IMF says Chad debt deal cuts risks, protects against oil price fall [Reuters]
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Source: Reuters
“We have been waiting for this day,” IMF Managing Director Kristalina Georgieva said in a statement. She said the debt treatment agreed by the creditors was consistent with the objectives of Chad's IMF-supported program, and should pave the way for completion of the first and second reviews that would enable disbursement of IMF funds. Chad on Friday said it had reached a debt agreement with Swiss commodities trader Glencore Plc and other creditors. Sources said the deal called for some debt relief in 2024 in the form of a reprofiled debt service schedule, but added that it would not reduce Chad's overall debt level. The announcement drew criticism from World Bank President David Malpass, who said he remained deeply concerned about Chad's longer-term ability to pay its $3 billion in external debts, given the absence of actual debt reduction. Sources familiar with the agreement said it would protect Chad if oil prices dropped again, while restoring confidence and opening the do
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