At the request of the Chadian authorities, the Board of Directors of the International Monetary Fund (IMF) will make available to the country $ 115 million to meet urgent budget and balance of payments needs resulting from the covid-19 pandemic.
The government has taken strong action to stop the community spread of the virus and is preparing an economic plan to lessen the impact of the pandemic, the IMF said on Wednesday.
“IMF staff have concluded discussions with the authorities on a $ 115 million disbursement in mid-April,” Edward Gemayel, Chief of mission for Chad to the IMF says.
This will enable the authorities to meet urgent budgetary and balance of payments needs resulting from the deterioration of global economic conditions and the spread of covid-19 in Chad.
The authorities hope that the IMF’s financial support will help catalyze the much-needed financial support of other development partners.
Chad has recorded 11 Covid-19 cases. But authorities are taking nothing for granted in stabilizing the economy. Revenue from oil will obviously drop due to low prices on the world market.
