Washington, DC: An International Monetary Fund (IMF) staff team, led by Hans Weisfeld, visited Lomé during March 17 - March 28 to discuss macroeconomic developments and policies. This visit took place in the context of the second review of the Extended Credit Facility (ECF)-arrangement that the IMF has been providing to Togo since March 2024.
At the conclusion of the visit, Mr. Weisfeld issued the following statement:
“The IMF team had constructive and productive discussions with the Togolese authorities and commended them on the sustained progress in advancing reforms.
“Economic growth reached an estimated 5.3 percent in 2024 and is projected to reach around 5.5 percent over the medium term, barring major adverse shocks. Inflation has continued to slow, to 2.8 percent in February 2025 (annual average).
“During the visit, IMF staff reiterated the necessity to continue implementing reforms towards a disciplined fiscal approach and a sustainable public debt and to continue reforms to enhance inclusion, improve the business environment, and limit risks.
“The team will return to Washington, D.C., and will continue discussing with the Togolese authorities, including during the upcoming IMF/World Bank Group Spring Meetings in Washington, D.C. in April. The discussions will focus on making further progress on the structural reform and fiscal policy agenda, among other topics.
“The IMF approved the ECF-arrangement in March 2024 to help the authorities address the legacies of the shocks experienced since 2020, notably the COVID-19 pandemic and the increase in global food and fuel prices. The Togolese authorities were able to lessen these shocks’ impacts on the Togolese population and their economy, but this came at the price of large fiscal deficits and a rapidly rising debt burden. The arrangement provides financing of US$ 390 million to Togo on favorable terms aims to help the Togolese government implement reforms. These reforms aim at (i) making growth more inclusive while strengthening debt sustainability, and (ii) conducting structural reforms to support growth and limit fiscal and financial sector risks. The IMF concluded the first review under the ECF-arrangement in December 2024.
“The team expresses their gratitude to the authorities, development partners, and representatives of Togo’s civil society for their constructive engagement and support during this visit.”
