UGANDA, MOZAMBIQUE WIN DEBT RESCHEDULING ACCORD
The Paris Club of creditor nations agreed
to a major rescheduling of Uganda's and Mozambique's
government-to-government debts, the Club said in a statement.
    At meetings here this week, both countries were accorded
terms that were more generous than usually granted by the Club.
Uganda was given 15 years to repay its debts with a six-year
grace period while Mozambique was accorded an exceptionally
long 20-year period, with 10 years' grace.
    The Club said it approved of both countries' economic and
financial programs and would therefore make a contribution to
improve their external payments prospects.
    It said both countries faced heavy debt service obligations
and low per capita income, adding the solution of the
countries' debt problems would take a number of years.
    The statement also said Mozambique's limited debt service
capacity made borrowing from the International Monetary Fund in
the upper credit tranches "inappropriate."
    No details were available from the countries' embassies nor
from the Club on the amounts involved, but last week the
Ugandan Finance Minister Chrispus Kiyonga said he was hoping
for a rescheduling of 120 mln dlrs. Uganda's total foreign debt
is estimated at some 1.5 billion dlrs.
    A French Finance Ministry statement issued the same time as
the Paris Club statement, said France had formally agreed with
Gabon to reschedule bilateral unpaid debt amounting to about
440 mln francs.
    The bilateral agreement, covering payments due to have been
made by May 31 this year, follows the Paris Club's January
decision to grant Gabon an extended repayment period for its
government-to-government debt.
    The ministry said French aid to Gabon in 1987, within the
framework of the country's economic recovery program, amounts
to about 1.67 billion francs.
 REUTER
