{"id":23290,"date":"2022-12-26T09:30:20","date_gmt":"2022-12-26T09:30:20","guid":{"rendered":"https:\/\/www.africa-press.net\/lesotho\/all-news\/imf-clashes-with-africas-creditors-over-debt-relief"},"modified":"2022-12-26T10:36:29","modified_gmt":"2022-12-26T10:36:29","slug":"imf-clashes-with-africas-creditors-over-debt-relief","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/lesotho\/all-news\/imf-clashes-with-africas-creditors-over-debt-relief","title":{"rendered":"IMF clashes with Africa\u2019s creditors over debt relief"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Lesotho. <\/strong><\/span><a name=\"start-reading\"><\/a>The IMF\u2019s top Africa official today pressed the continent\u2019s creditors not to use rising oil prices as an excuse to turn their back on debt relief for cash-strapped energy exporters.<\/p>\n<p>The remarks from IMF African Department Director Abebe Aemro Selassie come one day after the Paris Club of official creditors announced that rising oil revenues meant that Chad is no longer in need of immediate relief from bilateral creditors. The IMF approved a three-year, $570m programme for Chad last December.<\/p>\n<p>\u201cThe creditor committee examined the latest developments on the macroeconomic and financial situation of Chad and noted that no debt relief from official bilateral creditors is currently needed given the surge in oil prices since the approval of the IMF upper credit tranche (UCT) program by the Executive Board on December 10, 2021,\u201d the Paris Club said in a 13 October statement.<\/p>\n<p>Chad is one of three countries along with Ethiopia and Zambia that has been negotiating with creditors under the G20\u2019s so-called Common Framework initiative launched in November 2020 to help cope with the economic fallout from the Covid-19 pandemic.<\/p>\n<p>Anglo-Swiss mining giant Glencore accounts for more than 98% of the country\u2019s $1bn in commercial debt, the country has said. Selassie called the delay in getting debt relief \u201creally very problematic.<\/p>\n<p>\u201d But we want to make sure that the resources we provide will go to support Chad rather than address an unsustainable debt situation.<\/p>\n<p>\u201cChad is in an extremely, extremely difficult situation now,\u201d Selassie told reporters at a press conference tied to the release of the fund\u2019s biannual Regional Economic Outlook for sub-Saharan Africa.<\/p>\n<p>\u201cI was there in May, and really it was heart-wrenching to see how the country has been impacted by the pandemic and an awful drought last year, which has driven the country really to the edge.<\/p>\n<p>Selassie went on to suggest that the IMF\u2019s assistance and rising energy revenues should not be used to prioritise bilateral creditors when pressing needs including massive food insecurity remain.<\/p>\n<p>\u201cIn these circumstances, the delay by Chad\u2019s creditors in approving the much-needed debt relief has been really very problematic,\u201d Selassie said.<\/p>\n<p>\u201cFrom the IMF side, we have an arrangement with Chad where we provided some disbursements and are hoping to provide more disbursement.<\/p>\n<p>But we want to make sure that the resources we provide will go to support Chad rather than address an unsustainable debt situation. \u201d<br \/>\nDebt relief advocates were quick to endorse the IMF official\u2019s remarks.<\/p>\n<p>\u201cThe IMF is right that Chad still needs debt relief,\u201d said Tim Jones, the head of policy at Debt Justice UK, who is attending this week\u2019s annual meetings of the IMF and World Bank in Washington.<\/p>\n<p>\u201cIt has to find a way for Chad to be able to stop paying the Glencore consortium, as this is the way to force Glencore to negotiate, and ensure IMF loans are not used to fuel the lenders\u2019 profits.<\/p>\n<p>While Selassie acknowledged that \u201cit is true that higher oil prices stand to benefit Chad\u201d in the future, he said that the benefits of a hike in revenues \u201cshould accrue as much to Chadian people as much as its creditors.<\/p>\n<p>\u201d<\/p>\n<p>\u201cDebt relief for Chad remains a very important component of how the country can be helped in the coming months and years,\u201d he said.<\/p>\n<p>More broadly, Selassie said, the issue of debt sustainability remains a key concern for the continent. \u201cWhen debt becomes unsustainable, it\u2019s unfair for a country to continue to repay it.<\/p>\n<p>Because it will cause all kinds of economic difficulties, it will use resources that could otherwise be used elsewhere. And ultimately, when debt is unsustainable, it becomes unpayable.\u201d<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/lesotho\">Lesotho<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Lesotho. The IMF\u2019s top Africa official today pressed the continent\u2019s creditors not to use rising oil prices as an excuse to turn their back on debt relief for cash-strapped energy exporters. The remarks from IMF African Department Director Abebe Aemro Selassie come one day after the Paris Club of official creditors announced that [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":23289,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[242,233,246,245],"class_list":["post-23290","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa","tag-africa-press","tag-africa-press-lesotho","tag-lesotho"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>IMF clashes with Africa\u2019s creditors over debt relief - Lesotho<\/title>\n<meta name=\"description\" content=\"The IMF\u2019s top Africa official today pressed the continent\u2019s creditors not to use rising oil ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/imf-clashes-with-africas-creditors-over-debt-relief\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF clashes with Africa\u2019s creditors over debt relief\" \/>\n<meta property=\"og:description\" content=\"The IMF\u2019s top Africa official today pressed the continent\u2019s creditors not to use rising oil ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/imf-clashes-with-africas-creditors-over-debt-relief\" \/>\n<meta property=\"og:site_name\" content=\"Lesotho\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-26T09:30:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-26T10:36:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2022\/12\/postQueueImg_1672034665.38.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"586\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/imf-clashes-with-africas-creditors-over-debt-relief#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/imf-clashes-with-africas-creditors-over-debt-relief\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"IMF clashes with Africa\u2019s creditors over debt relief\",\"datePublished\":\"2022-12-26T09:30:20+00:00\",\"dateModified\":\"2022-12-26T10:36:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/imf-clashes-with-africas-creditors-over-debt-relief\"},\"wordCount\":630,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/imf-clashes-with-africas-creditors-over-debt-relief#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2022\/12\/postQueueImg_1672034665.38.jpg\",\"keywords\":[\"Africa\",\"Africa Press\",\"Africa Press-Lesotho\",\"Lesotho\"],\"articleSection\":[\"all news\",\"files\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/lesotho\/all-news\/imf-clashes-with-africas-creditors-over-debt-relief#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/imf-clashes-with-africas-creditors-over-debt-relief\",\"url\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/imf-clashes-with-africas-creditors-over-debt-relief\",\"name\":\"IMF clashes with Africa\u2019s creditors over debt relief - 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