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12:00 PM
Chad becomes first country to ask for debt overhaul under G20 common framework
Chad has officially requested a debt restructuring, the first country to do so under a new common framework hammered out last year by China and other Group of 20 countries with the help of the Paris Club, the International Monetary Fund (IMF) said on January 27.
An IMF official said official creditors would soon begin discussions on what will be the first test of the new framework and whether China, the world’s biggest official creditor, and private sector creditors would participate as agreed.
The IMF announced Chad’s move in a statement about a new four-year programme worth about $560 million under its Extended Credit and Extended Fund facilities. The deal was agreed by staff, but must still be approved by the IMF’s…