IMF approves 122.4 million US dollar loan program for Chad

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The loan is 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 US dollars from the IMF under the Extended Credit Facility.

(READ MORE: Economic prospects for Africa promising: IMF)

Chad, one of Africa’s poorest countries, has seen strong growth over the past decade as it emerged as an oil producer.

(READ MORE: AFC makes US$100 mln investment in Chad’s SHT )

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 US dollars.

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.