• online ordering system for restaurants
  • The best online ordering systems for restaurants
  • WATCH LIVE LIVE
    MTV
    ONETV
  • NEWSCASTS
  • بالـعـربـيـة
  • PROGRAMS SITE
  • HOME
  • Politics
    • Local
    • International
    • Photo: Here are the results of the by-elections for the Beirut Doctors Syndicate
      Photo: Here are the results of the by-elections for the Beirut Doctors Syndicate
    • Justice Minister holds press conference on Tuesday
      Justice Minister holds press conference on Tuesday
    • Geagea's tweet following suspension of cash aid to refugees
      Geagea's tweet following suspension of cash aid to refugees
    • PSG Goalkeeper Sergio Rico in Intensive Care after Horse Riding Accident
      PSG Goalkeeper Sergio Rico in Intensive Care after Horse Riding Accident
    • China deletes 1.4 million social media posts in crackdown on 'self-media' accounts
      China deletes 1.4 million social media posts in crackdown on 'self-media' accounts
    • Pope Francis receives senior Saudi figure
      Pope Francis receives senior Saudi figure
  • Business
      Business
    • German economy entered recession as inflation hurts consumers
      German economy entered recession as inflation hurts consumers
    • NATO member state reports growing exports to Russia
      NATO member state reports growing exports to Russia
    • Saudi warns speculators of more pain as OPEC+ meeting looms
      Saudi warns speculators of more pain as OPEC+ meeting looms
  • Life
    • Health
    • Beauty
    • Nutrition
    • Don't Delay Reforms to Prepare for Next Pandemic, WHO Chief Says
      Don't Delay Reforms to Prepare for Next Pandemic, WHO Chief Says
    • 9 Healthy Foods that Are Rich in Iodine
      9 Healthy Foods that Are Rich in Iodine
    • Growing Food Insecurity in Teens Can Have Long-Lasting Effects
      Growing Food Insecurity in Teens Can Have Long-Lasting Effects
  • Stars
      Stars
    • Celine Dion Cancels Entire World Tour After Incurable Diagnosis
      Celine Dion Cancels Entire World Tour After Incurable Diagnosis
    • Niall Horan announces 2024 tour
      Niall Horan announces 2024 tour
    • Tina Turner honoured at lakeside Swiss home where she died
      Tina Turner honoured at lakeside Swiss home where she died
  • Varieties
      Varieties
    • Hundreds of Newly Discovered Species Under Threat in Southeast Asia
      Hundreds of Newly Discovered Species Under Threat in Southeast Asia
    • Global Temperature Rise Could See Billions Live in Places Where Human life Does Not Flourish
      Global Temperature Rise Could See Billions Live in Places Where Human life Does Not Flourish
    • Global Loss of Wildlife is ‘Significantly More Alarming’ than Previously Thought
      Global Loss of Wildlife is ‘Significantly More Alarming’ than Previously Thought
  • Sports
      Sports
    • PSG Goalkeeper Sergio Rico in Intensive Care after Horse Riding Accident
      PSG Goalkeeper Sergio Rico in Intensive Care after Horse Riding Accident
    • Paris Saint-Germain Win Record 11th French Title
      Paris Saint-Germain Win Record 11th French Title
    • City's Haaland Named Premier League Player of the Season
      City's Haaland Named Premier League Player of the Season
  • Special Reports
  • {{item.keyword}}
NEWS {{results.articlesCount}}
  • {{item.title}}

More
  • بالـعـربـيـة
  • HOME
  • Politics
    • Local
    • International
  • Business
  • Life
    • Health
    • Beauty
    • Nutrition
  • Stars
  • Varieties
  • Sports
  • Special Reports
  • ABOUT MTV
  • PRODUCTION
  • ADVERTISE
  • CAREERS
  • CONTACT
  • PROGRAMS SITE
  • NEWSCASTS
  • MTV LIVE
  • ONE TV LIVE

MOST READ

  • {{article.title}}

IMF to meet with Chad's creditors by end of January, spokesperson says

Reuters

Reuters

24 Jan 2022 20:47

  • A-
  • A+
A+
IMF to meet with Chad's creditors by end of January, spokesperson says

Reuters published the following article:

The International Monetary will present an updated macroeconomic framework to all of Chad's creditors by the end of January, an IMF spokesperson said on Monday, amid pressure for creditors to finalize a debt restructuring plan with the African country.

"We can confirm that the IMF is planning to present an updated macroeconomic framework to all creditors by the end of the month," an IMF spokesperson told Reuters.

The global lender on Tuesday said that public and private creditors needed to finalize a debt restructuring plan with Chad by the end of March to restore durable economic growth amid worsening conditions in the country.

"The aim is to get an MOU with all creditors by end of March, early April," the spokesperson said.

A source close to the debt restructuring negotiations told Reuters that following the presentation to creditors, the IMF and Chad would hold a series of separate meetings with official and private creditors to discuss options to overhaul the country's debt burden.

Creditors would also receive updated debt sustainability analysis calculations, based on the new economic projections, according to the source.

In January 2021, Chad became the first country to request a debt restructuring under the G20 common framework agreed in 2020 by China and other Group of 20 members and the Paris Club of major creditor countries, while Zambia and Ethiopia followed suit asking for relief shortly after. The framework is designed to allow countries to overhaul their debt burdens rather than just grant temporary debt relief.

However, progress has been slow with the death of Chad's president in April, the escalation of the conflict in Ethiopia and tensions between Zambia's Chinese lenders and Eurobond holders leading to some delays.

"Chad will be the first country coming through the G20 common framework process," the source familiar with the negotiations said.

One third of Chad's external debt burden is commercial debt, nearly all of which was contracted in oil-for-cash deals dating back to 2013 and 2014 by Glencore and now owed to the Swiss-based miner and trader and a consortium of lenders which includes 16 institutions.

Some creditors have raised questions over how much debt relief Chad still needed, pointing out that oil prices have shot up from just over $16 per barrel in January 2021 to around $85 per barrel.

However, in its latest statement following a visit to the country, the IMF said "Chad's economic and financial situation and medium-term prospects had worsened due to a series of long-lasting shocks since the onset of the COVID-19 pandemic."

Glencore did not immediately respond to a request for comment.

TWEET YOUR COMMENT

KEEP READING

ALSO READ

COOKIES DISCLAIMER
This website uses cookies to give you the best experience. By continuing to browse this site, you give us your consent for cookies to be used. For more information, click here.
Accept All Cancel
NEWSLETTER

UPDATES BY EMAIL no spam. unsubscribe anytime

CONNECT
  • @mtvlebanon Follow @mtvlebanon
  • mtvlebanon
  • mtvlebanonnews
  • @mtvlebanonnews Follow @mtvlebanonnews
  • mtvlebanonnews
  • mtvlebanon
DOWNLOAD
WHATSAPP Service
Stay Up-To-Date with our latest news!
  • ABOUT MTV
  • PRODUCTION
  • ADVERTISE
  • CAREERS
  • CONTACT
  • Terms
  • Privacy Policy
NEWS
  • Politics
  • Business
  • Life
  • Stars
  • Varieties
  • Sports
  • Special Reports
  • Authors
PROGRAMS
  • Today
  • This week
  • WATCH LIVE
  • HOW TO WATCH MTV

© mtv Lebanon. All rights reserved.

Ⓚ website by koein