Wednesday 20 September 2017

Chad gets 187.26bn FCFA IMF credit to bolster economy

Chad gets 187.26bn FCFA IMF credit to bolster economy
(APA 07/06/17)

The International Monetary Fund (IMF) has approved a three-year agreement under the Extended Credit Facility (ECF) scheme for Chad in the amount of nearly CFA 187.26 billion francs.

The announcement was made by the Chadian Finance and Budget minister, Christian George Diguimbaye, during a press conference on Wednesday in Ndjamena.

According to Christian Diguimbaye, this amount is intended to support the plan for the stabilization and economic recovery of Chad.

“Policies under the new agreement should boost additional support from Chad's external partners. The accord will contribute to long-term sustainable growth,” the minister of Finance and Budget said.

"This aid, which is part of the three-year agreement approved on 30 June, aims at helping Chad restore macroeconomic stability and lay the foundations for a solid and inclusive growth. This will also contribute to the regional effort to restore and preserve the external stability of the Central African Economic and Monetary Union (CEMAC)” the press release said.

Minister Diguimbaye recalls that Chad's macroeconomic and financial performance has been "very poor" in the last two years because of the fall in oil prices, the ongoing fight against terrorism, among others. As a result, he pointed out, real GDP excluding oil fell by 6 percent after a 2.9 percent reduction in 2015.

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