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


International Monetary Fund. African Dept.

Publication Date:

December 15, 2017

Electronic Access:

Free Full Text (PDF file size is 1998 KB).Use the free Adobe Acrobat Reader to view this PDF file


Context: Growth is projected to hover around 5 percent and inflation to remain within the WAEMU convergence criteria of 3 percent during the 2017-19 program period. The authorities have started the fiscal consolidation envisaged under the ECF-supported program. They have halted the non-orthodox financing of public investment, which had led to a rapid debt accumulation in recent years. Weak institutional capacity may pose risks to program implementation; this may be exacerbated by recent protests, which are the most serious political unrest in Togo in more than a decade. Program performance: All quantitative performance criteria at end-June 2017 were met, as well as four of the five end-June and end-September 2017 structural benchmarks. The two indicative targets at end-June 2017 were missed. The structural benchmark on a restructuring plan for the two ailing public banks has encountered significant delays.


Country Report No. 17/379


Publication Date:

December 15, 2017



Stock No:



$18.00 (Academic Rate:$18.00)





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