Glencore-led consortium is being asked to contain a surge in debt service costs expected in 2024
China, France and other creditors are trying to sway Glencore and a syndicate of lenders to delay loan repayments owed by Chad, in the final stretch of an arduous race to lock in the first debt renegotiation under a global relief plan.
Glencore, the world’s biggest commodity trader, this week sent a proposal that is being reviewed by Chad and official creditors to determine whether it ensures the country will achieve debt metrics needed to continue with a $570m IMF programme, the people said. It is unclear whether Glencore’s proposal will be accepted by official creditors.
Chad, along with Ethiopia and Zambia, are the only countries among 73 eligible nations that have requested debt treatment under the G20 plan.Disagreements among government creditors, disputes with Glencore and the sudden death of Chad’s strongman president in a desert battle against rebels have delayed restructuring talks since the country first requested assistance in early 2021.
The debt to Glencore is repaid by crude shipments through a resource-backed agreement that enables countries with limited access to capital markets to obtain loans. Such accords have been criticised by advocacy groups including the New York-based Natural Resource Governance Institute, which argues they are often hidden from public view and removed from government books.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NATASHA MARRIAN: Power plays for metros on the road to 2024As opposition parties quibble over broken coalition deals, illegal council sittings and lofty positions, the ANC is quietly working in the background, with a bigger goal in mind: to retain Gauteng in 2024, writes NatashaMarrian.
Read more »
NATASHA MARRIAN: Power plays for metros on the road to 2024How the ANC is gearing up to retain Gauteng in the next polls, writes NatashaMarrian.
Read more »
Cultivating SA's 'super voters': How to boost 2024 turnout | News24As the country heads towards the 2024 general elections, encouraging voter registration will need to be combined with solid education to turn first-time voters into 'super voters'. | ZintleMahlati
Read more »
PETER BRUCE: Why Mpho Phalatse should hang in thereAfter 2024 or 2029, the ANC will be unable to form a government on its own — and that’s where the big test lies for the DA, writes Bruceps.
Read more »
Italy to face England in Euro 2024 qualifying | SportReigning champions Italy were drawn on Sunday to face England, the team they beat in the final last year, and Ukraine in qualifying for the 2024 European Championship. | Sport24news
Read more »
Daniel Ricciardo to sit out 2023 seasonDaniel Ricciardo yesterday said he won’t be racing in Formula One next season but was setting his sights on a return to the grid in 2024, after the latest spate of driver moves narrowed down the out-of-contract Mclaren driver’s options.
Read more »