Latest news with #ChadConnection2030
TimesLIVE
2 days ago
- Business
- TimesLIVE
Chad seeks $30bn investment for development plan
Chad's national development plan seeks $30bn (R533.54bn) in public and private investment as it pursues growth in areas including digitalisation and infrastructure, the Central African country's finance minister Tahir Hamid Nguilin said on Tuesday. The plan called "Chad Connection 2030" is backed by the International Monetary Fund, which last month reached an agreement with the country for a four-year financial support programme worth about $630m (R11.20bn), and by the World Bank. It will be launched in September in Abu Dhabi, and aims to conclude deals with investors in sectors including roads, electricity and the digital economy. This is expected to generate average annual economic growth of 8% over the 2025-2030 period, Nguilin told journalists. Over the same period, the country's debt level will remain at 32% of gross domestic product, or around $2bn (R35.57bn), he said. Nguilin said the investment would help Chad to lift its citizens out of poverty, reduce its maternal mortality rate by 50% and double agricultural production. He added that the government plans to grant exploration permits to private companies operating in the oil and mining sectors, which should increase production. "Roughly speaking, we were favouring private rather than public investment, so that by the end of 2030, the share of the mining sector, excluding oil, could be at least 5% of GDP," Nguilin said, adding the current share, including artisanal mining, represented 1%-2%.
Indian Express
23-05-2025
- Business
- Indian Express
Chad seeks $630 million financial support from IMF
Chad has reached an agreement with the International Monetary Fund for a fresh four-year financial support programme potentially worth about $630 million, under the fund's Extended Credit Facility, the IMF said on Thursday. The requested support comes at a critical juncture for the oil-producing Central African nation which is looking to implement an ambitious national development plan amid declining oil prices, reduced public aid financing, and regional instability. 'Chad stands at a turning point in its history … The NDP will be implemented in a challenging global context. Conflicts and instability in the region, along with declining oil prices and reduced public development aid financing, will place additional pressure on the country's budgetary resources,' IMF mission head Julien Reynaud said in a statement. Following the conclusion of a political transition, Chad intends to implement a range of reforms and projects under its National Development Plan named 'Chad Connection 2030.' Chad's economy is estimated to have grown by 3.5% in 2024, down from 5% in 2023. Growth is projected to slow further to 3.3% in 2025, with a gradual increase expected over the medium term. The programme will aim to reduce Chad's deficit to an average of 1.5% of GDP over the four years of its duration from over 4% currently. The staff level agreement is subject to the approval of IMF's executive board and the securing of the necessary financing assurances, the statement said.
Yahoo
23-05-2025
- Business
- Yahoo
Chad seeks $630 million financial support from IMF
DAKAR (Reuters) -Chad has reached an agreement with the International Monetary Fund for a fresh four-year financial support programme potentially worth about $630 million, under the fund's Extended Credit Facility, the IMF said on Thursday. WHY IT'S IMPORTANT The requested support comes at a critical juncture for the oil-producing Central African nation which is looking to implement an ambitious national development plan amid declining oil prices, reduced public aid financing, and regional instability. KEY QUOTE "Chad stands at a turning point in its history ... The NDP will be implemented in a challenging global context. Conflicts and instability in the region, along with declining oil prices and reduced public development aid financing, will place additional pressure on the country's budgetary resources," IMF mission head Julien Reynaud said in a statement. CONTEXT Following the conclusion of a political transition, Chad intends to implement a range of reforms and projects under its National Development Plan named "Chad Connection 2030." BY THE NUMBERS Chad's economy is estimated to have grown by 3.5% in 2024, down from 5% in 2023. Growth is projected to slow further to 3.3% in 2025, with a gradual increase expected over the medium term. The programme will aim to reduce Chad's deficit to an average of 1.5% of GDP over the four years of its duration from over 4% currently. WHAT'S NEXT The staff level agreement is subject to the approval of IMF's executive board and the securing of the necessary financing assurances, the statement said. (Writing by Bate Felix; Editing by Matthew Lewis)
Reuters
23-05-2025
- Business
- Reuters
SHORT TAKE Chad seeks $630 million financial support from IMF
DAKAR, May 23 (Reuters) - Chad has reached an agreement with the International Monetary Fund for a fresh four-year financial support programme potentially worth about $630 million, under the fund's Extended Credit Facility, the IMF said on Thursday. The requested support comes at a critical juncture for the oil-producing Central African nation which is looking to implement an ambitious national development plan amid declining oil prices, reduced public aid financing, and regional instability. "Chad stands at a turning point in its history ... The NDP will be implemented in a challenging global context. Conflicts and instability in the region, along with declining oil prices and reduced public development aid financing, will place additional pressure on the country's budgetary resources," IMF mission head Julien Reynaud said in a statement. Following the conclusion of a political transition, Chad intends to implement a range of reforms and projects under its National Development Plan named "Chad Connection 2030." Chad's economy is estimated to have grown by 3.5% in 2024, down from 5% in 2023. Growth is projected to slow further to 3.3% in 2025, with a gradual increase expected over the medium term. The programme will aim to reduce Chad's deficit to an average of 1.5% of GDP over the four years of its duration from over 4% currently. The staff level agreement is subject to the approval of IMF's executive board and the securing of the necessary financing assurances, the statement said.
