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Viewing cable 09PARIS499, PARIS CLUB - MARCH 2009 TOUR D'HORIZON AND DISCUSSIONS ON
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Reference ID | Created | Released | Classification | Origin |
---|---|---|---|---|
09PARIS499 | 2009-04-03 16:08 | 2011-08-24 00:00 | UNCLASSIFIED//FOR OFFICIAL USE ONLY | Embassy Paris |
VZCZCXRO9240
RR RUEHBZ RUEHGI RUEHTRO
DE RUEHFR #0499/01 0931608
ZNR UUUUU ZZH
R 031608Z APR 09
FM AMEMBASSY PARIS
TO RUEHC/SECSTATE WASHDC 5967
INFO RUEATRS/DEPARTMENT OF TREASURY WASHDC
RUEKJCS/SECDEF WASHINGTON DC
RUEHAB/AMEMBASSY ABIDJAN 1367
RUEHGB/AMEMBASSY BAGHDAD 0259
RUEHRL/AMEMBASSY BERLIN 6983
RUEHSW/AMEMBASSY BERN 2213
RUEHBS/AMEMBASSY BRUSSELS 6955
RUEHCP/AMEMBASSY COPENHAGEN 1674
RUEHLO/AMEMBASSY LONDON 7113
RUEHMD/AMEMBASSY MADRID 2971
RUEHMO/AMEMBASSY MOSCOW 6326
RUEHNY/AMEMBASSY OSLO 1723
RUEHQT/AMEMBASSY QUITO 0539
RUEHRO/AMEMBASSY ROME 9074
RUEHSM/AMEMBASSY STOCKHOLM 1740
RUEHTC/AMEMBASSY THE HAGUE 3119
RUEHKO/AMEMBASSY TOKYO 2945
RUEHBS/USEU BRUSSELS 2547
RUEHLU/AMEMBASSY LUANDA 1059
RUEHGI/AMEMBASSY BANGUI 0364
RUEHRY/AMEMBASSY CONAKRY 0186
RUEHBZ/AMEMBASSY BRAZZAVILLE 0269
RUEHAM/AMEMBASSY AMMAN 1296
RUEHMV/AMEMBASSY MONROVIA 7484
RUEHTH/AMEMBASSY ATHENS 0861
RUEHKI/AMEMBASSY KINSHASA 1776
RUEHLC/AMEMBASSY LIBREVILLE 1513
RUEHPU/AMEMBASSY PORT AU PRINCE 0965
RUEHPC/AMEMBASSY LOME 1234
RUEHBU/AMEMBASSY BUENOS AIRES 1682
RUEHKH/AMEMBASSY KHARTOUM 0427
RUEHWR/AMEMBASSY WARSAW 0947
RUEHBR/AMEMBASSY BRASILIA 2188
RUEHCH/AMEMBASSY CHISINAU 0497
RUEHJB/AMEMBASSY BUJUMBURA 0215
RUEHTRO/AMEMBASSY TRIPOLI 0235
RUEHBJ/AMEMBASSY BEIJING 1943
RUEHUL/AMEMBASSY SEOUL 1669
RUEHAK/AMEMBASSY ANKARA 1071
RUEHTV/AMEMBASSY TEL AVIV 0130
RUEHSA/AMEMBASSY PRETORIA 1746
RUEHKU/AMEMBASSY KUWAIT 0322
RUEHAD/AMEMBASSY ABU DHABI 0355
RUEHPL/AMEMBASSY PORT LOUIS 1086
RUEHPS/USOFFICE PRISTINA
RUEHIL/AMEMBASSY ISLAMABAD 0881
RUEHDJ/AMEMBASSY DJIBOUTI 0031
RUEHBH/AMEMBASSY NASSAU 0159
RUEHDK/AMEMBASSY DAKAR 1609
RUEHWN/AMEMBASSY BRIDGETOWN 0339
RUEHLM/AMEMBASSY COLOMBO 0333
RUEHUB/USINT HAVANA 0168
UNCLAS SECTION 01 OF 20 PARIS 000499
SENSITIVE
SIPDIS
STATE FOR EEB/IFD/OMA
TREASURY FOR DO/IDD AND OUSED/IMF
SECDEF FOR USDP/DSCA
PASS EXIM FOR CLAIMS - MPAREDES
PASS USDA FOR CCC -- ALEUNG/WWILLER/JDOSTER PASS USAID FOR CLAIMS --
WFULLER
PASS DOD FOR DSCS -- PBERG
E.O. 12958: N/A
TAGS: EFIN ECON EAID XM XA XH XB XF FR
SUBJECT: PARIS CLUB - MARCH 2009 TOUR D'HORIZON AND DISCUSSIONS ON
METHODOLOGICAL ISSUES
¶1. (SBU) Summary: The March 10, 2009 Paris Club Tour d'Horizon
covered Afghanistan, Burundi, Central African Republic (CAR),
Democratic Republic of Congo (DRC), Cote d'Ivoire, Cuba, Djibouti,
Grenada, Haiti, Iraq, Jamaica, the Seychelles, and Sri Lanka.
Creditors provided "financing assurances" for Cote d'Ivoire's
upcoming IMF program and Paris Club debt treatment. Delegations
continued to weigh whether Grenada's handling of debts owed to
non-Paris Club creditors justifies granting Grenada's request to
extend its 2006 rescheduling. The IMF reported that Haiti could
complete the Heavily Indebted Poor Countries (HIPC) initiative, and
receive further debt relief, by mid-2009. Creditors await the IMF's
debt sustainability analysis for Seychelles and plan to hold a
conference call to prepare for April negotiation of the debt
restructuring agreement. The Secretariat shared feedback from
recent outreach to non-Paris Club creditors, and creditors discussed
the IMF and the Secretariat's assessments of the global financial
crisis and its implications for the Paris Club. On March 11,
creditors negotiated multilateral "Agreed Minutes" with Burundi
after it achieved "completion point" under the HIPC initiative.
Creditors agreed to cancel 100 percent of Burundi's nearly $135
million debt owed to the Club. End Summary.
-----------
Afghanistan
-----------
PARIS 00000499 002 OF 020
¶2. (SBU) The U.S. had put Afghanistan on the agenda. The IMF
reported that the economic, political and security situations
remained challenging. Fiscal policy remained weak. The security
situation, weak customs collections and the pricing of fuel imports
had depressed revenues at a time of high spending. The IMF noted
plans to complete the delayed fifth review of Afghanistan's Poverty
Reduction and Growth Facility (PRGF) program by the end of April,
assuming a sustained improvement in revenue collections and
fulfillment of prior actions. Afghan authorities asked the IMF to
extend the PRGF program through March 2010, to reschedule the sixth
review to September 2009, and to add an additional (seventh) review
in March 2010. Afghanistan could reach HIPC completion point no
earlier than fall 2009.
-------
Burundi
-------
¶3. (SBU) Recognizing the IMF and World Bank's March 10 decision
that Burundi had completed the HIPC initiative, the Club agreed to
provide Burundi the customary debt stock reduction. Following
remarkably smooth negotiations, creditors signed the Agreed Minutes,
providing for cancellation of $129.5 million (96 percent of
Burundi's debt); following normal practice, France and Japan also
PARIS 00000499 003 OF 020
committed to cancel the remaining $4.8 million Burundi owed them.
The IMF's debt relief to date totaled $28 million (in net present
value terms); Burundi will benefit from additional debt cancellation
worth $105 million under the Multilateral Debt Relief Initiative
(MDRI). Full HIPC debt cancellation, including $357 million (net
present value) from the World Bank, is expected to total $425
million.
------------------------------
Central African Republic (CAR)
------------------------------
¶4. (SBU) The IMF reported December approval of the third PRGF
program review along with an increase in the lending program. The
CAR met the fiscal targets with a better-than-programmed surplus.
Reserves, however, were sufficient to cover just two months of
imports. The World Bank and France were accelerating disbursements,
especially for budgetary assistance. The CAR has met most HIPC
performance criteria (so-called completion point "triggers") and is
making progress on remaining ones. One major obstacle is that
reaching completion point requires creditors holding at least 80
percent of outstanding eligible debt to participate. The Bank
reported reaching 79 percent, meaning one more creditor was needed -
Taiwan, China, or Argentina. Taiwan has never delivered HIPC relief
and China consistently refuses to provide relief in a multilateral
PARIS 00000499 004 OF 020
context. This leaves only Argentina, which holds 2-3 percent of the
CAR's debt. The IMF expects to approve the fourth review in early
April and HIPC completion point in mid-2009.
----------------------------------
Democratic Republic of Congo (DRC)
----------------------------------
¶5. (SBU) The U.S. had requested that DRC be on the agenda. The IMF
reported that the economic situation was deteriorating. The
following day, on March 12, the IMF Executive Board approved a rapid
access exogenous shocks facility (RAC-ESF) program, along with
remedial measures to address the government's recent misreporting.
A March IMF staff mission to conduct the periodic "Article IV"
review would also explore a new PRGF program.
¶6. (SBU) Regarding the Sino-Congolese mining deal, the IMF reported
that the government had assured the Fund that it was focused on
engaging the PRC on the sovereign guarantees and increased
concessionality. The DRC's letter of intent seeking emergency
financing under the RAC-ESF committed the authorities to refrain
from contracting new debts that could jeopardize debt
sustainability. The IMF said it was aware of the PRC Ambassador to
the DRC's statements that the deal would not be renegotiated and
that pressure to do so was "blackmail." The U.S. delegation pressed
PARIS 00000499 005 OF 020
the Fund on why the RAC-ESF letter of intent fell short of the
Fund's January report to the Club, which had indicated the DRC would
commit to eliminate the second infrastructure tranche and
renegotiate guarantees and concessionality. The Fund representative
had no specific answer.
¶7. (SBU) The U.S. also questioned an assertion in the RAC-ESF
document that the Paris Club had "acquiesced" to continued
accumulation of arrears. The IMF representative replied that this
assertion had referred to the Club's lack of response when he
informed the Club in January that arrears would continue to
accumulate. He agreed that using the word "acquiesce" was
unfortunate; the document should have stated that the Club "did not
object." Noting the G-7 letter last year, Japan reiterated the need
to address the Chinese loans, to review the feasibility study (the
IMF and WB reps had no update), and, given concern about assistance
to DRC, to consider the matter carefully.
-------------
Cote d'Ivoire
-------------
¶8. (SBU) After contentious discussions, creditors provided
financing assurances for Cote d'Ivoire's new PRGF program. The IMF
recalled that it had found Cote d'Ivoire eligible for HIPC in
PARIS 00000499 006 OF 020
December 2008, based on end-2007 data on the ratio of debt to
government revenues. The IMF Executive Board signaled the
possibility of approving a new PRGF program and decision point at
the same time, provided Cote d'Ivoire met several prior actions.
¶9. (SBU) A February IMF mission concluded that the authorities had
met these criteria. The Fund believed that performance under the
two Emergency Post-Conflict Assistance (EPCA) programs had been
"broadly satisfactory," despite unprogrammed fiscal expenditures,
particularly to construct the new capital. End-2008 fiscal
performance had actually been "close to targets," although the
primary surplus target had been missed by 0.4 percent of GDP,
financed through accumulation of domestic arrears. Cote d'Ivoire
met other end-2008 targets, including eliminating tax exemptions on
food staples, oil, and cocoa, and had put in place safeguards on
large public works. Finally clearing its arrears to the African
Development Bank, the authorities expected to clear arrears to other
multilaterals by end-March. The IMF and Cote d'Ivoire had reached
ad referendum agreement on the PRGF program, paving the way for the
IMF Executive Board's March 27 PRGF program and HIPC decision point
approval. The authorities had also committed to complete a 2009
budget, to implement an automatic petroleum price mechanism, to
issue a decree to limit Treasury advances, and to publish the 2008
budget execution documents.
PARIS 00000499 007 OF 020
¶10. (SBU) The IMF also asserted that Cote d'Ivoire faced
significant financing gaps, estimated at 30 percent of GDP, during
2009-2011. The IMF reported that the Club would need to provide
exceptional debt relief, in particular on so-called "post-cut off
debts"(debts originally extended prior to 1983), given the country's
very limited capacity to pay. The Secretariat believed that
capacity to pay all non-multilateral creditors - public and private
- would be on the order of $100-120 million annually. Cote d'Ivoire
owed $4 billion to the Club in 2009 alone, including arrears, late
interest and installments coming due. The Secretariat concurred
with the IMF that an exceptional treatment covering short-term debt
and post-cut off debt (much of which is owed to France) was needed.
¶11. (SBU) Creditors debated what type of treatment would be
appropriate and how to handle different categories of debt,
including private sector debt. The Secretariat emphasized that the
private debt (including $1 billion in arrears) should be considered
pre-cutoff and therefore subject to deeper debt relief. At the same
time, the Secretariat believed that the Club [in effect, France]
should receive a "major part" of the repayment capacity, to which
the Ivorian Finance Minister has reportedly agreed. While the Fund
pointed out that the 2002 London Club deal had already treated
private sector debt on HIPC-comparable terms, Club members
understood that private sector creditors would also need to make
extra efforts. In previous reports to the Club, the IMF had
PARIS 00000499 008 OF 020
expressed concern that Cote d'Ivoire might no longer qualify for
HIPC after March 2009. The Fund revealed that the country would
still likely have qualified using end-2008 data; detailed analysis
was pending. The IMF expected the HIPC "common reduction factor"
would be just over 23 percent, since the ratio of Cote d'Ivoire's
debt (net present value) to government revenues, after traditional
debt relief, was still equivalent to 327 percent.
----
Cuba
----
¶12. (SBU) Paris Club creditors last discussed Cuba at the October
2008 meeting after the authorities signaled interest in discussions
with the Club. The authorities had not, however, contacted the
Secretariat again. The Secretariat reminded creditors that
extending new short-term credits was acceptable, but that medium- or
long-term credits would require discussion in the Club, based on the
current understanding among creditors.
¶13. (SBU) Spain reported that Cuba had asked to renegotiate
short-term debt and open a medium-term line of credit. At a meeting
in Madrid, Cuba asked to eliminate short-term debt. Spain was
"generous, but not too generous." Cuba also requested cancellation
of medium-term debt; Spain refused. Australia reported receiving an
PARIS 00000499 009 OF 020
informal request, through Mexico, for medium-term export financing,
to which it had not responded. The Netherlands reported there had
been bilateral talks in 2008, and there could be a meeting in April.
France said there had been political contacts but no economic
discussions during former Foreign Minister Lang's recent visit.
Russia indicated that bilateral contacts had progressed
significantly in recent months, notably with an exchange of
high-level visits. An intergovernmental commission had met; Cuba
had made many requests, including for an ambitious loan program to
buy agricultural machinery. The discussions seemed to ignore the
huge Soviet-era debt problem, where there was "no hint" of a
solution. Russia had provided some grants ($7 million for food);
both sides are discussing $30 million in new grants.
¶14. (SBU) Paris Club Co-Chairman Coeure stressed solidarity in the
context of these growing Cuban requests; creditors are free to
provide grants but should refuse medium- and long-term loans until
Cuba makes serious efforts to engage on debt.
--------
Djibouti
--------
¶15. (SBU) At Italy's request, creditors discussed lack of progress
in concluding bilateral agreements to implement the October 2008
PARIS 00000499 010 OF 020
Agreed Minutes. In those negotiations, Djibouti attempted to
exclude certain debts that it alleged were illegitimate, even though
Djibouti had acknowledged them in the debt data reconciliation
process. No creditor reported having signed a bilateral agreement
ahead of the March 31 deadline. Italy reported that Djibouti was
trying to exclude certain interest installments (though not late
interest) from the agreement, indicating it did not recognize
interest as part of the agreement. Spain reported that, while
Djibouti had not responded regarding commercial debt, the
authorities had indicated that they expected "better treatment" than
the signed Paris Club Agreed Minutes. France reported that Djibouti
had asked for separate agreements - official development assistance
(ODA) debt first, followed by an agreement treating commercial debt.
France was unwilling to comply. The German delegate reported that
she was unaware of problems, that agreement had been reached on
numbers, and that both sides were looking at the draft text. The
Chair said Djibouti deserved a firm letter reminding it of its
obligations, urging rapid completion of the bilateral agreements,
but providing an extension. The Fund reported that the global
financial crisis had limited impact on Djibouti in 2008, due to the
country's low level of integration in the world economy; it was
likely to be felt more acutely in 2009.
-------
Grenada
PARIS 00000499 011 OF 020
-------
¶16. (SBU) The discussion focused on Grenada's request to extend the
May 2006 rescheduling by 12 months to match extension of its Fund
program. The Club remained concerned about whether the authorities'
refusal to seek comparable treatment from Kuwait and Trinidad and
Tobago violated the 2006 Agreed Minutes. According to the
Secretariat, the authorities had indicated during the 2006
negotiations that they did not wish to seek comparable treatment
from Kuwait, which was providing new assistance in the wake of
Hurricane Ivan. At the time, the Paris Club president had also
stated verbally that comparability of treatment should not be sought
at all costs.
¶17. (SBU) The Club must now consider whether it had agreed to this
exception, since the May 2006 Agreed Minutes only contained explicit
exclusion of a port debt owed to the Netherlands. The Dutch
representative recalled that Grenada's debts to the Netherlands,
Kuwait, and Trinidad and Tobago were owed by public enterprises.
The Dutch exclusion, therefore, implied that comparable treatment
need not include similar loans owed to non-Paris Club creditors.
The Secretariat agreed to research and confirm its understanding
that Kuwait's loan was indeed extended to Grenada's central
government. No payments were due to Trinidad and Tobago between
2006 and 2009, according to Grenada, so the May 2006 rescheduling
PARIS 00000499 012 OF 020
would not have affected these claims.
¶18. (SBU) Grenada had argued in a March 4 letter to the Club that
new concessional lending from Kuwait contained a grant element that
made it equivalent to comparable treatment; the Club was generally
dismissive of this argument. Some creditors called for maintaining
strict comparability of treatment; one, in particular, cautioned
against a more flexible definition of comparability, noting
creditors like China. Citing the recent failures of Trinidad and
Tobago's CL Financial Group and the Stanford Group, the IMF argued
that global developments were impacting Grenada although the banking
sector seemed resilient. Given that 2009 would require significant
fiscal consolidation, with a primary deficit of 2.1 percent of GDP,
the IMF said that extending the 2006 Paris Club treatment would be
welcomed.
-----
Haiti
-----
¶19. (SBU) The IMF said its Executive Board had approved on February
11 the fourth PRGF program review as well as $36 million in
additional lending capacity for Haiti because of hurricane damage
and drops in remittance flows and exports. Reconstruction efforts
were supporting growth. Demands for electricity and reconstruction
PARIS 00000499 013 OF 020
were driving up the current account deficit. IMF staff plan to
visit Haiti shortly to update 2009 projections and examine
performance on the PRGF program and on HIPC completion point
triggers. The Fund's interim view, however, was that macro
performance through December was fairly good.
¶20. (SBU) A subsequent early May IMF mission would prepare for the
fifth PRGF program review, with the hope that completion point could
come at the same time, around the middle of 2009. The World Bank
representative said that it would be completing a country assistance
strategy by mid-year and noted the letter from members of Congress
to President Zoellick urging a suspension of all payments. Bank
staff promised to follow up in response to the UK's question whether
Haiti is paying the World Bank. Haiti is seeking $125 million in
support at the April 13-14 donors conference in Washington.
----
Iraq
----
¶21. (SBU) Creditors reported that Iraq had corrected problems with
its January 1 payments -- the first due under Iraq's 2004 Paris Club
treatment -- and was now current. There was no further information
on an agreement with the United Arab Emirates allegedly cancelling
100 percent of Iraq's debt. In response to a U.S. inquiry, Brazil
PARIS 00000499 014 OF 020
indicated that it had "no news" on its bilateral agreement. When
Co-Chairman Coeure asked about the GOB's approach, the Brazilian
delegate replied that the bilateral was not concluded, and she "did
not know how long it would take." Coeure commented this was "a
pity." France stated that press reports from President Sarkozy's
recent trip, which had suggested that France was planning to swap or
otherwise treat the remaining 20 percent of its claims, were
incorrect. France had no plans to move beyond the treatment already
provided.
-------
Jamaica
-------
¶22. (SBU) The IMF reported on the deteriorating situation; Jamaica
could soon need a Fund program and debt treatment. The IMF recalled
that Jamaica had long struggled with slow growth (averaging 1
percent annually since 1991) and debt distress since the 1990s
banking crisis. Debt today totals 114 percent of GDP, despite a
program designed to bring it to 100 percent. With a narrow export
base and reliance on energy imports, remittances and foreign
financing, the interest rates on Jamaica's sovereign bonds had
soared to 1,000 basis points above the equivalent risk-free rate.
Moody's had downgraded the country from B1 to B2, but Jamaica had
managed to make a $200 million Eurobond payment on February 11.
PARIS 00000499 015 OF 020
There was little room for countercyclical fiscal policy. The GOJ
had not requested an IMF program when Fund staff visited the week of
March 2. The Bank noted that Jamaica had received $100 million for
fiscal and debt service in January, and was expected to receive $300
million from the Inter American Development Bank for onlending.
----------
Seychelles
----------
¶23. (SBU) The Fund reported that a February mission had found
strong program ownership, with most December 2008 targets met
despite the external environment's significant deterioration. The
IMF was revising its debt sustainability analysis (DSA) based on the
four scenarios the Club had requested. The DSA would show debt
levels to be highly unsustainable and on an explosive path. The
Secretariat plans to prepare a working paper and host an early-April
conference call to discuss the scenarios and ask questions, but not
take a final decision on the treatment's structure. There were
significant misgivings about this procedure; Germany requested a
summary after the conference call. South Africa remains interested
in participating in the negotiation; however, Malaysia will not.
---------
Sri Lanka
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---------
¶24. (SBU) The IMF's briefing indicated that 2009 exports were
expected to drop about 15 percent, thus increasing further the
current account deficit. The government had indicated that it
intended to seek IMF assistance, and discussions took place during
the following weeks. A creditor asked about military spending. The
IMF did not expect Sri Lanka to seek debt relief from Paris Club.
Since the Club had not provided any debt treatment beyond the
special tsunami relief in 2005, the Club agreed to launch a data
call in spite of German and Austrian concerns about sending signals
to markets.
----------------------------
Methodological Issue:
Outreach to Non-PC Creditors
----------------------------
¶25. (SBU) The Secretariat reported on responses to its outreach
efforts, specifically the January 2009 letter sent to eleven
non-Paris Club creditors (Abu Dhabi/UAE, Bulgaria, China, India,
Kuwait, Malaysia, Portugal, Romania, Saudi Arabia, South Africa and
Turkey). While no country had yet responded formally, Abu Dhabi/UAE
and Malaysia had both indicated willingness to share debt data.
South Africa would like to participate in the upcoming negotiation
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with Seychelles and had provided debt data. A Chinese trade
ministry official (DAS-level Gao) had told Co-Chairman Coeure during
the week of March 2, in Beijing, that while unwilling to share data,
China was willing to continue a dialogue with the Club. Gao
indicated the ministry will reply to the Secretariat's letter. The
French Embassy in New Delhi had received an informal GOI response,
but no official statement about sharing information. Following
comments by Germany and Italy, the Secretariat promised to review
the Working Paper, based on the action plan and comments received,
in time for discussion in April.
¶26. (SBU) The Secretariat also confirmed that it had discussed with
the Institute for International Finance (IIF) the next private
sector outreach meeting, scheduled for mid-2009. The Secretariat
intends to invite the non-Paris Club "outreach" countries and would
like to continue to discuss the difficult topic of so-called
"vulture funds," with the IIF.
-------------------------------
Methodological Issue:
The Financial Crisis and its
Consequences for the Paris Club
-------------------------------
¶27. (SBU) Norway had requested discussion of the crisis to learn
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more about G-20 discussions. The IMF and the Secretariat provided
their assessment of potentially vulnerable countries that might be
seen as candidates for Paris Club treatment. The Fund provided a
detailed presentation, based on its recent public report "The
Implications of the Global Financial Crisis for Low-Income
Countries"(LICs). While the crisis had initially impacted
industrial and emerging countries, the Fund believed that LICs would
increasingly feel the effects through reductions in trade, FDI, aid
and remittance flows. Along with the food and fuel shocks of
2007-8, this "third wave" of the global financial crisis was
reversing LICs' hard-won poverty reduction gains. Most remarkably,
the presentation revealed a sharp downturn in the IMF's outlook for
LICs since the Fund's Spring 2008 forecast. GDP growth estimates
fell by about two percentage points and current account deficits
rose by about the same amount. Donors, the Fund argued, needed to
provide scope for countercyclical fiscal policy in LICs.
¶28. (SBU) Although the IMF declined to name specific countries when
the Paris Club discussed the same topic in December 2008, the IMF
said in March that 22 LICs faced acute financial constraints. In
2009, these countries needed $25 billion in additional financing --
an amount that could rise considerably higher if downside risks
materialize:
-- Countries having started but not yet completed the HIPC
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initiative: Chad, Cote d'Ivoire, Guinea, Sudan
-- Countries having started but not yet completed the HIPC
initiative: Ghana, Honduras, Madagascar, Malawi, Mauritania, Sao
Tome, Senegal, Zambia
-- Non-HIPCs: Angola, Armenia, Cape Verde, Dominica, Moldova,
Mongolia, Pakistan, Saint Lucia, Sri Lanka, Tajikistan
¶29. (SBU) The Secretariat's presentation covered both low- and
middle-income countries that were potential candidates for debt
treatment. These included LICs that have started but not yet
completed the HIPC initiative process, LICs that have completed the
HIPC process, and middle-income countries that could seek Paris Club
treatment in the near term. Some have IMF programs or will have
Fund programs soon. Others are being monitored closely because they
are experiencing foreign reserves stress.
¶30. (U) The next Paris Club meeting is scheduled for April 14-15,
¶2009.
¶31. (U) For more detailed information on any of the above-mentioned
countries, please contact EEB/IFD/OMA David Freudenwald or Nicholle
Manz.
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¶32. (U) TRIPOLI MINIMIZE CONSIDERED
PEKALA