IMF Staff Country Reports

Togo: Fifth Review under the Extended Credit Facility Arrangement-Press Release; Staff Report and Statement by the Executive Director for Togo

October 31, 2019

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Togo: Fifth Review under the Extended Credit Facility Arrangement-Press Release; Staff Report and Statement by the Executive Director for Togo, (USA: International Monetary Fund, 2019) accessed December 22, 2024

Also available in: français

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Summary

This paper discusses Togo’s Fifth Review Under the Extended Credit Facility (ECF) Arrangement. The report highlights that the economic recovery seems to be taking hold. Inflation stood at 0.6 percent at end-July 2019. Given high debt levels, revenue mobilization efforts and spending prioritization should continue, while addressing the persistent underperformance on social spending to enhance economic inclusiveness and to reduce poverty. It is important to address the weaknesses in the two public banks transparently. A successful privatization of these two banks would safeguard financial stability and minimize costs to the State budget. Broader financial sector developments should also be monitored, and corrective actions should be taken as needed, including in terms of the high nonperforming loans. Structural reforms are progressing on tax policy, revenue administration, and public expenditure management. Significant progress has also been made in the improvement of the business environment, which is expected to boost domestic and foreign private investment.

Subject: External debt, Financial institutions, Fiscal policy, Fiscal stance, Government debt management, Public debt, Public financial management (PFM), State-owned banks

Keywords: Africa, Authorities endeavor, Authority, CR, Debt, Disbursement of SDR, Executive Board discussion, Expenditure, Fiscal stance, Global, Government debt management, ISCR, Reform agenda, State-owned banks, State-owned enterprise debt

Publication Details

  • Pages:

    86

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2019/333

  • Stock No:

    1TGOEA2019003

  • ISBN:

    9781513518640

  • ISSN:

    1934-7685

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