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Chad: First Review Under the Extended Credit Facility Arrangement, Request for Waivers of Nonobservance of Performance Criteria, and Request for Modification of Performance Criteria, and Augmentation of Access-Staff Report
Summary:KEY ISSUES Context: Chad is facing a large exogenous shock with the sudden and sharp decline in oil prices since the second half of 2014. Its impact is exacerbated by regional security conflicts and the associated inflows of refugees and “retournés”. With oil still the main source of export and fiscal receipts, the oil shock has complicated the economic outlook for 2015 and the medium-term, leading to balance of payments needs and a large fiscal shortfall, and resulting in a deceleration in non-oil GDP growth. Program: The Executive Board approved the three-year arrangement under the Extended Credit Facility (ECF) on August 1st, 2014, with access of 120 percent of quota (SDR 79.92 million). Despite difficult circumstances, performance under the ECF supported program was broadly satisfactory in 2014, with four of six quantitative performance criteria observed as of end-December, and sustained implementation of the structural reform agenda. The authorities have adopted decisive measures to address large oil revenue shortfalls and close the external financing gap, particularly through a significant fiscal adjustment in 2015 and beyond. To complement their efforts, the authorities have requested an augmentation of access under the current arrangement by an amount equivalent to 40 percent of quota (SDR 26.64 million), phased over the first through fourth reviews. Staff views: Staff supports the completion of the first review under the ECF arrangement, the waiver of nonobservance for two performance criteria, the modification of performance criteria, and the authorities’ request for an augmentation of access under the ECF arrangement, which will be instrumental to catalyze donor support needed to address Chad’s protracted balance of payments needs. Completion of the review will result in the disbursement of an amount equivalent to SDR 19.97 million (including part of the augmentation).
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