Signature of the agreement Algeria-Club of Paris for a repayment before due date of the Algerian debt

Algeria and the Club of Paris signed on Thursday May 11, 2006 a multilateral agreement for the repayment before due date of the rescheduling Algerian debt.

“The principle of the repayment before due date with the par and suggested by Algeria with all the creditors of the Club of Paris was accepted”, announced an official statement of this club at the end of negotiations which were completed beyond midnight .

“The debt due by Algeria to the creditors of the Club of Paris and eligible with the repayment before due date is assembled to 7,9 billion dollars which should, under the terms of the rescheduling agreements of 1994 and 1995, being refunded between November 30, 2006 and November 30, 2001”.

Algeria was represented by the Minister for Finance, Mr. Mourad MEDELCI, accompanied by a delegation of high responsible in charge of his government department, including the Governor of the Bank of Algeria, Mr. Mohamed LAKSACI.

The signature of this multilateral agreement on a case-by-case basis allows from now on that of bilateral agreements with each Member State of the Club of Paris on the refunding of this debt. “The operations of repayment before due date will proceed on a voluntary basis, between May 31, 2006 and November 30, 2006 , after signature of bilateral agreements”.

From this point of view, the first bilateral agreement should be signed this Thursday between Algeria and France , indicated to the press Mr. MEDELCI. The representative of Italy , after having congratulated Mr. MEDELCI for the signature on the multilateral agreement, announced to him his country intention to initial the bilateral agreement “as soon as possible”.

The Member States of the club of Paris creditors to Algeria are Germany , Austria , the United States , Belgium , Canada , Denmark , Spain , Finland , France , Japan , Norway , the Netherlands , the United Kingdom and Switzerland .

During the signature of the multilateral agreement, Mr. MUSCA president of the club underlined “the will of the international community to support Algeria which wished to complete its economic and financial evolution”. The Club of Paris “seized all the importance which represents for Algeria this repayment before due date which falls under an overall strategy “of economic growth and social.

On his side, Mr. MEDELCI gave “appointments to all the partners for the signature of the bilateral agreements which will proceed in the same spirit of opening and same confidence” and will reinforce the prospects “for an extremely promising co-operation”.