Co-chaired by the Kingdom of Saudi Arabia (represented by the Ministry of Finance) and France, the Chad Creditors Committee has held a virtual meeting on Wednesday, December 22, 2021, to discuss the restructure of Chad's debt, under the new joint under the new Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative with the participation of China, France and India. The meeting has been held in the presence of officials from the International Monetary Fund and the World Bank. The joint framework, agreed upon by the leaders during the Kingdom of Saudi Arabia's presidency of G20, and also endorsed by Paris Club, aims to facilitate debt processing for eligible countries to benefit in an orderly manner and as quickly as possible with the broad participation of creditors, and in consideration of each case separately. A joint statement was issued by the meeting as follows: Statement of the Chad Creditors Committee meeting under the Joint Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative The Chad Creditors Committee formed by the Kingdom of Saudi Arabia, China, France and India, co-chaired by Saudi Arabia and France, has held a virtual meeting on Wednesday, 22 December 2021 in the presence of officials From the International Monetary Fund and the World Bank. The Creditors Committee welcomed the Executive Board's approval of the IMF's UCT Program on December 10, 2021. The Creditors Committee's June statement was critical, and the IMF Executive Board's approval of the Chad Program would address Chad's immediate financing needs. The Creditors Committee encourages the multilateral development banks to provide rapid financial support to the Republic of Chad in order to meet its long-term financial needs. As stated earlier, members of the Creditors Committee are obligated to negotiate with the Republic of Chad the terms of restructuring their claims, in accordance with their national laws and internal procedures in an orderly, coordinated and timely manner. The Creditors Committee indicated that it is expected that the Chadian authorities will require all private and other official bilateral creditors the same terms with the Creditors Committee, in order to ensure the principle of equal treatment. Accordingly, the members of the Creditors Committee stress the importance of all private and official bilateral creditors negotiating in good faith in order to complete Chad's debt processing as soon as possible, while welcoming the commitment made by Chad's main private creditor. The Creditors Committee remains ready to deal with private creditors prior to signing the Memorandum of Understanding with Chad.
