{
  "title": "IMF Executive Board Approves an Additional US$68.49 Million Disbursement for Chad and Notes Cancellation of its Extended Credit Facility (ECF) Arrangement",
  "publication": "IMF News, July 22, 2020",
  "sourceUrl": "https://www.imf.org/en/news/articles/2020/07/22/pr20268-chad-imf-execboard-approves-additional-us-69-49m-disburse-and-notes-cancellation-ecf",
  "canonical": "https://www.imf.org/en/news/articles/2020/07/22/pr20268-chad-imf-execboard-approves-additional-us-69-49m-disburse-and-notes-cancellation-ecf",
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  "summary": "Disbursement approved: SDR 49.07 million (about US$ 68.49 million or 35 percent of quota).",
  "publishDate": "2020-07-22",
  "sections": [
    {
      "heading": "Key facts and figures",
      "content": "- Disbursement approved: SDR 49.07 million (about US$ 68.49 million or 35 percent of quota).\n- This is the second RCF disbursement in three months.\n- Total IMF emergency support to Chad since the outbreak of the pandemic: SDR 133.19 million (US$183.60 million).\n- ECF arrangement: noted cancellation; it was to expire at end-September 2020.\n- Relevant dates: July 22, 2020; first RCF dated April 14, 2020."
    },
    {
      "heading": "Economic context and rationale for RCF support",
      "content": "- Purpose: to address urgent balance of payment needs stemming from the COVID-19 pandemic and provide essential COVID-19-related health expenditure.\n- Situation driving the request:\n  - The twin Covid-19 pandemic and terms of trade shocks have worsened Chad’s economic outlook since the first RCF in April 14, 2020.\n  - Fiscal and external positions have worsened, reflecting reduced export proceeds and lower oil and non-oil revenues, and higher than expected spending to contain the COVID-19 crisis.\n  - Containment measures adopted by authorities included a curfew and closure of markets and non-essential stores; these proved successful in containing the pandemic spread but further depressed the economy."
    },
    {
      "heading": "Authorities’ actions and use of IMF support",
      "content": "- Health and mitigation measures taken or planned by the authorities:\n  - Upgrading the health system.\n  - Scaling up health-related spending.\n  - Measures to help businesses and households absorb the adverse impact of the pandemic.\n  - Steps to ensure transparency and accountability in the use of COVID-related resources, including an ex-post audit of crisis-related spending and the publication of crisis-related procurement contracts.\n- Role of the RCF disbursement:\n  - Provide timely support to fill an urgent financing need.\n  - Support implementation of the authorities’ additional measures to address the COVID-19 crisis and mitigate its severe impact.\n  - Catalyze donor support."
    },
    {
      "heading": "Risks, outlook, and policy guidance from IMF management",
      "content": "- Assessment of outlook and risks:\n  - “The macroeconomic outlook has further deteriorated, with greater economic contraction and higher balance of payments and budgetary financing needs. The risk to the outlook is tilted to the downside.”\n- Short-term policy guidance:\n  - Temporarily relax the fiscal deficit to allow scaling up of health care spending and to accommodate the impact of the sharp drop in oil prices.\n  - Strengthen transparency and monitoring of emergency resources.\n- Medium-term policy guidance:\n  - Once the crisis abates, gradually unwind the temporary emergency measures.\n  - Fiscal adjustment will be needed in the medium term, especially since oil prices are expected to remain low, including by allowing temporary expenditure measures to expire.\n  - Continue to refrain from non-concessional borrowing consistent with commitments under the DSSI and the terms of the World Bank’s Sustainable Development Financing Policy."
    },
    {
      "heading": "IMF procedural notes",
      "content": "- This is the second disbursement under the Rapid Credit Facility (RCF) to address the external financing needs arising from the COVID-19 pandemic, bringing total emergency support to SDR 133.19 million (US$183.60 million).\n- The Executive Board also notes the cancellation of the ECF arrangement that was to expire at end-September 2020.\n\nPress Release No. 20/268 — July 22, 2020, International Monetary Fund\n\n---\n\n\n References\n\n- https://www.imf.org/-/media/images/imf/bios/imfboard.jpg\n- The Executive Board\n- Chad and the IMF\n- Press Releases\n- PRESS CENTER\n- This is the second disbursement in three months\n- https://www.imf.org/en/Topics/imf-and-covid19/COVID-Lending-Tracker\n- https://www.imf.org/external/NP/SEC/bc/eng/index.aspx\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2020/07/22/pr20268-chad-imf-execboard-approves-additional-us-69-49m-disburse-and-notes-cancellation-ecf"
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    "Published: July 22, 2020",
    "Disbursement approved: SDR 49.07 million (about US$ 68.49 million or 35 percent of quota).",
    "This is the second RCF disbursement in three months.",
    "Total IMF emergency support to Chad since the outbreak of the pandemic: SDR 133.19 million (US$183.60 million).",
    "ECF arrangement: noted cancellation; it was to expire at end-September 2020.",
    "Relevant dates: July 22, 2020; first RCF dated April 14, 2020.",
    "Purpose: to address urgent balance of payment needs stemming from the COVID-19 pandemic and provide essential COVID-19-related health expenditure.",
    "Situation driving the request:",
    "Health and mitigation measures taken or planned by the authorities:",
    "Role of the RCF disbursement:",
    "Assessment of outlook and risks:",
    "Short-term policy guidance:",
    "Medium-term policy guidance:",
    "This is the second disbursement under the Rapid Credit Facility (RCF) to address the external financing needs arising from the COVID-19 pandemic, bringing total emergency support to SDR 133.19 million (US$183.60 million).",
    "The Executive Board also notes the cancellation of the ECF arrangement that was to expire at end-September 2020.",
    "[https://www.imf.org/-/media/images/imf/bios/imfboard.jpg](https://www.imf.org/-/media/images/imf/bios/imfboard.jpg)",
    "[The Executive Board](https://www.imf.org/external/np/sec/memdir/eds.aspx)",
    "[Chad and the IMF](http://www.imf.org/external/country/TCD/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[This is the second disbursement in three months](https://www.imf.org/en/News/Articles/2020/04/15/pr20159-chad-imf-executive-board-approves-disbursement-to-address-covid-19)",
    "[https://www.imf.org/en/Topics/imf-and-covid19/COVID-Lending-Tracker](https://www.imf.org/en/Topics/imf-and-covid19/COVID-Lending-Tracker)",
    "[https://www.imf.org/external/NP/SEC/bc/eng/index.aspx](https://www.imf.org/external/NP/SEC/bc/eng/index.aspx)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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