IMF Staff Country Reports

The 2024 Article IV Consultation discusses that Togo continues to face headwinds, including persistent challenges of food security and terrorist attacks, while broader development needs remain acute. In baseline projections, macroeconomic performance is expected to remain robust. Against a background of a substantial strengthening of fiscal revenue and a beginning of fiscal consolidation in 2023, the macroeconomic outlook is broadly favorable. Growth is expected to remain robust, while fiscal revenue is expected to rise further. There are no substantial domestic or external disequilibria, with low inflation and a well-contained current account deficit. The discussions focused on focused on how the Togolese authorities can best (1) anchor macroeconomic stability by ensuring fiscal consolidation to enhance debt sustainability; (2) conduct structural reforms to lay the basis for sustained growth; and (3) strengthen social inclusion to accelerate progress toward the Sustainable Development Goals and support medium-term growth prospects.