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
Other formats
Bibliographic details
- Published: June 22, 2018
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484362884.002
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).
Content in this bundle
- Country Report