According to a report by the International Monetary Fund (IMF) on the economic situation in Chad, this country in recession (growth rate of -3% in 2016 according to President Déby) because of the fall in world crude oil prices, obtained from Cameroon, in 2016, a bilateral loan totaling CFAF 30 billion.
This revelation of the IMF confirms the statement of the head of the State of Chad, Idriss Déby, who, addressing his government and the leaders of his party in a recorded document on December 26, confessed to have “begged” resources from various “partners” of his country.
The quest for aid, said President Déby in the above-mentioned document, was aimed at “paying the wages” of state agents, whose monthly envelope, he recalled, went from 2 billion CFA francs In 2002, to about CFAF 50 billion today.
The financial support of the State of Cameroon for Chad, the first country to send troops to fight Boko Haram alongside the Cameroonian army, has thus been added to the decisions taken by the central bank of the countries of the Cemac last year to help the countries of this Community area reduce the fiscal deficits caused by the decline in oil revenues.
As for Chad, which had earned only CFAF 25 billion (CFAF 400-700 billion in the past) from oil revenues on December 26, 2016, according to Idriss Déby, BEAC had decided, between March and April 2016, to increase the ceiling for the refinancing of Chadian commercial banks.
This measure was in addition to the decision taken by this issuing institution to halve the volume of reserve requirements imposed on banks operating in the Cemac area in order to boost their liquidity and thereby increase their financing capacity for savings of the subregion.