Mr. Edward Gemayel, Mission Chief for Chad at the International Monetary Fund (IMF), made the following statement:
"IMF staff completed discussions with the authorities for a disbursement by mid-April of US$115 million. This will allow the authorities to meet the urgent budgetary and balance of payment needs stemming from the deterioration of the global economic conditions and the spread of COVID-19 in Chad. The authorities hope that the IMF financial support will help catalyze much needed financial support from other development partners.
"The outbreak of COVID-19 is having a severe economic and social impact on Chad and could jeopardize the gains achieved in recent years under the current Extended Credit Facility (ECF) arrangement. Economic activity is projected to slow sharply, and large fiscal and external financing needs have emerged. Containing a spread of the pandemic will put pressure on a weak health system and entail additional spending in the health sector, under the National Contingency Plan for the preparedness and response to the COVID-19 pandemic. Measures to prevent the spread of the virus have created hardship for households and businesses.
"The authorities have taken strong actions to mitigate the impact of the pandemic by closing schools, suspending flights, and banning public gatherings. They are currently putting together a comprehensive economic plan to upgrade the health system and contain the economic impact of the pandemic.
"The IMF team would like to thank the Chadian authorities for the candid and constructive discussions. The mission had working sessions with Mr. Tahir Hamid Nguilin, Minister of Finance and Budget, and a team from the Ministry of Finance and Budget."