Supporting agreements with the international institutions
IMF programme supported by the arrangements under the Extended Credit Facility (ECF) approved on 10 December 2021, in an amount equivalent to SDR 392.56 million (about USD 570.75 million)
Download the IMF report ECF document
Total external debt of the country
USD 3.0 billion as of 31 December 2020, including USD 1.1 billion to an external private creditor (36% of the total external debt), USD 1.1 billion to multilateral creditors (36%) and USD 837 million to official bilateral creditors (27%), of which Official Creditor Committee (OCC) members hold USD 461 million.
Accorded treatment
After collective assessment, OCC members agreed that the financing gap identified in the ECF programme approved by the IMF had been filled due to the surge of oil prices, and that it was no longer necessary for OCC members to provide a debt treatment to Chad at the current stage.
Specific provisions
Preparatory debt treatment process: OCC members agreed to reconvene to assess and address the need for a debt treatment, on the condition that a financing gap has reappeared during the current ECF programme (2022-2024), and that the government of Chad has fulfilled its commitment under the signed Memorandum of Understanding (MoU).
Up to January 2025, only two reviews were completed under the IMF ECF programme and the programme lapsed on 22 June 2024. The OCC members have collectively determined in January 2025 that the MoU was terminated and the Chad case was closed.
Comparability of treatment provision
If OCC Members agree to a debt treatment in accordance with the Common Framework, the Republic of Chad will commit to seeking from all its other official bilateral creditors and other private creditors a treatment on terms at least as favorable as those agreed by OCC Members.
The preparatory debt treatment process provided by OCC facilitated Chad’s negotiation and agreement with its largest private creditor.
Cut-off date
NA
Organisation of the session
Key dates:
- Staff-Level Agreement: 27 January 2021
- Formation of the OCC: 15 April 2021
- OCC financing assurances: 11 June 2021
- IMF programme approval: 10 December 2021
- Agreement on the MoU: 20 October 2022
- IMF 1st and 2nd Reviews: 22 December 2022
- Termination of the IMF programme: June 22, 2024
Members of the Official Creditors Committee:
- OCC co-chairs: France, Saudi Arabia.
- OCC members: China, France, India, Saudi Arabia.