Abstract
Second Review of the Program Under the Extended Credit Facility, Request for Waivers of Nonobservance of Performance Criteria, And Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Chad
1. This supplement provides an update on Chad’s external arrears since the issuance of the staff report for the second review under the ECF arrangement. It updates the nonobservance of the performance criterion (PC) on the non-accumulation of external arrears. The additional information does not change the thrust of the staff appraisal.
2. The amount of new external arrears that accumulated since the Board concluded the first review under the ECF arrangement is $7.740 million (an amount of $0.74 million was reported in the staff report). These arrears accumulated in the past ten days for a very short duration and the vast majority ($7.615 million) was paid already. The authorities expect to pay the remaining amount, owed to Angola, shortly. Given the relatively small amount of the arrears, staff continues to support the authorities’ request for a waiver of nonobservance of this PC.
3. A supplementary letter of intent is attached to this supplement.
Supplementary Letter of Intent
N’Djamena, July 25, 2018
Madame Christine Lagarde
Managing Director
International Monetary Fund
Washington DC, 20431
Madame Managing Director,
Further to the Chadian authorities’ Letter of Intent dated July 13, 2018, we have communicated to staff that the amount of new external arrears that accumulated since the Board concluded the first review under the ECF arrangement is $7.740 million - and not $0.74 million as reported in the staff report and the Memorandum of Economic and Financial Policies.
Very truly yours,
/s/
Issa Mahamat Abdelmamout
Minister of Finance and Budget