The IMF has approved a $625 million loan program for Chad to support economic growth and social spending amid regional and economic challenges.
The International Monetary Fund’s executive board has approved a four-year lending program for Chad worth $625 million, including an immediate release of $38.5 million, the IMF announced on Friday.
Finalized in May, the program aims to secure Chad’s fiscal stability, boost social spending to reduce poverty, and improve governance and the business environment to spur private sector growth. These efforts will support Chad’s ambitious national development plan requiring $30 billion in public and private investments across infrastructure, electricity, and digital sectors.
The plan, scheduled for launch in Abu Dhabi this September, targets an average annual economic growth of 8% and aims to keep Chad’s debt at 32% of GDP between 2025 and 2030, according to the finance minister.
Chad faces challenges from falling oil prices, reduced development aid, and regional unrest. It also hosts hundreds of thousands of Sudanese refugees living in precarious conditions amid funding shortages.
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