Togo: Sixth Review under the Extended Credit Facility Arrangement and Request for Augmentation of Access-Press Release; Staff Report; and Statement by the Executive Director for Togo
IMF Staff Country Reports, April 16, 2020
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- Togo: Sixth Review under the Extended Credit Facility Arrangement and Request for Augmentation of Access-Press Release; Staff Report; and Statement by the Executive Director for Togo
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Bibliographic details
- Published: April 16, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513540719.002
Overview
- Discusses Togo’s Sixth Review Under the Extended Credit Facility (ECF) Arrangement and Request for Augmentation for Access.
- Togo’s performance under the ECF-supported program has been broadly satisfactory.
- Publication date: April 16, 2020.
- Pages: 84. Volume: 2020. Issue: 107. Series: Country Report No. 2020/107.
- DOI: https://doi.org/10.5089/9781513540719.002. Stock No: 1TGOEA2020001. ISBN: 9781513540719. ISSN: 1934-7685.
Macroeconomic outlook and COVID-19 impact
- Economic recovery had been firming up prior to the coronavirus disease 2019 pandemic.
- The recovery has recently been hindered by the coronavirus disease 2019 pandemic.
- The macroeconomic outlook is subject to a high degree of uncertainty.
Structural reforms and public financial management
- Structural reforms are progressing on revenue administration and public financial management.
- Progress noted on:
- Collection of tax arrears.
- Online submission of customs declarations.
- Steps toward program-based budgeting.
- Recommended actions:
- Implement recommendations from a recent Tax Administration Diagnostic Assessment Tool.
- Address remaining deficiencies in essential customs functions.
- Bolster voluntary compliance to ensure strong permanent revenue.
Business environment and governance
- Togo is amongst the best performers in the improvement of the business environment in recent years.
- Important to pursue continued reforms, including strengthening governance.
- Implement measures outlined in the National Development Plan to support strong and inclusive growth.
Financial sector stability
- Completing the delayed reforms of the two state-owned banks is paramount.
- Rationale:
- Safeguarding financial stability.
- Preventing risks to the state budget.
Subjects and keywords (as listed)
- Subjects: COVID-19, Debt sustainability, Debt sustainability analysis, External debt, Health, Public debt, Revenue administration.
- Keywords: Africa, augments disbursement, authorities intent, COVID-19, CR, Debt sustainability, Debt sustainability analysis, deficit, disbursement, disbursement of SDR, ECF arrangement, Europe, executive board discussion, financing, Global, ISCR, Sub-Saharan Africa.
International Monetary Fund. Togo: Sixth Review under the Extended Credit Facility Arrangement and Request for Augmentation of Access-Press Release; Staff Report; and Statement by the Executive Director for Togo. April 16, 2020.
Content in this bundle
- Togo — Sixth Review Under the Extended Credit Facility and Request for Augmentation of Access