Since 1951, when the World Bank began lending to member countries for reconstruction and development, borrowing countries have been required to report detailed information on their external liabilities through the World Bank’s Debtor Reporting System.
Although Chad recorded relatively few COVID-19 cases, its economy was hit by the effects of the pandemic – especially when the price of oil, its major export, crashed at the beginning of the crisis. Some estimates show that, following years of growth, the country’s real gross domestic product (GDP) contracted by 0.6% in 2020 and 1.1% in 2021.
Just as debt is critical for development, it is vital for governments to track spending, measure progress, and have an idea of the debt landscape to maintain macroeconomic stability, and make sound financial decisions.
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