(Ecofin Agency) - The International Monetary Fund (IMF) approved $49 million in financing to Chad to support the country’s economic reform, an institution statement revealed July 27. The financing is part of a $312.1 million Extended Credit facility (ECF) granted last year to help Chad reinstate macroeconomic stability and achieve a robust and inclusive growth.
“Achieved outcomes under the ECF-supported program have been satisfactory, reflecting a strong authorities’ commitment in hitting the targets,” said David Lipton (photo), IMF's first Deputy Managing Director, stressing however that target for the non-oil primary balance (set as a performance standard) was not met.
Hailing the government’s determination, IMF urged the country to continue implementing reforms as to cut debt. Let’s recall that Chad which recently adopted a new constitution significantly enhancing powers of the president, owes Glencore Group more than $1 billion.
Last April, following an agreement between the government and the company to restructure this debt, the IMF announced the resumption of the financing program. The new disbursement brings the total amount granted under the ECF to over $147 million.
Moutiou Adjibi Nourou