Chad Pleads For Suspension Of Oil-For-Cash Loan With Glencore
Chad has asked Glencore Plc to suspend payments on its oil-for-cash loan this year, but Bloomberg reported yesterday that the move could prove a precedent for private creditors worried about being dragged into a global debt-relief push for poor countries.
After securing a $61 million debt waiver in June, sponsored by the Group of 20, Chad sent a letter to the world’s biggest commodity trader and other private lenders, asking them to allow debt freezes, Bloomberg said, quoted unnamed two people familiar with the matter.
This would suspend more than $100 million in payments in 2020, according to the International Monetary Fund. The G-20 launched the Debt Service Suspension Initiative in April, a program aimed at helping countries hit hard by the pandemic by waiving billions of dollars in repayments until the end of the year.
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