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IMF approves $122.4 million loan program for Chad
A man walks past the logo of the International Monetary Fund. PHOTO BY REUTERS/Kim Kyung-Hoon
02/08/2014
WASHINGTON (Reuters) - The International Monetary Fund on Friday approved a $122.4 million three-year loan program for Chad to help the landlocked central African country address a balance of payments problem tied to reduced oil revenues.
Chad's finance minister told Reuters in April that the country was seeking about $130 million from the IMF under the Extended Credit Facility.
Chad, one of Africa's poorest countries, has seen strong growth over the past decade as it emerged as an oil producer.
The extended credit facility is a longer-term IMF program available for poor countries with protracted balance of payments problems. Under the loans, Chad will receive an initial disbursement of about $20.4 million.
Chad had already had its policies closely monitored by the IMF under a Staff Monitored Program. That program, which had no money attached, ended in December.
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