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IMF resumes lending to Chad following Glencore debt deal

Reuters  |  DAKAR 

DAKAR (Reuters) - The International Monetary Fund said it was resuming loan disbursements to Chad after the Central African oil producer reached an agreement in principal to restructure its more than $1 billion debt to Glencore and four banks.Glencore and the banks lent Chad's state oil firm about $1.45 billion in 2014 to be repaid with crude oil cargoes but global oil prices crashed shortly thereafter.The debt has eaten up nearly all of Chad's oil profits -- its main source of revenue -- prompting tense negotiations that began last year about restructuring. The agreement struck in February ...

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First Published: Sat, April 14 2018. 19:30 IST