28 August 2014

Cameroon: IMF Approves 122.4 Million U.S. Dollars for Chad

Chad is to benefit from 122.4 million US Dollars (about FCFA 60,894 billion) the International Monetary Fund, IMF Executive Board has approved to accelerate reforms to strengthen fiscal institutions and support growth, while maintaining fiscal discipline, a release from the IMF Communication Department stated. The money is within the framework of a new three-year arrangement under the Extended Credit Facility, ECF.

Mr Kordje Bedoumra, Chad's Minister of Finance and Budget disclosed the information to Journal du Tchad on August 27, 2014, though the IMF Executive Board approved the money on August 1. The first amount to be disbursed is 20.4 million US Dollars. The new Extended Credit Facility arrangement is expected to address Chad's protracted balance of payment's problems which resulted from a reduction in oil revenues, maintain adequate international reserves' coverage, and play a catalytic role for bilateral and multilateral assistance.

"Sustained implementation of the ECF-support programme should help to catalyse additional financial resources from international donors and foreign direct investment flows to more effectively tackle development needs and foster economic growth, in addition to being a key step for reaching the HIPC Completion", Naoyuki Shinohara, Deputy Managing Director and Acting Chair in IMF said. He advised that achieving Chad's medium-term growth and development objectives will require improving the business environment by addressing bottlenecks in infrastructure, labour quality and access to finance.

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