{
  "title": "Chad: First and Second Reviews Under the Extended Credit Facility Arrangement, Requests for Waivers of Nonobservance of Performance Criteria and Modification of Performance Criteria-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Chad",
  "publication": "IMF Staff Country Reports, January 12, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/01/12/chad-first-and-second-reviews-under-the-extended-credit-facility-arrangement-requests-for-528092",
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  "summary": "This paper focuses on Chad’s First and Second Reviews under the Extended Credit Facility Arrangement, Requests for Waivers of Nonobservance of Performance Criteria and Modification of Performance Criteria.",
  "sections": [
    {
      "heading": "Summary and Key Findings",
      "content": "- Chad is the first country to reach a debt treatment agreement with official and private creditors under the G20 Common Framework.\n- The debt treatment agreement \"provides Chad with adequate protection against downside risks while bringing the risk of debt distress to moderate by the end of the IMF-supported program.\"\n- High oil revenues have improved the government’s financial position.\n- Continued reform efforts are needed to enhance growth, poverty reduction, and resilience.\n- Fiscal consolidation efforts remain key to ensuring debt sustainability while creating fiscal space to meet social and investment spending needs.\n- The authorities will continue to implement measures aimed at:\n  - enhancing domestic revenue mobilization,\n  - containing the wage bill,\n  - streamlining nonpriority expenditures, such as fuel and electricity subsidies."
    },
    {
      "heading": "Risks and Challenges",
      "content": "- Persistent challenges identified:\n  - food insecurity,\n  - oil price volatility,\n  - climate change,\n  - security issues.\n- These challenges underscore the need for continued reforms to protect gains from improved oil revenues."
    },
    {
      "heading": "Policy Recommendations and Program Priorities",
      "content": "- Maintain fiscal consolidation to preserve debt sustainability.\n- Mobilize domestic revenue more effectively.\n- Contain the wage bill to create fiscal space.\n- Streamline nonpriority expenditures, explicitly including fuel and electricity subsidies.\n- Continue implementing structural reforms to support growth, poverty reduction, and resilience.\n\n---\n\n Content in this bundle\n\n- 1tcdea2023001\n  - 1tcdea2023001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1tcdea2023001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: January 12, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400230080.002",
    "Chad is the first country to reach a debt treatment agreement with official and private creditors under the G20 Common Framework.",
    "The debt treatment agreement \"provides Chad with adequate protection against downside risks while bringing the risk of debt distress to moderate by the end of the IMF-supported program.\"",
    "High oil revenues have improved the government’s financial position.",
    "Continued reform efforts are needed to enhance growth, poverty reduction, and resilience.",
    "Fiscal consolidation efforts remain key to ensuring debt sustainability while creating fiscal space to meet social and investment spending needs.",
    "The authorities will continue to implement measures aimed at:",
    "Persistent challenges identified:",
    "These challenges underscore the need for continued reforms to protect gains from improved oil revenues.",
    "Maintain fiscal consolidation to preserve debt sustainability.",
    "Mobilize domestic revenue more effectively.",
    "Contain the wage bill to create fiscal space.",
    "Streamline nonpriority expenditures, explicitly including fuel and electricity subsidies.",
    "Continue implementing structural reforms to support growth, poverty reduction, and resilience.",
    "**1tcdea2023001**"
  ],
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