External Debt, Economic recovery post-crisis - After the USA, the London Club cancels 268 billion FCFA

The Bretton Woods institutions and financial partners are determined to make a major effort to Côte d'Ivoire to facilitate the implementation of its economic and financial program agreed with those institutions. 268 billion CFA francs, or 408 million euros. It's the gesture that capital partners in London come to consent vis-à-vis the Côte d'Ivoire, regarding the reduction of private debt, representing 20% of the stock of debt owed to London Club. The agreement signed in Paris by Charles Koffi Diby, Ivorian Minister of Economy and Finance Thierry Desjardins, President of the Coordinating Committee of the London Club, Monday, September 28, 2009 in Paris, also provides relief of 80% remaining debt over 23 years with 6 years of deferred payments and lean over the period of implementation of economic and financial program supported by the PRGF. However, the period of implementation of this program, Côte d'Ivoire will have to pay 55.4 billion CFA francs against 277 billion FCFA it owes to private creditors. The advantage for Côte d'Ivoire to get this agreement is timely is that it will help the country to ensure successful implementation of its economic and financial program agreed with the World Bank and the Fund International Monetary Fund (IMF). On Thursday, September 24, 2009, the United States were canceled for 208.7 million dollars (98.403 billion CFA francs) external debt of Côte d'Ivoire under a bilateral agreement signed between the two countries. This agreement is expected to clear around 123.23 billion CFA francs (188 million euros) of debt stock over the period April 2009 to March 2012. The London Club of private creditors constituted "cancel 268 billion CFA francs of debt on a total stock valued at 1380 billion (EUR 2.1 billion) at December 31, 2008," said the source.