Statement by IMF African Department Director Abebe Aemro Selassie: Debt Treatment from Chad's Private Creditors is Crucial to its Economic Recovery


International Monetary Fund (IMF)

Mr. Abebe Aemro Selassie , Director of the International Monetary Fund’s (IMF) African Department, has issued the following statement on Chad:

“Chad’s economic and financing situation continues to worsen following the combined shocks of the COVID-19 pandemic, oil price decline, climate change, and terrorist attacks. IMF staff and the Chadian authorities have continued a close dialogue on economic policies. Recent discussions confirm growing concerns about financing difficulties, forcing the government to cut critical social and development outlays, which, unless soon reversed, could have serious negative social and security consequences.

“Chad’s debt is assessed as unsustainable. A debt treatment is therefore critical and would pave the way for the IMF’s Executive Board to approve financing in support of Chad’s program of carefully targeted fiscal adjustment and reforms that were agreed with IMF staff in January . It would also open the door for the provision of significant financial support by other development partners.

“Official creditors in the Creditor Committee for Chad under the Common Framework for Debt Treatments beyond the DSSI (Common Framework), have, in their statement of June 16, supported Chad’s envisaged IMF-supported program and committed to negotiate debt restructuring terms accordingly. Comparable treatment from Chad’s private creditors is now necessary.

“A credible debt restructuring process with private creditors is needed to unlock the official financing that Chad urgently needs. A strong commitment from private creditors on their willingness to negotiate such debt treatments consistent with the parameters of the envisaged IMF-supported program without further delay would help boost Chad’s economic recovery and poverty reduction efforts. The IMF’s Managing Director has also endorsed the call by the Creditor Committee for private creditors to commit to negotiate such debt treatment without delay. The international community will be monitoring developments closely and looks forward to concrete progress in the engagement between Chad and its private creditors in the coming days.”

Distributed by APO Group on behalf of International Monetary Fund (IMF).

Send us your press releases to

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases