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IMF Board approves Chad’s economic performance under ECF programme

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Ndjamena, Chad, April 15 (Infosplusgabon) - Thanks to strong commitment by Chadian authorities and satisfactory economic performance, the Executive Board of the International Monetary Fund (IMF) has announced an immediate disbursement of US$51 million support to the country’s structural reform programme.

 

Chad’s programme is supported by the implementation of policies and reforms by regional institutions which are critical to its success and, according to the IMF, these include tighter monetary policy, elimination of statutory advances, and sound bank regulation and supervision, and firm controls over the extension of credit to banks.

 

Most structural benchmarks have been implemented, but the authorities should accelerate the pace of implementation, the Executive Board pointed out this week as it completed the first review of Chad’s economic performance under the programme supported by an Extended Credit Facility (ECF) arrangement.

 

On 30 June 2017, the Board approved Chad’s ECF arrangement for about US$ 312.1 million and the latest tranche brings total disbursements under the arrangement to about US$99.8 million.

 

The programme aims to help Chad restore macroeconomic stability and lay the foundation for robust and inclusive growth. It will also contribute to the regional effort to restore and preserve external stability for the Central African Economic and Monetary Union (CEMAC).

 

Observing that the authorities met most indicative targets accumulated small external arrears, the Executive Board’s Acting Chair and IMF Deputy Managing Director, Mr, Mitsuhiro Furusawa, remarked: “Progress is underway on the structural reform agenda. Most structural benchmarks have been implemented (notably the submission of the National Development Plan) but the authorities should accelerate the pace of implementation.”

 

He told the Board meeting in Washington that the Chadian authorities were determined to implement a comprehensive fiscal strategy to stabilize the fiscal position, foster non-oil growth, and reduce banking sector vulnerabilities.

 

The main pillars of the strategy include better managing the wage bill, paying down domestic debt and clearing domestic arrears, increasing domestic revenue mobilization, improving public financial management and addressing structural weaknesses in some of the domestic banks.

 

 

FIN/INFOSPLUSGABON/DSF/GABON 2018

 

 

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