Glencore Under Pressure From IMF to Rework Chad Loan
- G-20 creditors reached deal in principle to grant debt relief
- IMF and World Bank says private credit overhaul is crucial
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The International Monetary Fund and the World Bank raised pressure on Glencore Plc and a syndicate of lenders to renegotiate a $1 billion loan to Chad after government creditors agreed to rework the central African nation’s debt.
Following two months of talks, China, France, India and Saudi Arabia agreed this month to restructure the credits and back an IMF loan program to shore up the economy of one of the world’s poorest countries under a Group of 20 debt-relief plan. The committee of government creditors didn’t disclose details of the terms of the deal in a statement released by the Paris Club on Wednesday.