Upon the fifth review of the extended credit facility (ECF) program, IMF says it is satisfied with reforms implemented by Togo

Economic governance
Tuesday, 10 September 2019 17:57
Upon the fifth review of the extended credit facility (ECF) program, IMF says it is satisfied with reforms implemented by Togo

(Togo First) - “If current reforms are sustained in the second half of 2019, Togo will, for the third consecutive year, meet WAEMU’s 3% standard for budget deficit.”  This was declared by the latest IMF delegation in Togo, at a press conference held in the framework of its fifth review of the extended credit facility (ECF), on Sept. 10, 2019.

The conference was co-hosted by Togo’s minister of economy and finance, Sani Yaya, and Ivohasina Fizara Razafimahefa, head of the IMF delegation. On this occasion, the Fund said it is satisfied with Togo’s performances.

Public debt, though presently below 70% of GDP, according to official data, is expected to rise to 73% by the end of this year. This includes debts of State-owned companies (excluding those, the debt is forecasted at 70.9%. 

Concerning growth, the Bretton Woods institution expects it will stand at 5.3% in 2019, and 5.5% in 2020, while the government projects it will reach 5.6%. Well, both parties agree that economic activity will sustain the dynamism it recorded last year.

The next review of the IMF’s ECF program with Togo will commence next December.

Ayi Renaud Dossavi 

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