Light bars represent debt cancellation or rescheduling.

However, this mainly reflects the measures taken to write off and reschedule part of the debt of Egypt.

Concessional debt will be rescheduled over 30 years, with 12 years apos grace on principal repayments.

It is worth noting that a growing portion of ODA to sub Saharan Africa consists of debt forgiveness and rescheduling.

As you know, most of the agreements which were rescheduled on 22 December and 4 February 1993 were not implemented on the agreed new dates.

The Paris Club, for its part, emphasized a country apos s reform track record as the basis for considering reductions in debt stock and exit rescheduling.

Of course, debt forgiveness and rescheduling could be most helpful and effective when accompanied by sound economic practices and policy reforms in debtor countries.

This option restructures the debt servicing due during the consolidation period at market rates, but reschedules it over 25 years with a 14 year grace period.

26 The risk of litigation has increased with the emergence of vulture funds that would buy distressed sovereign debt on the secondary markets and then sue for full repayment once restructuring negotiations commenced.

It also welcomed the reference to the need to consider debt relief or restructuring for those middle income countries that had an unsustainable level of debt.

It is now recognized that some of the assumptions built into the HIPC programmes were over optimistic in terms of GDP and the evolution of commodity prices, among other variables.

The success that US President George W. Bush and his special envoy, former Secretary of State James Baker, had in getting Iraq's foreign debts canceled or rescheduled shows what can be done when a policy is backed by political will.

Within a year of the Mexican default, what began as the debt problems of a small group of countries became a full blown international debt crisis, as debt servicing failures and reschedulings spread rapidly among the developing countries.

20 At first sight, given the high levels of debt ratios of Georgia, Kenya and Kyrgyzstan before Paris Club debt reschedulings, it is difficult to comprehend the factors which allow a distinction to be made between the sustainable cases (Georgia and Kenya) and the unsustainable case (Kyrgyzstan).

For many heavily indebted non HIPC and middle income countries, debt sustainability will require significantly more debt reduction or restructuring than has yet been proposed.

None the less, more than ever, the international financial institutions were expected to propose initiatives concerning multilateral debt, which continued to be the only category of developing country debt that had not been restructured.

However, it remains concerned about the risk of budget overruns given the material amounts of budgeted project expenditure rephased from 2005 to 2004 and will keep this matter under review.

FAO assisted several Member States in the collection and retabulation of sex disaggregated data to support informed planning and formulation of policies, programmes and projects in the agricultural sector and trained national agricultural statisticians in the collection of such data.

The standard Paris Club terms that are applied to all other countries take the debt servicing that falls due on the eligible debt during the consolidation period and reschedule it over 10 years with a grace period of five years on principal payments.