Regulatory Alerts1983-12-21
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Ordinance No 83-027 of December 21, 1983 Authorizing the Central Bank of Madagascar to Execute a Substitution-Subrogation Operation for External Debt Refinancing
The Central Bank of Madagascar, authorized by Ordinance No. 83-027 of December 21, 1983, is substituted for original debtors to settle external debts under a refinancing agreement with foreign institutions and commercial banks. This substitution automatically transfers all creditor rights to the Central Bank upon notification, while original debtors and guarantors remain liable until the agreement's effective date following contractual suspensive conditions. Ratified by Law No. 84-009 of June 12, 1984, the ordinance establishes the legal mechanism for this substitution-subrogation operation to facilitate external debt restructuring.
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