{
  "title": "Togo: Second Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria",
  "publication": "IMF Staff Country Reports, June 22, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/06/22/togo-second-review-under-the-extended-credit-facility-arrangement-and-request-for-46010",
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  "summary": "This paper discusses Togo’s Second Review Under the Extended Credit Facility (ECF) and Request for Modification of Performance Criteria. Despite the ensuing revenue underperformance, the fiscal position improved significantly as expenditure was curtailed.",
  "sections": [
    {
      "heading": "Executive summary and context",
      "content": "- The paper assesses Togo’s Second Review Under the Extended Credit Facility (ECF) and a Request for Modification of Performance Criteria.\n- Despite revenue underperformance, the fiscal position improved significantly as expenditure was curtailed.\n- IMF staff supports completion of the second ECF review and supports modification of specified performance criteria."
    },
    {
      "heading": "Key findings and program performance",
      "content": "- All continuous and end-December 2017 quantitative performance criteria (QPCs) were met.\n- All structural benchmarks were met.\n- The indicative target on fiscal revenue was missed by about 2 percent of GDP.\n- The indicative target on social spending was missed by a small margin: 0.2 percent of GDP."
    },
    {
      "heading": "Policy recommendations and staff stance",
      "content": "- IMF staff supports:\n  - Completion of the second ECF review.\n  - Modification of end-June 2018 QPCs on the domestic primary balance and net domestic financing.\n  - Modification of the continuous QPC on nonconcessional external borrowing."
    },
    {
      "heading": "Notable program elements referenced",
      "content": "- Focus on expenditure curtailment as the primary mechanism that improved the fiscal position in the face of revenue shortfalls.\n- Emphasis on adjustments to performance criteria to reflect evolving fiscal dynamics and financing needs.\n\nSource: Togo: Second Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria (June 22, 2018).\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "[Markdown version](/en/publications/cr/issues/2018/06/22/togo-second-review-under-the-extended-credit-facility-arrangement-and-request-for-46010/index.md)",
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    "Published: June 22, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484362884.002",
    "The paper assesses Togo’s Second Review Under the Extended Credit Facility (ECF) and a Request for Modification of Performance Criteria.",
    "Despite revenue underperformance, the fiscal position improved significantly as expenditure was curtailed.",
    "IMF staff supports completion of the second ECF review and supports modification of specified performance criteria.",
    "All continuous and end-December 2017 quantitative performance criteria (QPCs) were met.",
    "All structural benchmarks were met.",
    "The indicative target on fiscal revenue was missed by about 2 percent of GDP.",
    "The indicative target on social spending was missed by a small margin: 0.2 percent of GDP.",
    "IMF staff supports:",
    "Focus on expenditure curtailment as the primary mechanism that improved the fiscal position in the face of revenue shortfalls.",
    "Emphasis on adjustments to performance criteria to reflect evolving fiscal dynamics and financing needs.",
    "**Country Report**"
  ],
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