The head of the International Monetary Fund on Sunday welcomed a long-awaited debt deal by Chad's creditors and said it would reduce the African country's risk of debt distress while guarding it against downside risks, including lower oil prices.
The announcement drew criticism from World Bank President David Malpass, who said he remained deeply concerned about Chad's longer-term ability to pay its $3 billion in external debts, given the absence of actual debt reduction.
Creditors, including Glencore, concluded there was no current financing gap, given a rise in oil prices that had buoyed the revenues of the oil-producing country, but agreed to reconvene if the price changed. The automatic mechanism would protect Chad if oil prices fell again, eroding revenues, they said. It was also needed to ensure continued IMF lending, which is possible only if a country is under the threshold for moderate risk for debt distress.
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