Sunday, September 26, 2021

    IMF says crucial Chad gets debt treatment deal with private creditors

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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    DAKAR, Sept 7 (Reuters) – The International Monetary Fund said on Tuesday it was crucial for Chad to reach comparable terms on its debt restructuring with private creditors as it did with public creditors in June.

    “A credible debt restructuring process with private creditors is needed to unlock the official financing that Chad urgently needs,” the IMF African Department Director Abebe Aemro Selassie said in a statement.

    “The international community will be monitoring developments closely and looks forward to concrete progress in the engagement between Chad and its private creditors in the coming days.”

    The IMF said Chad’s economic and financing situation continues to worsen after the combined shocks of the COVID-19 pandemic, oil price decline, climate change and militant attacks, adding that its debt is assessed as unsustainable.

    Reporting by Karin Strohecker, Joe Bavier and Bate Felix Editing by Gareth Jones and Mark Heinrich

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