In January 2021, Chad became the first country to request a restructuring of its $3 billion external debt under the Common Framework process, set up in 2020 by China, other Group of 20 members, and the Paris Club of major creditor countries.
It reached an agreement with creditor nations in June 2021, but has struggled to conclude negotiations with private creditors, which the IMF has said is necessary for it to provide financing.
"The ability of the IMF and other development partners (to provide) financing is constrained," Abebe Aemro Selassie told a news conference in N'Djamena alongside the central African oil producer's finance minister.
"But more pressing and more damaging is the fact that the country is not benefiting fully from higher oil prices."
One third of Chad's external debt burden is commercial debt. The government has previously said 98% of it is owed to Glencore in oil-for-cash deals dating back to 2013 and 2014.
The Swiss-based miner and trader and a consortium of 16 banks started restructuring talks with Chad in October 2021.
Glencore did not respond immediately to a request for comment.
Chad's finance minister Tahir Hamid Nguilin voiced concern that high oil prices could make reaching a conclusion appear less pressing.
"We have the feeling some of the creditors are saying: 'No, you don't have the same problems as before," Nguilin said.
But he said Chad was on the right track and by mid-June hoped to have a restructuring deal or "stabilised parameters that can satisfy the goal to finance our development at the same time as (ensuring) debt sustainability."
(Reporting by Rachel Savage and Alessandra Prentice; Editing by Frank Jack Daniel and Tomasz Janowski)
By Rachel Savage and Alessandra Prentice
