Chad's creditors on Thursday said they had agreed that the African country did not need debt relief at the moment given a surge in oil prices, but committed to reconvene if a financing gap was identified.
In a statement released by the Paris Club of official creditors, Chad's creditors said they were finalizing a memorandum of understanding on a deal, which marks the outcome under a debt treatment framework agreed by the Group of 20 major economies and the Paris Club in late 2020.
Although Chad is currently benefiting from high oil prices, economists and experts said both government and private-sector creditors must be ready to act in case debt servicing conditions become more difficult for the country. No debt relief from official bilateral creditors was currently needed given the surge in oil prices since the approval of an IMF lending program on Dec. 10, the committee said. However it agreed to reconvene if needed.
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