40 percent in 6/1994
30 percent in 2/1995
30 percent in 7/1995.
Dominican Republic9/1993$11.7 m$11.7 tnABuyback at a 70 percent discount.
3.ChinaEgypt1993$209 mDBuyback at a 50 percent discount.
Mail7/1992CFAF 45 bPDeferral of principal payments for five years, no interest.Consolidation period extends from January 1992 through end 1996.
Sierra LeoneMid-1994$41 mA+DRepayment to be effected over (approximately) 40 years, at concessional Interest.Debt covered includes outstanding debtor balance in a discontinued bilateral trading agreement.
Uganda2/1993$32 mA + DRepayment of 28 million over 6 years at 5 percent interest; rest of repayment over 3 years with no interest.
4.Costa RitaHonduras12/1994$27 m$27 mARepayment over 17 years, including 6 years’ grace. Interest at LIBOR + 1 percent.
5.Germany 2Albania PolandEnd-1993 1994Rub 37.1 mRepayment over 15 years, including 6 years’ grace. Interest 3.5 percent.Outstanding debtor balance to the former German Democratic Republic, in the CMEA arrangement. The debt was converted into DM 13 million.
Poland1994Debtor balance to the former German Democratic Republic
6.HungaryMongolia1/1994Repayment ofTR debt over 4 years.Some short-term, bus mostly TR-denominaled balance in a CMEA clearing account.
Russian FederationMid-1995$1.7 bSettlement in kind of remaining CMEA balances.Final phase of 1992 agreement.
7.IndiaUganda12/1992$54 mRepayment over 10 years, including 5 years’ grace, at LIBOR.
8.LibyaPoland1993$200 m$200 mAPayment in kind over Ihe nest 4 years.
9.MexicoJamaica6/1993$23.1 m$23.1 mARepayment over 12 years, including 3 years’ grace. Interest 6 percent.Oil supply debt.
$20.8 mP+ 1Repayment over 6 years, including 3 years’ grace. Interest 6 percent.Debt previously rescheduled in 1978.
10.PolandRussian Federation2/1995SmallSettlement in cash during 1995.Cancellation of outstanding CMEA balances, intergovernmental loans, and commercial credits.
11.PortugalAngola6/1994A + P+ IRepayment of medium and long term debt over 11 years, including 2½ years’ grace. Interest 7 percent. Short-term debt, repayment over 8 years, including 2½ years’ grace. Interest 6 percent.Repayment to be effected with oil shipments.
12.Russian FederationAlgeriaEarly 1994Rub 1.0 b3Repayment by 2004; interest 2 percent.A protocol was negotiated providing for pan of the payments so be effected in kind.
EgyptLate 1994Rub 1.7 b £20 m4A + DRepayment of the bulk of ruble-denominated debt by 2010; remainder by 2002. Clearing sterling-denominated debt to be repaid by 2001.As debt service falls due, Egypt’s outstanding creditor balance in a defunct clearing account would be drawn down.
Lao People’s Democratic Republic1993-94Rub 796 m5Outstanding balance in the CMEA.Payments with exports valued at Rub 5 million a year.
Mongolia1992Rub 10 bDeferral of principal repayment until 2000: and of interest through 1996.
Ukraine3/1995$2.6 b$2.1 bA+PAbout $1.1 billion to be repaid pa at 13 years, including 3 years’ grace; interest LIBOR + 1.5/2 percent. $1 billion to be repaid over 12 years, including 2 years’ grace at 8.5 percent interest. $0.2 billion canceled through a debt/equity swap; $100 million to be settled through provision of housing construction services.Debt covered includes commodity credits (including $1.5 billion arrears on gas shipments) and intergovernmental loans (including $0.6 billion in arrears).
Vietnam1 994Rub 9.1 b $38 mA+DPartial payments on the amounts falling due.No formal agreement yet. in the meantime an informal arrangement provides for annual negotiations to determine goods and amounts to be exported.
13.Saudi ArabiaAlgeriaMid-1995$0.5 bTerms comparable with the lower middle-income countries terms of the 1995 Paris Club agreement.
14.Slovak Republic6Russian Federation1993$170 mPortion of an outstanding balance in the CMEA.Payment in kind in 1993.
15.SpainAngolaEnd-1993$135mA+DRepayment of over 2¼ years including ¾ year’s grace. Interest based on the relevant commercial interest reference rate.Spain provided new revolving credits and export financing. Payments to be effected with oil shipments.
16.SwitzerlandJordan1/1994$24 mA+DBuyback at discount of outstanding debt.Switzerland would fund environmental projects in Jordan with the receipts.
17.Taiwan Province Jordan of ChinaEarly 1994$2.5 mTerms comparabte to the 1992 Paris Club rescheduling.
18.TurkmenistanUkraineLate 1994/ early 1995$1 b$0.7 bA+DPayment of $O.3 billion to be effected in 1994 (60 percent in kind); balance of repayment over 7 years, all in cash.The arrears were accumulated in 1992 and 1993 on gas supplies.
19.VenezuelaEl Salvador1/1993$28 7 m$11 6 mA+DBuyback using Venezuelan commercial debt at a 40 percent discount.
Haiti1/1995$5 m$5 mARepayment over 3 years including 2 years’ grace. Interest Si percent.
Jamaica7/1993$22 mP +1 in 1/93-6/94Repayment over 11 years, with 3 years’ grace. Interest 6 percent.
Sources: Debtor information.

Key: P = Principal, medium- and long-term debt; I = Interest, medium- and long-term debt; D = medium- and long term debt: A = Arrears on D.

Germany was a participant in the Paris Club terms of reference agreement with Albania in December 1993. The agreement covered only arrears on short-term debt, and provided for shorter repayment (by the end of 2000) and grace periods than those granted on a bilateral basis by Germany on the ruble-denominated claims.

This is only a portion of Algeria’s debt to Russia,

Denominated in clearing sterling.

The Russian Federation reports claims on the Lao People’s Democratic Republic of Rub S05 million.

Creditor information.

Sources: Debtor information.

Key: P = Principal, medium- and long-term debt; I = Interest, medium- and long-term debt; D = medium- and long term debt: A = Arrears on D.

Germany was a participant in the Paris Club terms of reference agreement with Albania in December 1993. The agreement covered only arrears on short-term debt, and provided for shorter repayment (by the end of 2000) and grace periods than those granted on a bilateral basis by Germany on the ruble-denominated claims.

This is only a portion of Algeria’s debt to Russia,

Denominated in clearing sterling.

The Russian Federation reports claims on the Lao People’s Democratic Republic of Rub S05 million.

Creditor information.

    Other Resources Citing This Publication