Abstract

Agreement classified by month of signature1

Table A1.

Chronology of Bank Debt Restructurings and Bank Financial Packages, 1984–July 1994

Agreement classified by month of signature1

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

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

The restructuring agreement includes new financing.

Agreed in principle or tentative agreement with banks’ Steering Committees.

Refinancing agreement.

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

Preliminary 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)

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Sources: Restructuring agreements; and IMF staff estimates.

Including 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.

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

Financing packages involving debt and debt-service reduction.

Excludes past due interest.

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

Amendments to previous restructuring agreements.

Estimates of eligible debt.

Deferment agreement.

Face value of debt extinguished in buy-back.

Agreements 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.

Table A3.

Terms and Conditions of Bank Debt Restructurings and Financial Packages, 1989–July 19941

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Sources: Restructuring agreements; and IMF staff estimates.

Arrangements approved in principle before January 1, 1989 are reported in previous background papers.

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

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

Seventy percent of these arrears were forgiven in 1990 upon down-payment equal to 5 percent of these arrears. Beginning at the end of 1990 and provided that Honduras remained 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.

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

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

Allowance for re-lending 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.

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

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

Payment was deferred until the second quarter of 1990.

The interest rate of LIBOR plus ⅞ 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, 1987–July 19941

(By year of agreement in principle)

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

Excludes $700 million in downpayment on past due interest.

Excludes $64 million in downpayment on past due interest.

Excludes $29 million in downpayment on past due interest.

Excludes $75 million in interest equalization payments.

Excludes $29 million in downpayment on past due interest.

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

Excludes $373 million of cash payments to clear all interest arrears.

Excludes $158 million in catch-up and downpayment on past due interest.