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Glencore offers assurances to ChadGlencore has offered assurances over the restructuring of Chad’s more than US$1 billion commercial debt, paving the way for the International Monetary Fund (IMF) to move forward on a lending program, sources familiar with the matter said on Thursday.The African country in January became the first country to request a restructuring of its external debt of $3 billion under a common framework agreed last year by China and other Group of 20 members and the Paris Club of major creditor countries.Chad’s state creditors and the IMF have agreed on a restructuring, but had insisted that Chad also reach comparable terms with other bilateral and private creditors.The IMF said late on Thursday it was working with Chadian authorities to bring a new lending program to the IMF’s board for approval after the country’s main private sector creditor committed to engaging in “good faith discussions” about restructuring the country’s debt.It did not name Glencore specifically, but Chad has said the company accounts for more than 98% of its commercial debt, most of it in oil-for-cash deals dating back to 2013 and 2014.Abebe Aemro Selassie, director of the IMF’s African department, said IMF staff aimed to submit a new Extended Credit Facility for Chad to the board for its consideration “as soon as possible,” but gave no specific timetable or additional details. -Nampa/Reuters

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