IMF Approves Credit Facilities for Chad, Equatorial Guinea and Zambia

The International Monetary Fund (IMF) has approved a series of loans and programs to support fiscal stability, development initiatives and economic growth in Chad, Equatorial Guinea and Zambia.

For Chad, a new 48-month Extended Credit Facility (ECF) totaling $625 million, with an immediate disbursement of $38.5 million, aims to expand targeted social spending to reduce poverty and foster private sector development. Nigel Clarke, Deputy Managing Director and Chair of IMF said the program will help Chad address economic challenges stemming from climate change, fluctuating oil prices and declining official development assistance.

The IMF has disbursed $184 million under its ongoing 38-month ECF program in Zambia. The loan aims to support recovery from the 2024 drought by strengthening the agricultural, mining and services sectors, while also improving electricity supply and affordability. The funding increases IMF’s disbursement to Zambia under the ECF – approved in 2022 – to $1.55 billion.

In Equatorial Guinea, the IMF has approved a 12-month extension of its Article IV Consultation. The extension allows for the continuation of economic oversight and support to strengthen the country’s GDP growth amidst declining hydrocarbon reserves and revenues.