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 Terms of the Paris Club Agreement Paris Club Terms

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PostSubject: Terms of the Paris Club Agreement Paris Club Terms   Sat Nov 03, 2018 7:30 pm

On November 21, 2004, the Republic of Iraq signed an agreement with a group of official creditors from the Paris Club countries, whereby it obtained a reduction of 80% of Iraq’s sovereign debt with that group of 19 countries, December 2004 was about $ 38.9 billion in nominal terms (of the total debt of the country initially estimated at $ 128 billion), which was called pre-1990 debt and was processed according to the following stages:


Treatment of debt Principal Treatment
Three stages were adopted to achieve an 80% reduction in external debt:
 
Phase l
Write off 30% of total debt (as it was) on 1 January 2005, under which Iraq received a reduction of $ 11.6 billion.
 
Phase ll
A further 30 per cent reduction in total debt once Iraq signs an agreement
 
Arrangements by – Stand / SBA with the IMF
 
(Ie, at the international level), with a reduction of 11.6% at this stage
Program with the Fund at the end of 2005)
The rest of the debt (40% at this stage) was scheduled for a period of 23 years, inclusive
 
A grace period of six years.
Phase III:
Achieve a final reduction of 20% by completing Iraq
On total debt, conditional of the Stand By Agreement SBA with the International Monetary Fund (IMF) referred to above and completed.
 
Note the amount of the reduction for these results within three years from the date of signing the program. That the phase was about $ 8.7 billion.
to a total cut thus ended the treatments of religion according to the three stages referred to Iraq’s external debt to the Paris Club (19) was $ 9.38 billion
 
(Ie, the approved reduction of 80%) provided that the value is equal
Nominal value of debt with NPV. For example, the sector’s debt was deducted (US $ 35 million or less) for each small creditor almost 90% of the debt. As I paid a reward the debtors listed in cash (without scheduling)
Is about 10% of the original debt amount and is equal to the discount rate of 80% if it is made schedule them on condition that the nominal value of the debt is equal to NPV. Based on Iraq, for example, paid nearly 450 million dollars to creditors Lyon in cash
 
For their receivables of $ 5.4 billion and a discount rate of about 10%
Approximately . It is noted that the United States has begun to reduce its indebtedness on debt Iraq by 100%, and the Russian Federation has reduced its official debt to Iraq by a percentage increased
 
Papers in public debt
 
The 94% of the two members of the Paris Club countries as well as other countries have reduced its sovereign debt to Iraq by 100% such as Cyprus, Slovenia and Malta
(All from a group of countries outside the Paris Club.
And Algeria) recently
 
Interest Treatment
The accrued interest was capitalized on the rest of the debt of 20% as well as the capitalization of accrued interest on the rest of the total debt above) during the first (six) years following the signing of an agreement
Paris Club and according to the details set out below:
 
It should be noted that, after six years of easing the burden of cash flows (ie, assisting Iraq) to defer payment of the principal with a high degree of capitalization of interest (the total debt becomes disposable to gradually pay 17 years and equal (semi-annual) payments of 34 payments over the period
Amounting to $ 8.7 billion. The first installment of debt has been achieved (in accordance with the principle of debt amortization)
Amortization) as of 1 January 2011 (negative 37.0%) and the second installment as of 1 January 2012 and its value is negative (39.0%) and the last payment will be in 1 /(20.5%) and is one of the largest payments to be made time. The annual interest on the rest of the debt that has been scheduled is about  . % 5.8
 
Note: the terms of the Paris Club Agreement apply to Iraq’s debt with all its creditors (sovereign debt of Outside the 54 Paris Club countries and trade debt and more than 6,000.(Ie, within the principle of treatment equivalence in international law, as an agreement The Paris Club is a standard agreement that applies to all Iraqi debts before 1990.


In conclusion, in order to implement the terms of the Paris Club Agreement and ensure its proper application, the French banking financial institution known as LAZARD to act as financial advisor and follow up the mechanism for settlement of Iraq’s debt scheduled with the group of Paris Club countries related.


(*) Iraqi economic researcher and writer, former deputy governor of the Central Bank and financial advisor former Prime Minister Dr. Haidar Abadi
(**) led the negotiating team to reach the Paris Club Agreement to reduce the external indebtedness of the Republic of Iraq, Mr. Adel Abdul Mahdi, and a technical team composed of Dr. Sinan Al-Shabibi, former Governor of the Central Bank of Iraq and Dr. Aziz Jaafar, the appearance of Mohammed Saleh and Dr. Ahmed Breihi and conducted legal consultations with the Office International Law (Clare Gatelop) and other technical consultations with the International Monetary Fund of the Security Council resolution
 
It should be noted that, after six years of easing the burden of cash flows (ie, assisting Iraq)
 
To defer payment of the principal with a high degree of capitalization of interest (the total debt becomes disposable to gradually pay 17 years and equal (semi-annual) payments of 34 payments over the period
Amounting to $ 8.7 billion.
 
The first installment of debt has been achieved (in accordance with the principle of debt amortization) Amortization) as of 1 January 2011 (negative 37.0%).
 
The second installment as of 1 January 2012 and its value is negative (39.0%) and the last payment will be in 1 / (20.5%) and is one of the largest payments to be made in time. The annual interest on the rest of the debt that has been scheduled is about . % 5.8
 
Note: the terms of the Paris Club Agreement apply to Iraq’s debt with all its creditors (sovereign debt of Outside the 54 Paris Club countries and trade debt and more than 6,000
(Ie, within the principle of treatment equivalence in international law, as an agreement The Paris Club is a standard agreement that applies to all Iraqi debts before 1990.
 
Of the UN Security Council resolution In implementation of Act No. 1483 of May 2003. After standing on Dr.. The appearance of Mohammed Thalh towards the settlement of official foreign indebtedness of Iraq
 
The results of an analysis of the so-called debt sustainability analysis is the signing ceremony of the above agreement took place at the Paris Club headquarters on 21 October 2018,  which resulted in a commitment to write off more than $ 100 billion Iraq’s external debt.


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