Togo: Request for a 42-Month Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Togo

International Monetary Fund

No 2024/079, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses Togo’s Request for a 42-Month Arrangement under the Extended Credit Facility (ECF). Togo continues to face headwinds, following a series of shocks in recent years. The ECF-arrangement will help accelerate poverty reduction, maintain macroeconomic stability, and catalyze further external financing, benefitting Togo and thereby contributing to the macroeconomic and external stability in the West African Economic and Monetary Union (WAEMU). The authorities will strengthen debt sustainability through a large fiscal consolidation in line with a dual fiscal anchor. By providing and catalyzing concessional financing for budget purposes, the program will help ease trade-offs between enhancing inclusion through higher social spending and strengthening debt sustainability. It will also help maintain macroeconomic and external stability in the WAEMU. In order to support growth and limit fiscal and financial sector risks, the authorities will strengthen public financial management, improve the business environment, and ensure the reform of the remaining state-owned bank that was not completed under preceding programs.

Keywords: ECF program objective; The Fund; ECF arrangement; ECF program; financial support; government function; Debt sustainability; Commercial banks; Global; West Africa (search for similar items in EconPapers)
Pages: 114
Date: 2024-03-22
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