The World Bank said Glencore Plc and other private creditors must “credibly commit” to a process of reorganizing Chad's debt under a Group of 20 relief plan.
The behest adds to demands by the International Monetary Fund and Chad's government that Glencore and a syndicate of lenders expedite talks on the restructuring of their $1 billion credit. Any further delay in committing to a debt treatment risks destabilizing the poverty-stricken nation that is a linchpin of stability in an unstable region, the bank said in a statement.
“A debt treatment is necessary for restoring debt sustainability in Chad, helping finance large social needs, and supporting peace and security in the region,” it said. “A crisis would further impoverish an already poor country, worsen healthcare and education, and place in jeopardy a critical transition process of a fragile country. It would also endanger Sahelian and Central African regional peace and security.”
Glencore and the consortium of lenders are in the process of engaging the government of Chad, the company said in an emailed response to a request for comment.
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