The government of Chad has just adopted the 2020 amended Finance bill, during an extraordinary council of ministers, held on Monday, August 3.
The adoption of the amended Finance bill is justified by the sudden and dramatic onset of the Covid-19 pandemic. This situation led to the collapse of the world economy, the drastic fall in the prices of raw materials, especially oil, and the breakdown of the global supply chain.
According to the report of the Extraordinary Council of Ministers, the amending finance law is intended to be realistic and aims to provide adapted but strong responses to the socio-economic, health and security situation that the country is going through.
At the macroeconomic level, the amending finance bill is designed on the basis of the following assumptions:
The rectified GDP growth rate goes from 3.4% to 0.5%;
- Oil production goes from 150,953 barrels / day to 147,408 barrels per day;
- The price of Brent drops from $ 60.5 per barrel to $ 36.2.
- In figures, budgetary revenues go from FCFA 1,209 billion to FCFA 1,136 billion while expenditure goes from FCFA 1,052 billion to FCFA 1,196 billion.
This is with a budget deficit of 60 billion 252 million FCFA, not including the settlement of domestic arrears to the tune of 165 billion FCFA; the recapitalization of banks for 14 billion FCFA; the amortization of the internal and external debt for CFAF 97 billion and the matching of the price smoothing account and oil production to the tune of CFAF 10 billion.
These different gaps will be financed by budgetary support from partners, explains the government in the report of the Council of Ministers.
