## Togo: Second Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria

_IMF Staff Country Reports, June 22, 2018_

## Source details

**Canonical URL:** [Togo: Second Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria](https://www.imf.org/en/publications/cr/issues/2018/06/22/togo-second-review-under-the-extended-credit-facility-arrangement-and-request-for-46010)

## Other formats

- [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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## Bibliographic details
- Published: June 22, 2018
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484362884.002

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### Executive summary and context
- 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.

### Key findings and program performance
- 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.

### Policy recommendations and staff stance
- IMF staff supports:
  - Completion of the second ECF review.
  - Modification of end-June 2018 QPCs on the domestic primary balance and net domestic financing.
  - Modification of the continuous QPC on nonconcessional external borrowing.

### Notable program elements referenced
- 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.

*Source: Togo: Second Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria (June 22, 2018).*

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- **Country Report**
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_Source: https://www.imf.org/en/publications/cr/issues/2018/06/22/togo-second-review-under-the-extended-credit-facility-arrangement-and-request-for-46010_