The IMF (International Monetary Fund) Board of Directors approved the disbursement of $ 115.1 million to the Chadian government to combat the Covid-19 pandemic.
The context is particularly unstable. With the spike in covid-19 and the fall in international oil prices, Chad is back has been pushed economically to the wall. In order to avoid devastating consequences, which will plunge the country into an economic and social crisis, the government has taken a series of strong measures aimed at slowing down community contamination of the virus. And also, has put in place an economic plan to heal the wounds of the epidemic.
To achieve this, the Executive Board of the International Monetary Fund (IMF) granted a fund under the Rapid Credit Facility (RCF) in the amount of $ 115.1 million. This is to help Chad meet the urgent balance of payments financing needs resulting from the deterioration of the world economy and the COVID-19 pandemic.
Mitsuhiro Furusawa, Deputy Managing Director and Interim President of the IMF, “Chad is facing shocks from COVID-19, the collapse of international oil prices and the worsening security situation, which is causing exceptional economic and social difficulties. Economic activity has slowed and significant financing needs have arisen.”
To date, “the authorities have taken decisive action to stem the spread of the pandemic and a comprehensive economic plan is being developed to upgrade the health system and contain the economic repercussions of the pandemic,” the statement from the IMF said. The amount granted by the IMF will contribute mainly to meet immediate needs and “preserve the budgetary space necessary for health spending related to covid-19,” the institution emphasized. It will also help catalyze additional funding from donors.
