IMF board approves $570 mln credit facility for Chad

The decision allows the IMF to immediately disburse $78.28 million, the lender said in a statement. "The combined shocks of the COVID-19 pandemic, the volatility in oil prices, the heightened insecurity, and a looming food crisis due to climate change have severely stressed Chad's already vulnerable economy," said Kenji Okamura, the IMF board's deputy managing director.

The International Monetary Fund executive board on Friday said it had approved a three-year extended credit facility worth $570 million to help meet the central African country's balance-of-payments and budget needs. The decision allows the IMF to immediately disburse $78.28 million, the lender said in a statement.

"The combined shocks of the COVID-19 pandemic, the volatility in oil prices, the heightened insecurity, and a looming food crisis due to climate change have severely stressed Chad's already vulnerable economy," said Kenji Okamura, the IMF board's deputy managing director. "The macroeconomic outlook has further deteriorated, with greater macroeconomic weaknesses than previously envisaged as well as more acute liquidity needs. As a result, Chad's public debt has become unsustainable."