Press Release No. 16/74

Press Release: Statement by IMF Deputy Managing Director Furusawa at the Conclusion of a Visit to Chad

February 23, 2016

Mr. Mitsuhiro Furusawa, Deputy Managing Director of the International Monetary Fund (IMF), issued the following statement today in N’Djamena at the conclusion of his visit to Chad:

“My visit to Chad has been extremely fruitful. I wish to thank President Idris Déby Itno and the Chadian authorities for our substantive discussions.

“In my meetings with the authorities, I acknowledged the challenges posed by the massive negative external shocks – the collapse in oil prices and the deterioration in regional security- that currently affect Chad. The current economic conjuncture presents both opportunities and challenges in terms of pushing forward with structural reforms and I stressed the need to maintain a prudent fiscal policy strategy consistent with macroeconomic stability and debt sustainability. I reiterated the Fund’s willingness to continue to support the country through financial and technical assistance to help address Chad’s immediate fiscal challenges.”

“I also had the opportunity to meet ambassadors and technical partners. On this occasion, I noted that technical assistance from all development partners is crucial in helping the Chadian authorities to design and implement structural reforms. I reassured them of the Fund’s willingness to continue to support Chad’s efforts to improve the country’s resilience to external shocks.”

“My meeting with the private sector was an opportunity to get firsthand information from the people who deal more directly with the impact of the current crisis on the economic activity. I heard about the challenges and prospects of their respective economic sectors, and we discussed ways to better tackle the constraints they face to further develop, expand, and diversify the local economic activities.”

“To the group of academics and students I met during my visit, I explained our work with the Chadian authorities through continued policy dialogue, technical assistance, and financial support, with the view to help the country preserve its social and poverty reduction priority spending, including in education.

“I was heartened to visit the Resource Center for the Blind Youth, a community-led structure that contributes to empowering and developing visually impaired children, and provides eye care in the communities.

“I would like to sincerely thank again the government and the people of Chad for their warm welcome and wonderful hospitality. The IMF remains Chad’s steadfast partner in meeting the challenges of the future.”