The Deputy Managing Director of the International Monetary Fund (IMF), Kenji Okamura on Monday (March 13th) welcomed certain initiatives taken by the Chadian authorities, including the efforts made to guarantee debt sustainability and financial stability.
“I congratulate the authorities, who managed to resolve the debt with their official and private creditors at the end of last year”, affirmed this official in a statement made in N’Djamena, at the end of his visit to Chad.
According to this official, it was the implementation of this agreement with creditors that made it possible to complete the first and second reviews of the agreement with the IMF under the Extended Credit Facility (ECF) in December 2022, giving the Central African country access to funding of approximately $149.3 million.
At the conclusion of these reviews, the IMF Executive Board had suggested that “Chad is the first country to conclude a debt treatment agreement with official and private creditors under the G20 Common Framework”, specifying that “this agreement provides Chad with adequate protection once morest downside risks and will reduce the risk of debt distress to a moderate level by the end of the IMF-supported program”.
In his statement, Okamura also hailed “the unfailing determination of the authorities to free up the necessary budgetary space to meet Chad’s considerable needs in terms of social spending and investments”.
“Streamlining non-priority spending, including regressive fuel and electricity subsidies, and reforms to strengthen non-oil revenue mobilization will be crucial,” he said.
During his visit, the Deputy Managing Director of the IMF met with President Idriss Déby, Prime Minister Saleh Kebzabo, and various other officials and private sector officials.
