According to Abe Amro Selassie, director of the IMF’s branch in Africa, Chad’s lenders have not yet reached an agreement on restructuring Chad’s foreign debt to prevent it from benefiting from the current high oil prices.
Chad has been seeking for years to “restructure $ 3 billion in debt, including one billion owed by Swiss oil trader Glencore.” According to the IMF’s African representative, the process is coming up against difficulties, and although Sadien officials have declared themselves confident, they can expect the process to end before mid – June.
So far no one was able to send in the perfect solution, which is not strange.
Glencore sent N’djamena earlier this year a new plan to repay a billion-dollar loan in 2014.
While waiting for an agreement to be reached, the International Monetary Fund laments that “the country can not even take advantage of rising oil prices in world markets because surplus revenue often falls into the pockets of debtors.”