{
  "title": "Togo: Selected Issues",
  "publication": "IMF Staff Country Reports, July 2, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/07/02/togo-selected-issues-47079",
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  "summary": "This Selected Issues paper investigates state-owned financial institutions’ (SOFIs) performance in developing economies. It focuses on Sub-Saharan Africa, zooming in on the Togolese experience with SOFIs and privatization, at a time when the Togolese government has decided to further disengage from",
  "sections": [
    {
      "heading": "Overview and objective",
      "content": "- Investigates state-owned financial institutions’ (SOFIs) performance in developing economies, focusing on Sub-Saharan Africa and the Togolese experience with SOFIs and privatization.\n- Context: Togolese government decision to further disengage from the financial sector."
    },
    {
      "heading": "Main findings on SOFIs and financial stability",
      "content": "- SOFIs are typically set up with a public interest and financial inclusion mandate.\n- SOFIs tend to weaken financial stability and fiscal discipline in developing economies, especially if they are not typically regulated and supervised on the same basis as other banks.\n- Cross-country and Togo-specific evidence indicate improved performance after privatization under certain conditions."
    },
    {
      "heading": "Conditions associated with stronger privatization outcomes",
      "content": "- Performance improves more after privatization when:\n  - the government fully relinquishes control;\n  - banks are privatized to strategic investors rather than through share issues;\n  - bidding is open to all, including foreign banks.\n- The success of privatization also hinges on:\n  - the business environment for competition, governance, and entry;\n  - banks’ valuation and how policy concerns are dealt with;\n  - owner’s prudential review quality."
    },
    {
      "heading": "Policy implications for Togo",
      "content": "- Further disengagement from the financial sector should consider:\n  - ensuring full relinquishment of control where privatization is pursued;\n  - favoring strategic investors in privatization transactions rather than partial share issues;\n  - allowing open bidding, including foreign bidders, to improve outcomes;\n  - strengthening regulatory and supervisory parity between SOFIs and other banks to protect financial stability and fiscal discipline;\n  - addressing business environment constraints—competition, governance, and entry—and ensuring rigorous prudential review of prospective owners."
    },
    {
      "heading": "Key statistics and publication identifiers",
      "content": "- Publication date: July 2, 2019\n- Pages: 49\n- Volume: 2019\n- Issue: 206\n- Series: Country Report No. 2019/206\n- DOI: https://doi.org/10.5089/9781498323987.002\n- Stock No: 1TGOEA2019002\n- ISBN: 9781498323987\n- ISSN: 1934-7685"
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Banking, Commercial banks, Corruption, Crime, Economic sectors, Financial institutions, Health, Privatization, State-owned banks\n- Keywords: authority, Commercial banks, Corruption, CR, ECF program, education expenditures in Togo, education outlay, frontier, frontier analysis, Global, health performance, ISCR, outlay, Privatization, social spending, spending leakage, State-owned banks, Sub-Saharan Africa, Togo, WAEMU country\n\nInternational Monetary Fund. African Dept. \"Togo: Selected Issues\", IMF Staff Country Reports 2019, 206 (2019).\n\n---\n\n Content in this bundle\n\n- Togo: Selected Issues; IMF Country Report No. 19/206; June 10, 2019\n  - Togo: Selected Issues; IMF Country Report No. 19/206; June 10, 2019 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Togo: Selected Issues; IMF Country Report No. 19/206; June 10, 2019 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 2, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781498323987.002",
    "Investigates state-owned financial institutions’ (SOFIs) performance in developing economies, focusing on Sub-Saharan Africa and the Togolese experience with SOFIs and privatization.",
    "Context: Togolese government decision to further disengage from the financial sector.",
    "SOFIs are typically set up with a public interest and financial inclusion mandate.",
    "SOFIs tend to weaken financial stability and fiscal discipline in developing economies, especially if they are not typically regulated and supervised on the same basis as other banks.",
    "Cross-country and Togo-specific evidence indicate improved performance after privatization under certain conditions.",
    "Performance improves more after privatization when:",
    "The success of privatization also hinges on:",
    "Further disengagement from the financial sector should consider:",
    "Publication date: July 2, 2019",
    "Pages: 49",
    "Volume: 2019",
    "Issue: 206",
    "Series: Country Report No. 2019/206",
    "DOI: https://doi.org/10.5089/9781498323987.002",
    "Stock No: 1TGOEA2019002",
    "ISBN: 9781498323987",
    "ISSN: 1934-7685",
    "Subject: Banking, Commercial banks, Corruption, Crime, Economic sectors, Financial institutions, Health, Privatization, State-owned banks",
    "Keywords: authority, Commercial banks, Corruption, CR, ECF program, education expenditures in Togo, education outlay, frontier, frontier analysis, Global, health performance, ISCR, outlay, Privatization, social spending, spending leakage, State-owned banks, Sub-Saharan Africa, Togo, WAEMU country",
    "**Togo: Selected Issues; IMF Country Report No. 19/206; June 10, 2019**"
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