IMF resumes lending to Chad following Glencore debt deal

The International Monetary Fund said it is resuming loan disbursements to Chad after the Central African oil producer reached an agreement in principle to restructure its more than $1 billion debt to Glencore and four banks.

The IMF also said in a statement late on Friday that it expects Chad’s economy to grow by 3.5 per cent this year, after it contracted by 3.1 per cent last year, assuming the terms of the February agreement with its lenders are implemented.

Reporting by Aaron Ross; editing by Jason Neely.