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OVERVIEW Chad approved its National Development Plan (NDP) for the period 2013-15 in May 2013. The NDP is considered the third poverty reduction strategy for Chad, following the ones adopted for the periods 2003-06 and 2008-11. It focuses on a sensible set of priorities, notably on (i) developing production capacities and job opportunities, (ii) mobilizing and developing human capital and combating inequality, poverty, and social exclusion, (iii) protecting environment and combating climate change, and (iv) strengthening governance. The NDP was built on lessons learned from the previous povert

Cover -- CONTENTS -- BACKGROUND -- RECENT DEVELOPMENTS -- PROGRAM PERFORMANCE -- POLICY DISCUSSIONS -- A. Medium-Term Macroeconomic Framework -- B. Fiscal Policy for the Remainder of 2018 -- C. Fiscal Policy for 2019 and the Medium Term -- D. Fiscal Governance -- E. Financial Sector and Monetary Policies -- F. Anti-Corruption and Other Structural Reforms -- G. Financing, Program Modalities, and Risks -- STAFF APPRAISAL -- FIGURE -- 1. Recent Economic Developments, 2010-18p -- TABLES -- 1. Selected Economic and Financial Indicators, 2016-22 -- 2. Fiscal Operations of the Central Government, 2016-22 (in billions of CFAF) -- 3. Fiscal Operations of the Central Government, 2016-22 (percent of non-oil GDP) -- 4. Balance of Payments, 2016-22 -- 5. Monetary Survey, 2016-22 -- 6. Financial Soundness Indicators, 2011-2018Q2 -- 7. Schedule of Disbursements Under the ECF Arrangement -- 8. Indicators of Capacity to Repay the IMF, 2018-32 -- ANNEX -- I. Governance and Corruption in Chad -- APPENDIX -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies -- Attachment II. Technical Memorandum of Understanding

KEY ISSUESContext: Chad is a fragile country with weak institutional and policy capacity, facing a trend decline in oil revenues (barring new oil discoveries), and vulnerable to oil price and regional security shocks. The country is enjoying its longest period of domestic political stability since independence and has become a beacon of stability in a very volatile region, actively contributing to international efforts to restore order in Mali and the C.A.R.. Macroeconomic policy over the last few years has achieved a gradual tightening of the underlying fiscal policy stance, despite a sizable

Cover -- CONTENTS -- BACKGROUND -- RECENT DEVELOPMENTS -- PROGRAM PERFORMANCE -- POLICY DISCUSSIONS -- A. Medium-Term Macroeconomic Framework -- B. Fiscal Policy for the Remainder of 2018 and the Medium Term -- C. Tax and Customs Reforms -- D. Banking Sector -- E. Public Financial Management and Other Structural Reforms -- F. Financing, Program Modalities, and Risks -- STAFF APPRAISAL -- TABLES -- 1. Selected Economic and Financial Indicators, 2015-21 -- 2. Fiscal Operations of the Central Government, 2015-21 (in billions of CFAF, unless otherwise indicated) -- 3. Fiscal Operations of the Central Government, 2015-21 (in percent of non-oil GDP, unless otherwise indicated) -- 4. Balance of Payments, 2016-21 -- 5. Monetary Survey, 2015-21 -- 6. Financial Soundness Indicators, 2011-17 -- 7. Performance Criteria and Indicative Targets up to End-March 2018 -- 8. Prior Action and Structural Benchmarks for the Program Under the ECF Arrangement - Status as of end-June 2018 and Proposed New Benchmarks -- 9. Summary Table of Projected External Borrowing Program -- 10. Schedule of Disbursements Under the ECF Arrangement -- 11. Indicators of Capacity to Repay the IMF, 2018-32 -- APPENDIX -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies -- Attachment II. Technical Memorandum of Understanding.

Cover -- CONTENTS -- BACKGROUND -- RECENT ECONOMIC DEVELOPMENTS -- PROGRAM PERFORMANCE -- POLICY DISCUSSION FOR THE REST OF THE PROGRAM -- A. Medium term macroeconomic framework -- B. Fiscal policy for the remainder of 2016 -- C. Fiscal policy for 2017 and the medium term -- D. Structural reforms -- PROGRAM MODALITIES, SAFEGUARDS, AND RISKS -- STAFF APPRAISAL -- BOX -- 1. Poverty Reduction Strategy Implementation Review -- FIGURE -- 1. Recent Economic Developments, 2010-16 -- TABLES -- 1. Selected Economic and Financial Indicators, 2013-2020 -- 2. Real GDP per sector, 2013-2020 -- 3. Fiscal Operations of the Central Government, 2013-2020 (In billions of CFAF) -- 4. Fiscal Operations of the Central Government, 2013-2020 (In percent of non-oil GDP) -- 5. Balance of Payments, 2013-2020 -- 6. Monetary Survey, 2013-2017 -- 7. Financial Soundness Indicators, 2010-2015 -- 8. Quantitative Performance Criteria (QPC) and Indicative targets (IT) under the ECF Arrangement (December 2015-June 2016 -- 9a. Structural Conditionality under the ECF Arrangement for 2015 -- 9b. Structural Conditionality under the ECF Arrangement for 2016 -- 10a. Summary Table of Actual External Borrowing Monitor, 2015 -- 10b. Summary Table of Projected External Borrowing Program -- 11a. Original Schedule of Disbursement Under the ECF Arrangement -- 11b. New Proposed Schedule of Disbursement Under the ECF Arrangement -- 12. Indicators of Capacity to Repay the Fund, 2016-30 -- APPENDIX -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies -- Attachment II. Technical Memorandum of Understanding.

In Chad, the ICRC delegation continued efforts to gain access to Libyan prisoners of war held by the Hissène Habré government, and also carried out orthopaedic and dissemination work.

Cover -- CONTENTS -- NON-OIL GROWTH IMPEDIMENTS IN CHAD: CRISIS LEGACIES AND STRUCTURAL WEAKNESSES -- A. Background and Recent Developments -- B. Crisis Legacies -- C. Long-Term Structural Weaknesses -- D. Reforms to Diversify the Economy and Unlock Sustainable and Inclusive Growth -- References -- FIGURES -- 1. Background -- 2. Non-oil GDP, 2014-19 -- 3. Stock of Domestic Arrears -- 4. Crisis Legacies -- 5. Non-oil GDP Growth, 2019-24 -- 6. Physical Capital -- 7. Human Capital Index, 2018 -- 8. Business Climate -- 9. Financial Inclusion Indicators -- 10. Exports Diversification and Growth Volatility -- 11. Indicators of Oil Dependence and Diversification -- GOVERNANCE IN CHAD: MACROECONOMIC IMPLICATIONS AND POLICY PRIORITIES -- A. Introduction -- B. The Macroeconomic Implications of Governance and Corruption -- C. Fiscal Governance -- D. Oil Sector Oversight -- E. Anti-Corruption Framework -- F. Conclusion -- References -- BOX -- 1. Estimated Impact on Growth of Enhancing Governance and Reducing Corruption -- FIGURES -- 1. Governance and Corruption Indicators -- 2. Governance and Tax to GDP Ratio -- 3. Estimates of Chad's Tax Potential -- 4. Oil Revenue Flows, end-2018* -- 5. Distribution of Government Government Oil Exports Revenues in 2017 -- 6. Distribution of Government Government Oil Exports Revenues in 2018 -- SOCIAL SPENDING AND DEVELOPMENT OUTCOMES IN CHAD -- A. Introduction -- B. Development Outcomes in Chad -- C. Social Spending in Chad -- D. Meeting the Sustainable Development Goals in Health and Education -- E. Conclusion -- FIGURES -- 1. GDP per Capita, PPP -- 2. Maternal Mortality Ratio -- 3. Literacy Rates, Adult and Youth -- 4. Public Spending on Health and Education -- 5. Doctor and Primary School Teacher Ratios -- TABLES -- 1. Human Development Index -- 2. Costing Estimates for Meeting the SDGs in Health and Education -- ANNEX.

Cover -- CONTENTS -- BACKGROUND -- RECENT DEVELOPMENTS -- PROGRAM PERFORMANCE -- OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Policy Theme I: Building Fiscal Resilience -- B. Policy Theme II: Fostering Sustainable and Inclusive Growth -- C. Policy Theme III: Strengthening Banking Sector Stability -- FINANCING, PROGRAM MODALITIES, AND RISKS -- STAFF APPRAISAL -- BOX -- 1. Chad's Fragility -- FIGURE -- 1. Recent Economic Developments -- TABLES -- 1. Selected Economic and Financial Indicators, 2017-23 -- 2. Fiscal Operations of the Central Government, 2017-23 (in billions of CFAF) -- 3. Fiscal Operations of the Central Government, 2017-23 (percent of non-oil GDP) -- 4. Balance of Payments, 2017-23 -- 5. Monetary Survey, 2017-23 -- 6. Financial Soundness Indicators, 2011-2018Q3 -- 7. Schedule of Disbursements Under the ECF Arrangement -- 8. Indicators of Capacity to Repay the IMF, 2019-33 -- 9. Risk Assessment Matrix -- ANNEXES -- I. Implementation of 2016 Article IV Recommendations -- II. Capacity Development in Chad -- III. Oil Dependence and Considerations for a Price Smoothing Mechanism -- IV. External Sector Assessment -- V. Macro-Financial Linkages in Chad -- APPENDIX -- I. Letter of Intent -- I. Memorandum of Economic and Financial Policies -- II. Technical Memorandum of Understanding -- CONTENTS -- RELATIONS WITH THE IMF -- JOINT WORLD BANK AND IMF WORK PROGRAM -- STATISTICAL ISSUES.