IMF Staff Concludes Mission in Togo for 2024 Article IV Consultation

IMF News, June 10, 2024

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Economic growth: "reached an estimated 5.6 percent in 2023."
Inflation: "has fallen to 2.6 percent (April 2024)."
Overall fiscal revenue: "raised overall fiscal revenue to 16.8 percent of GDP in 2023."
Extreme poverty: "the share of the population living in extreme poverty is estimated to have fallen to 25.8 percent (from 28.4 percent in 2018)."
Sustainable Development Goals (SDG) attainment: "raising its overall degree of SDG attainment to 56.3 out of 100 (from 54.7 in 2018)."
Context: progress achieved despite shocks including the COVID-19 pandemic, the increase in food and fuel prices, and regional security challenges.

Strengthen debt sustainability through a growth-friendly fiscal consolidation:
- Main focus: "raising tax revenue while also enhancing the efficiency of spending."
Boost growth through structural reforms:
- Emphasis on "continued efforts to enhance the business environment."
Strengthen inclusion by expanding social and pro-poor spending:
- Specific measure: "including through higher cash transfers."
- Targeting improvements: "establish a biometric ID for all Togolese citizens and compile a unified social registry for vulnerable populations" to better direct targeted support to the most vulnerable.

The mission considers that "thanks to the government’s efforts, barring exogenous shocks, economic performance should remain robust and social outcomes continue to improve."
Continued engagement: mission "looks forward to continuing the fruitful dialogue with the Togolese authorities in the period ahead, including in the context of the IMF’s ongoing financial support for Togo under the IMF’s Extended Credit Facility."

IMF staff statement, June 10, 2024.