Togo: First Review Under the Extended Credit Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Togo
IMF Staff Country Reports, January 16, 2025
Source details
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- Togo: First Review Under the Extended Credit Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Togo
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Bibliographic details
- Published: January 16, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400298240.002
Overview
- The paper discusses Togo’s First Review under the Extended Credit Facility (ECF) Arrangement.
- Core assessments:
- Growth performance: "remained robust."
- Inflation: "moderating."
- Medium-term outlook: "broadly favorable, with continued robust growth but also elevated risks."
- Program objective: make growth more inclusive, strengthen debt sustainability, and implement structural reforms to support growth and limit financial sector and associated fiscal risks.
- Implementation status: "on track."
Program implementation and quantitative targets
- The authorities "have met all end-June quantitative performance criteria."
- Prospects for meeting the quantitative targets for the rest of the year are "favorable."
Fiscal policy guidance
- Authorities should continue to:
- "aim to address debt vulnerabilities in a context of regional vulnerabilities while supporting growth and enhancing inclusion."
- Emphasis on balancing debt sustainability with inclusive growth-supporting measures.
Financial sector recommendations
- Continue reform of the remaining public bank by:
- "bringing the bank’s capital in line with regulatory requirements"
- "reforming its operations to ensure its stability and profitability."
- Objective: limit financial sector and associated fiscal risks through capitalization and operational reform.
Key policy themes and risks
- Inclusive growth: central objective of the IMF-supported program.
- Debt sustainability: elevated risks require continued policy attention.
- Structural reforms: needed to support growth and mitigate financial/fiscal vulnerabilities.
- Regional vulnerabilities: noted context for fiscal and debt policies.
Togo: First Review Under the Extended Credit Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Togo — January 16, 2025
Content in this bundle
- Executive Summary