Press Release: IMF Executive Board Completes Third Review Under PRGF Arrangement with Togo and Approves the Disbursement of US$14 million
November 25, 2009Press Release No. 09/430
November 25, 2009
The Executive Board of the International Monetary Fund (IMF) has completed the third review of Togo's performance under its economic reform program supported by a three-year Poverty Reduction and Growth Facility (PRGF) arrangement. The completion of the review was on a lapse of time basis1 on November 18, 2009 and enabled the Republic of Togo to draw an amount of SDR 8.8 million (around US$14 million) under the arrangement.
Togo met all of its quantitative and structural performance criteria under the PRGF-supported program, and implementation of its PRGF-supported program has been solid, especially considering the impact of the global recession, last year’s global price shocks, and severe flooding in the country. Fiscal policies have been prudent, and good progress has been achieved in implementing key structural reforms.
The three-year PRGF arrangement was approved by the Executive Board in April 2008 (see Press Release No. 08/90) for an amount of SDR 66.06 million (about US$108.4 million). In September 2008, the Executive Board approved an augmentation of access of SDR 18.35 million (see Press Release No. 08/216). Drawing the amount made available by completion of the third review will bring total disbursements under the arrangement to SDR 58 million (about US$92.7 million).
PRGF-supported programs are based on country-owned poverty reduction strategies adopted in a participatory process involving civil society and development partners and articulated in the Poverty Reduction Strategy Paper (PRSP). This is intended to ensure that PRGF-supported programs are consistent with a comprehensive framework for macroeconomic, structural, and social policies to foster growth and reduce poverty.
Togo, which became a member of the IMF on August 1, 1962, has a Fund quota of SDR 73.40 million.
1 The Executive Board takes decisions under its lapse of time procedures when it is agreed by the Board that a proposal can be considered without convening formal discussions.