## Togo: Staff Report for 2013 Article IV Consultation

_IMF Staff Country Reports, February 7, 2014_

## Source details

**Canonical URL:** [Togo: Staff Report for 2013 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/31/togo-staff-report-for-2013-article-iv-consultation-41315)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/togo-staff-report-for-2013-article-iv-consultation-41315/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/togo-staff-report-for-2013-article-iv-consultation-41315/index.json)
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## Bibliographic details
- Published: February 7, 2014
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475574975.002

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### Debt sustainability assessment — key findings
- The Debt Sustainability Analysis update highlights Togo’s continued moderate risk of debt distress.
- After full Heavily Indebted Poor Countries (HIPC) assistance, Multilateral Debt Relief Initiative, and beyond HIPC assistance, Togo’s external and public debt indicators improved significantly in 2010/11 and remained stable under the previous Extended Credit Facility–supported program.
- In 2012, Togo contracted significant external debt.
- Under the baseline scenario, debt indicators are projected to remain below the policy-relevant indicative thresholds in the 20-year period.
- Togo remains vulnerable to certain shocks and could breach the policy-relevant thresholds under some alternative scenarios in the outer years for:
  - present value (PV) of debt to GDP,
  - PV of debt to exports,
  - PV of debt to revenue,
  - debt-service-to-revenue ratios.

### Risks, scenarios, and vulnerabilities
- Baseline projection: debt indicators remain below policy-relevant indicative thresholds over a 20-year period.
- Alternative scenarios: certain shocks could cause breaches of thresholds in the outer years for multiple PV and debt-service ratios.
- Specific vulnerability areas highlighted: external debt accumulation (notably the significant external borrowing in 2012) and sensitivity of PV and debt-service metrics to adverse scenarios.

### Policy implications and focus areas
- Continue monitoring external borrowing and its implications for PV of debt to GDP, PV of debt to exports, PV of debt to revenue, and debt-service-to-revenue ratios.
- Maintain fiscal and debt-management policies that preserve the improvements achieved after HIPC and Multilateral Debt Relief Initiative assistance and that sustain stability under program support.
- Strengthen resilience to shocks that could lead to threshold breaches in outer-year scenarios.

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## Content in this bundle

- **Togo: 2013 Article IV Consultation; IMF Country Report No. 14/38, November 20, 2013**
  - [Togo: 2013 Article IV Consultation; IMF Country Report No. 14/38, November 20, 2013 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2014/_cr1438.pdf.md){rel="alternate" type="text/markdown"}
  - [Togo: 2013 Article IV Consultation; IMF Country Report No. 14/38, November 20, 2013 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2014/_cr1438.pdf){rel="external" type="application/pdf"}
- **Togo: Consultations au Titre de l'Article IV; Rapport du FMI n°14/38, le 20 novembre 2013**
  - [Togo: Consultations au Titre de l'Article IV; Rapport du FMI n°14/38, le 20 novembre 2013 (Markdown version)](/-/media/websites/imf/imported-publications/external/french/pubs/ft/scr/2014/_cr1438f.pdf.md){rel="alternate" type="text/markdown"}
  - [Togo: Consultations au Titre de l'Article IV; Rapport du FMI n°14/38, le 20 novembre 2013 (PDF)](/-/media/websites/imf/imported-publications/external/french/pubs/ft/scr/2014/_cr1438f.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/togo-staff-report-for-2013-article-iv-consultation-41315_