{
  "title": "IMF Executive Board Completes Third Review under Extended Credit Facility for Chad and Approves US$48.6 Million Disbursement",
  "publication": "IMF News, December 21, 2018",
  "sourceUrl": "https://www.imf.org/en/news/articles/2018/12/21/pr18495-chad-imf-exec-board-completes-3rd-rev-ext-cr-fac-approves-disburse",
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  "summary": "Executive Board completed the third review of Chad’s program under the Extended Credit Facility (ECF) on December 21, 2018.",
  "publishDate": "2018-12-21",
  "sections": [
    {
      "heading": "Review outcome and disbursement",
      "content": "- Executive Board completed the third review of Chad’s program under the Extended Credit Facility (ECF) on December 21, 2018.\n- Completion of the review enables the disbursement of SDR 35.05 million (about US$48.6 million).\n- Total disbursements under the arrangement to date: SDR 140.2 million (about US$194.5 million).\n- The Executive Board approved the authorities’ request for a waiver of the nonobservance of the continuous performance criterion on the accumulation of new external payment arrears by the government and nonfinancial public enterprises."
    },
    {
      "heading": "Program background and objectives",
      "content": "- Chad’s ECF arrangement was originally approved by the Executive Board on June 30, 2017 (Press Release No. 17/257) for SDR 224.32 million (about US$ 312.1 million or 160 percent of Chad’s quota).\n- The ECF-supported program aims to:\n  - help Chad restore macroeconomic stability,\n  - lay the foundation for robust and inclusive growth,\n  - contribute to the regional effort to restore and preserve external stability for the Central African Economic and Monetary Union (CEMAC)."
    },
    {
      "heading": "Executive statement — performance and reform progress",
      "content": "- Statement by Mr. Tao Zhang, Deputy Managing Director and Acting Chair:\n  - “Performance under the ECF-supported program has been satisfactory, reflecting strong commitment by the authorities.”\n  - “Decisive implementation of the authorities’ program will help strengthen macroeconomic stability and support diversified and inclusive growth.”\n  - “Progress is underway on the structural reform agenda, despite some delays.”"
    },
    {
      "heading": "Key policies, reform priorities, and recommendations",
      "content": "- Authorities’ priorities moving forward:\n  - continue efforts to further stabilize the fiscal position,\n  - energize non-oil growth,\n  - reduce banking sector vulnerabilities.\n- Specific policy measures highlighted:\n  - maintaining control over the wage bill,\n  - increasing domestic revenue mobilization,\n  - improving public financial management.\n- Expected outcomes from these measures:\n  - create sufficient space for increased spending in social sectors and public investment,\n  - pay down domestic debt and domestic arrears.\n- Additional reform priorities:\n  - strengthening anti-corruption legislation,\n  - addressing weaknesses in some domestic banks."
    },
    {
      "heading": "Regional support and institutional reforms",
      "content": "- Chad’s program is supported by implementation of policies and reforms by regional institutions in:\n  - foreign exchange regulations,\n  - monetary policy framework,\n  - measures to support an increase in regional net foreign assets.\n- These regional policies are described as critical to the program’s success.\n\nPress Release No. 18/495, December 21, 2018 — International Monetary Fund\n\n---\n\n\n References\n\n- Tao Zhang\n- PRESS CENTER\n- Extended Credit Facility\n- No. 17/257\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2018/12/21/pr18495-chad-imf-exec-board-completes-3rd-rev-ext-cr-fac-approves-disburse"
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    "Published: December 21, 2018",
    "Executive Board completed the third review of Chad’s program under the Extended Credit Facility (ECF) on December 21, 2018.",
    "Completion of the review enables the disbursement of SDR 35.05 million (about US$48.6 million).",
    "Total disbursements under the arrangement to date: SDR 140.2 million (about US$194.5 million).",
    "The Executive Board approved the authorities’ request for a waiver of the nonobservance of the continuous performance criterion on the accumulation of new external payment arrears by the government and nonfinancial public enterprises.",
    "Chad’s ECF arrangement was originally approved by the Executive Board on June 30, 2017 (Press Release No. 17/257) for SDR 224.32 million (about US$ 312.1 million or 160 percent of Chad’s quota).",
    "The ECF-supported program aims to:",
    "Statement by Mr. Tao Zhang, Deputy Managing Director and Acting Chair:",
    "Authorities’ priorities moving forward:",
    "Specific policy measures highlighted:",
    "Expected outcomes from these measures:",
    "Additional reform priorities:",
    "Chad’s program is supported by implementation of policies and reforms by regional institutions in:",
    "These regional policies are described as critical to the program’s success.",
    "[Tao Zhang](https://www.imf.org/en/About/senior-officials/Bios/tao-zhang)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[Extended Credit Facility](https://www.imf.org/en/About/Factsheets/Sheets/2016/08/02/21/04/Extended-Credit-Facility)",
    "[No. 17/257](https://www.imf.org/en/News/Articles/2017/06/30/pr17257-imf-executive-board-approves-arrangement-under-the-extended-credit-facility-for-chad)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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