Chad: Staff Report for the 2019 Article IV Consultation, Fourth Review under the Extended Credit Facility Arrangement, Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Chad
IMF Staff Country Reports, July 31, 2019
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- Canonical URL
- Chad: Staff Report for the 2019 Article IV Consultation, Fourth Review under the Extended Credit Facility Arrangement, Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Chad
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Bibliographic details
- Published: July 31, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513509600.002
Publication metadata
- Publication date: July 31, 2019
- Pages: 130
- Volume: 2019
- Issue: 258
- Series: Country Report No. 2019/258
- DOI: https://doi.org/10.5089/9781513509600.002
- Stock No: 1TCDEA2019002
- ISBN: 9781513509600
- ISSN: 1934-7685
- Subjects: Arrears, External debt, Oil prices, Oil, gas and mining taxes, Prices, Public financial management (PFM), Taxes
- Keywords: Africa, Arrears, Asia and Pacific, authority, banking sector vulnerability, Chad, Chadian authorities, CR, ECF arrangement, Europe, gas and mining taxes, ISCR, Middle East, Oil, oil GDP datum, oil price shock, Oil prices, Sub-Saharan Africa
Executive summary and scope
- Covers Chad’s 2019 Article IV Consultation, Fourth Review Under the Extended Credit Facility (ECF) Arrangement, Request for Modification of Performance Criteria, and Financing Assurances Review.
- Article IV discussions focused on policy priorities to address legacies from the crisis and longstanding structural weaknesses.
- Performance under the ECF-supported program has been broadly satisfactory with continued improvement in the fiscal position and progress in implementing structural reforms despite recent delays.
- Overall economic activity strengthened in 2018; however, further reform efforts are needed to support the recovery in the non-oil sector and improve social conditions.
- Chad’s program is supported by the implementation of policies and reforms by the regional institutions which are critical to its success.
Key findings and diagnostics
- Legacy issues from the crisis and longstanding structural weaknesses remain material constraints on growth.
- Reducing government domestic debt and domestic arrears would address key impediments to growth that persist from the crisis.
- The fiscal position remains vulnerable to oil price fluctuations.
- Non-oil sector recovery and social conditions require further policy action despite strengthening activity in 2018.
Policy priorities and recommendations
- Reduce government domestic debt and domestic arrears to remove impediments to growth.
- Sustain efforts to increase non-oil revenues.
- Improve the efficiency and quality of public spending.
- Reduce the vulnerability of the fiscal position to oil price fluctuations.
- Continue implementation of structural reforms supported by the ECF program and regional institutions to ensure program success.
Program assessment
- ECF-supported program performance: broadly satisfactory.
- Fiscal position: continued improvement noted.
- Structural reform implementation: progress observed, though there have been recent delays.
International Monetary Fund. Staff Report for the 2019 Article IV Consultation and Fourth Review under the Extended Credit Facility Arrangement for Chad.
Content in this bundle
- 1tcdea2019002