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Chad to boost government spending on poor |
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Washington - The World Bank and Chad resolved a dispute over oil revenues that will result in significant increases in government spending on projects that benefit the poor, the lending institution said Friday.
Under the accord signed Thursday, Chad, one of the world's poorest countries, will commit 70 percent of its budget spending to priority poverty reduction programs and provide for long-term growth by creating a stabilization fund to be used after the oil fields run dry.
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"This is a huge step forward...The Chadian authorities have committed to ensuring that all oil revenues, not just the royalties, are spent on health and education and other basic needs of the poor." |
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