Chad's 2014 budgetary deficit reduced to 20bn CFA Francs

Chad's 2014 budgetary deficit has now been reviewed downwards to 20 billion CFA Francs (about 40 million U.S. dollars), the amended finance bill adopted in the cabinet on Friday has shown. In the initial bill, adopted in December 2013 by parliamentarians, the budgetary deficit stood at 96 billion CFA Francs (192 million U.S. dollars). Government revenue is estimated to be 1,857 billion CFA Francs, while expenditure will stand at 1,877 billion CFA Francs. The gap will be funded through resources to be raised from the extended credit facility from the International Monetary Fund, the statement from the cabinet added. The government said the amendment to the 2014 state budget was necessitated by the drop in oil production in Doba basin and the reduced earnings from the sector, delayed start of oil drilling in other oil fields and increased spending on preparations for the African Union summit that will be held in N'Djamena in 2015. The amended finance bill will immediately be sent to parliament for debate and approval, the statement concluded.