Agreement on consolidation of debts between the Government of the Kyrgyz Republic and the Government of the Republic of France

Agreement
on consolidation of debts between the Government of the Kyrgyz Republic and the Government of the Republic of France

The Government of the Kyrgyz Republic and the Government of the Republic of France, in order to give effect to the recommendations of the Minute Agreed dated 7 March 2002, have agreed as follows:

Article 1. Debt concemed

1/ The Kyrgyz Republic's debt

The Kyrgyz Republic's debt owed to the Republic of France, consolidated under fhe present agreement is made up of loans from the Government of the Republic of France, having an original maturity of more than one year and which were extended to the Government of tne Kyrgyz Republic or to tne National Bank of the Kyrgyz Republic, or covered by their guarantee, pursuant to an agreement or other financial arrangement concluded before 31 August 2001 including payments due under previous bilateral consolidations.

It is understood that debt service, due as a result of debts described above and effected through special payment mechanisms or other external accounts, is included in the present reorganization.

It is understood that the payments due under lease rentals are excluded from the present reorganization.

2/ The consolidation

The present consolidation shall apply to:

a) 100% of the amcunts in principal and interest (including late interest) due on 5 December 2001 inclusive and not paid under the debts mentioned in article I paragraph 1;

b) 100% of the amounts in principal and interest (excluding late interest) due between 6 December 2001 and 5 December 2004 inclusive and not paid under the debts mentioned in article I paragraph 1.

3/ Amounts(*) provisional estimate

The global amount of arrears and maturities due to Natexis Bangues Populaires and referred to in article I paragraphs 1 and 2 is estimated, at the date of the present agreement, at 11814800 euros described in annex I as regards the amounts due between 6 December 2001 and 5 Desember 2002, at 45153708 euros if the provisions of article VIII paragraph 6/ b) are impiemented out of which 33338908 euros described in suppiementary annex I bis as regards the amounts due between 6 December 2002 and 5 December 2003, at 98318273 euros if the provisions of article VIII paragraph 6/ c) are impiemented out of which 53164565 euros described in supplementary annex I ter as regards the amounts due between 6 December 2003 and 5 December 2004.

4/ Terms of the reorganization

- 100% of the amounts of principal and interest (including late interest) due on 5 December 2001 inclusive and not paid on credits and loans mentioned in Article I paragraphs 1 and 2, granted under Official Development Assistance conditions and described in annex I shall be repaid not later than December 1, 2002;