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Glencore assurances on Chad pave way for IMF lending program -sources -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Glencore’s logo is seen in front of its Swiss headquarters on November 20, 2012. REUTERS/Arnd Wiegmann/File Photo

LONDON/WASHINGTON Reuters – Glencore has provided assurances about the restructuring and repayment of Chad’s commercial debts exceeding $1 billion. The International Monetary Fund will now be able to proceed with a lending program, sources close to the matter stated.

Chad was the first to seek a debt restructuring within a framework last year that China, other members of the Group of 20 and with assistance from the Paris Club major creditor nations.

The IMF and Chad’s creditors agreed to a restructuring. However, Chad insisted on comparable terms with bilateral and private creditors.

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