Togo: First Review under the Extended Credit Facility-Press Release; and Staff Report

December 15, 2017

Preview Citation

Format: Chicago

Togo: First Review under the Extended Credit Facility-Press Release; and Staff Report, (USA: International Monetary Fund, 2017) accessed November 23, 2024

Also available in: français

Summary

This paper discusses Togo’s First Review Under the Extended Credit Facility (ECF) Arrangement. Program implementation under the ECF-supported program has been good. All quantitative performance criteria and prior actions were met as well as four out of five structural benchmarks. The fiscal consolidation envisaged under the ECF-supported program has begun. The primary deficit improved from an annual average of about 6 percent of GDP in 2013–16 to a surplus of 1.4 percent of GDP in the first half of 2017, due primarily to expenditure rationalization and the halting of non-orthodox financing of public investment. The IMF staff supports the completion of the first ECF review as most quantitative targets, prior actions, and structural benchmarks have been met.

Subject: Arrears, Debt rescheduling, Expenditure, External debt, Fiscal policy, Fiscal stance, Public debt, Public investment spending

Keywords: Arrears, Arrears stock, Bank recapitalization cost, CR, Debt profile, Fiscal stance, GDP, Global, Government finance statistics, Government Finance Statistics Manual, ISCR, Public investment spending, State-owned enterprise debt, State-owned enterprise debt., Sub-Saharan Africa, West Africa

Publication Details

Pages:

71
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2017/379
Stock No:

1TGOEA2017003
ISBN:

9781484333075
ISSN:

1934-7685

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