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Niger - Debt Reduction Program Project (Английский)

The grant provides up to US$10 million from the Debt Reduction Facility for IDA-Only Countries in support of the Government of Niger's commercial bank debt reduction program. Under this program, commercial banks will be able to exchange their eligible claims against Niger for: (a) short-term non-interest bearing notes issued by the Republic of Niger with a face value equal to 18 percent of the principal amount outstanding and guaranteed by Banque Centrale des Etats de l'Afrique de l'Ouest (BCEAO), whose guarantee will be collateralized by a deposit finance by resources from the Facility and donors; or (b) long-term par notes bearing no interest, issued by the Republic of Niger and guaranteed by BCEAO, whose guarantee will be collateralized by US Treasury zero-coupon bonds purchased by BCEAO. The maturity of the zero coupon bonds will be such that the net present value of both options will be equivalent (21 years at 9 percent interest rates). The implementation of the program is contingent on acceptance of the offer by banks holding at least 70 percent of the principal amount of outstanding public debt. Bilateral donors will make available resources amounting to US$10 million to complement the Facility resources. The full US$20 million will suffice to permit the exchange of Niger's total outstanding public commercial bank debt, the principal amount of which is currently the equivalent of US$111 million.

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    Niger - Debt Reduction Program Project

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    adjustment program;eligible debt;commercial debt;investment in human resources;economic and sector work;security of land tenure;public enterprise institutional development;Monetary and Credit Policies;degradation of natural resource;external public debt;commercial bank debt;per capita income;human resource development;natural resource base;balance of payment;current account deficit;long term development;debt relief;net present value;debt service obligation;terms of trade;secondary market price;creditor bank;debt management strategy;growth and development;debt service capacity;negative pledge clause;principal interest;public sector resource;debt service ratio;government wage bill;debt service payment;private sector activity;external debt management;external debt burden;public debt service;primary school enrollment;rapid population growth;adverse external shocks;payment to creditor;world interest rate;debt service burden;finance and debt;amount of debt;outstanding public debt;medium term loan;Rural Health Care;short-term trade finance;access to water;expansion of imports;international price trends;Natural Resource Management;long-term financial need;consumption per capita;Population and Health;long term growth;sustainable resource management;exchanges of view;public resource management;banking sector reform;structural adjustment lending;maintenance of facilities;human resource base;debt reduction program;condition of effectiveness;number of banks;water harvesting techniques;provision of collateral;tight monetary policy;composition of expenditure;Civil Service Reform;public expenditure program;severe resource constraints;basic health care;private debt;external financing;fiscal deficit;export earnings;budgetary resource;economic vulnerability;participation rate;grace period;adjustment effort;budget deficit;domestic saving;bank group;total debt;commercial creditor;real gdp;bilateral debt;multilateral donor;french franc;policy package;social indicator;adjustment process;financial situation;grant funds;private entity;agricultural production;bank participation;donor coordination;outstanding debt;Public Spending;banking system;production cost;concessional term;short term trade;debt cancellation;stabilization measure;adjustment operation;related agreement;denominated loans;sustainable level;fiscal situation;donor support;bank holding;agricultural service;infrastructure maintenance;external assistance;interest charge;developmental impact;petroleum supply;population control;improve revenue;Water Management;agricultural base;regional market;marginal conditions;rainfed farming;demographic pressure;economic linkage;national research;local subsidiary;agricultural sector;external deficit;fiscal resource;concessional loan;preventive health;market distortion;Basic Education;price control;reform effort;executive board;gdp deflator;school book;economic stabilization;international community;concessional financing;previous paragraph;external aid;sectoral adjustment;rural operation;political will;macroeconomic reform;productive sector;large creditor;external reserve;investment good;long-term contract;bank finance;environmental problem;geographic position;financing flow;external account;competitive level;financial benefit;sector restructuring;income growth;regulatory concern;industrial incentive;debt obligation;uranium price;direct loan;government revenue;dollar term;world price;economic crisis;life expectancy;human capital;subsequent years;medium-term outlook;annex annex;macroeconomic indicator;short-term credit;capital formation;heavy burden;debt retirement;coupon bond;bilateral sources;long-term financing;government service;trade credit;government loan;grant element;formal sector;external borrowing;debt rescheduling;foreign company;private creditor;guaranteed loan;Guaranteed loans;commercial borrowing;creditor country;original maturity;insurance agencies;fiscal revenue;external factor;climatic condition;trading partner;nominal devaluation

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