Chad: still no agreement for the restructuring of the external debt

Oil wells in Chad (illustrative image).

The country's creditors have still not found an agreement, which "prevents Chad from taking advantage of the current high oil prices", says the IMF.

© AFP

Text by: RFI Follow

2 mins

In Chad, the restructuring of the external debt is long overdue.

Chad's creditors have still not found an agreement, which “ 

 ,” Abebe Aemro Selassie, director of the IMF's African department, declared in Ndjamena.

Chad has been seeking for years to restructure a debt of three billion dollars, including one billion owed to the Swiss oil trader Glencore.

Advertising

Read more

What's stuck?

This is the question to which the Chadian finance minister and the head of the IMF's African department did not answer during a joint press conference yesterday, Thursday, May 26, in Ndjamena.

We just know from the mouth of Abebe Aemro Selassie that the process “ 

”.

The Chadian minister, for his part, said he hoped it could be completed before mid-June.

We do not know the reasons for the delay

While we therefore ignore the reasons for the delay in the debt restructuring process, we do know that since the end of last year public and private creditors, in this case the oil trader Glencore, have agreed principle to achieve this.

At the start of 2022, Glencore even sent Ndjamena a new proposal for the repayment of the billion dollars loaned in 2014.

The country does not benefit from the rise in oil prices 

Until an agreement is reached, the country cannot even benefit from the rise in oil prices on world markets, deplores the IMF, because the surplus revenue falls largely into the pockets of creditors.

Chad is however one of the priority countries for the G20 countries, as for the IMF.

He also obtained a $560 million agreement with this institution under the extended credit facility.

Amount still awaiting release. 

►Also read

 (

)

Newsletter

Receive all the international news directly in your mailbox

I subscribe

Follow all the international news by downloading the RFI application

google-play-badge_EN

• Chad

• Oil

• finance

• IMF

• Economy