N’DJAMENA, Sept 9 (Reuters) – Unable to honour inner debt commitments, authorities in Chad are hoping for a “beneficial opinion” from Glencore Plc (GLEN.L) on restructuring the nation’s industrial debt, Prime Minister Albert Pahimi Padacke stated on Thursday.
“Glencore represents for Chad at the moment greater than 98% of the nation’s industrial debt,” Padacke stated throughout a information convention. “We have to renegotiate issues as a result of we’ve got a critical money stream drawback.”
Chad formally requested a restructuring of its public debt again in January, the primary nation to take action below a brand new framework agreed by Group of 20 (G20) main economies final yr. read more
The Worldwide Financial Fund on Tuesday stated it was essential for Chad to come back to comparable phrases with its personal collectors, the most important of which is Glencore. read more
Authorities in Chad have met Glencore 4 occasions to debate a restructuring deal that may fall inside the G20 framework and are awaiting the corporate’s determination, Padacke stated.
“We’re hopeful that the corporate will agree as a result of all companions are ready for Glencore’s determination,” Padacke stated. “When you find yourself in debt, the creditor all the time has the final phrase.”
A Glencore spokesperson declined to remark.
Reporting by Mahamat Ramadane
Writing by Cooper Inveen; Modifying by Jon Boyle, William Maclean
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