IMF may disburse $35 million for Togo in December 2018, under ECF

Finance
Thursday, 01 November 2018 17:44
IMF may disburse $35 million for Togo in December 2018, under ECF

(Togo First) - On October 31, 2018, an IMF mission in charge of the third rewiew of Togo’s extended credit facility program met with the press.

Led by Ivohasina Razafimahefa (photo), chief of IMF’s mission in Togo, the meeting gave the mission a chance to share conclusions of its review, regrouping them into three main axes.

First, the mission said that next month IMF’s board will assess the review in order to study the possibility of providing Togo a new financing of $35 million, or CFA20 billion out of CFA240 billion to disburse over three years.

The mission also said it was satisfied by the country’s performances in the framework of the ECF-backed program. All quantitative criteria and three out of five structural benchmarks were met. As for structural budget reforms, they are “gradually being implemented”.

In relation to economic activity, it is stabilizing with inflation rate at 0.9% in September 2018. Regarding efforts to streamline budget, they were made throughout the first half of 2018 and public debt was reduced, according to the delegation’s head. 

While following its second review mission in April 2018, the Bretton Woods institution warned that “socio-political tensions posed a threat to economic growth perspectives with a negative impact on the real economy and fiscal revenues”, this time, it said “risks related to sociopolitical tensions have reduced”.

Séna Akoda

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