Following the announcement of an agreement reached by Chad and its creditors under the Group of 20 Common Framework, Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued the following statement today:
“I welcome the announcement by Minister of Finance Tahir Hamid Nguilin that the authorities have agreed with their external creditors on the treatment of Chad’s debt.
“We recognize the work by the official creditor committee comprising China, France, India, and Saudi Arabia, as well as private creditors, to reach this agreement and secure the first Common Framework accord. We have been waiting for this day.
“The agreed debt treatment is consistent with the objectives of the IMF-supported program that was approved in December 2021. It reduces the risk of debt distress at a time when the global outlook is highly uncertain, and provides protection against downside risks, including lower oil prices. Once formalized, the debt treatment should pave the way for the completion of the first and second reviews of Chad’s three-year Extended Credit Facility Arrangement , which will help put Chad’s economy on a path toward sustainable economic growth and poverty reduction.
“I look forward to continuing our productive collaboration with Chad in the period ahead.”