Chad, IMF Reach Agreement on $570 Million Three-Year Program

Chad on Friday reached an agreement for a $570 million program with the International Monetary Fund under its Extended Credit Facility, Bloomberg News reported. The three-year program, seen as crucial to meet the central African nation’s financing needs, allows for an immediate disbursement of $78.28 million, the Washington-based lender said in a separate statement. “The combined shocks of the COVID-19 pandemic, the volatility in oil prices, the heightened insecurity, and a looming food crisis due to climate change have severely stressed Chad’s already vulnerable economy,” Kenji Okamura, the board’s deputy managing director and acting chair was quoted in the statement. The program will support Chad’s economic recovery while helping its efforts to achieve sustainable debt levels, Finance Minister Tahir Hamid Nguilin said in the government statement. Read more.