In this file photo an exterior view of the building of the International Monetary Fund , with the IMG logo, is seen on March 27, 2020 in Washington, DC. Olivier DOULIERY / AFPThe IMF is continuing meetings to restructure Chad’s debt, the fund spokesman said Thursday, despite the country being run by a military junta after the death of President Idriss Deby Itno in battle.
Chad in January became the first country to request debt restructuring under a new mechanism established last year by the G20 as it dealt with a heavy debt burden exacerbated by the downturn caused by Covid-19, which sunk prices of its main export oil. In late January, the Washington-based crisis lender announced a four-year interim agreement under its Extended Credit Facility and Extended Fund Facility, both viewed as necessary steps in restructuring Chad’s debt.
“Chad urgently needs a debt relief to help recover from this crisis, and success with common framework request will also help more countries step forward if they need debt restructuring,” Rice said.
Source: Loan Digest (loandigest.net)
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