Togo has successfully unlocked a $58.7 million loan from the International Monetary Fund (IMF), following the completion of the first review under an extended credit facility arrangement.
This loan is part of a broader $390 million arrangement approved by the IMF in March 2024 to support Togo’s economic recovery and growth.
Despite security challenges and tight financing conditions, the IMF’s Executive Board praised Togo’s strong program implementation. The authorities have met all quantitative targets and progressed on structural reforms to strengthen revenue mobilization, inclusion, and public financial management.
Togo’s economic growth is projected to remain robust, with an estimated 5.6 percent growth in 2023 and 5.3 percent in 2024-25. Inflation has eased to 3.3 percent in October 2024, and the medium-term outlook is broadly favorable.
However, the outlook is subject to high risks, particularly due to ongoing terrorist attacks in the country’s North. The authorities are working to address these challenges while maintaining fiscal consolidation and robust growth.
The loan will support Togo’s efforts to make growth more inclusive, strengthen debt sustainability, and implement structural reforms to support growth and limit financial sector risks.
