Saudi Arabia co-chairs meeting on Chad debt under new G20 framework

Chad’s President Idriss Deby attends a working session of the G5 Sahel summit in Nouakchott, Mauritania June 30, 2020. (Pool via Reuters)

• Chad is the first country to ask for debt overhaul under G20 common framework
• It is expected to be a model for dealing with similar issues in the future

RIYADH: Saudi Arabia has co-chaired the first creditor committee meeting to help Chad restructure its debts under a new G20 framework.
Chad requested the restructuring in January as it struggles with a high debt burden exacerbated by the coronavirus pandemic.
Chad is the first country to request the restructuring under the new Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative (DSSI). The framework was agreed in November by the G20 under Saudi Arabia’s presidency.
The meeting was also co-chaired by France and attended by the secretariat of the Paris Club and representatives from China, India, the IMF and the World Bank.
Saudi Arabia, which was represented by the finance ministry, affirmed its support for the successful implementation of the common framework and the important role of the IMF and international banks during this process.
The Kingdom said the meeting was important as it is the first test of the common framework for debt treatment, which is expected to be a model for dealing with similar issues in the future.