IMF Staff Completes Discussions for an Additional US$68 Million Disbursement to Chad to Address the COVID-19 Pandemic
July 13, 2020
- IMF staff completes discussions for a second disbursement under the Rapid Credit Facility (RCF) to help Chad address the economic challenges posed by the COVID-19 pandemic.
- Chad’s economy has been severely impacted by the twin Covid-19 pandemic and terms of trade shocks.
- The additional resources under the RCF will help alleviate pressing financing needs, including for health, social protection, and supporting the most impacted sectors and vulnerable groups.
Washington, DC –
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
end-July of an additional US$68 million under a new RCF. This second
emergency disbursement 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 containment of the COVID-19
“Chad is facing serious challenges from the twin Covid-19 pandemic and
terms of trade shocks. Depressed commodity prices, weak external demand,
and domestic containment measures are weighing on the outlook, and are
causing significant adverse economic and social effects. Economic activity
is projected to contract sharply, with fiscal and external financing needs
larger than estimated under the RCF approved in mid-April.
“The authorities are taking decisive actions to limit the spread of the
virus and its economic and social impact. They have implemented strong
crisis containment and mitigation measures and are scaling up spending to
bolster their health response. The authorities hope that IMF financial
support will help catalyze much needed financial support from other
“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, Mr. Annour Mahamat
Hassan, National Director of the BEAC, and a team from the Ministry of
Finance and Budget.”
IMF Communications Department
PRESS OFFICER: Lucie Mboto Fouda
Phone: +1 202 623-7100Email: MEDIA@IMF.org