Togo/Economic Growth : IMF upholds its commitment to President Faure Gnassingbe’s country
According to reports, the International Monetary Fund (IMF) approved on Friday, March 1st, a disbursement of $68.3 million in favor of Togo. This funding is part of a 42-month Extended Credit Facility (ECF) arrangement totaling $390 million, agreed upon in December 2023.
This program focuses on several priority areas, including poverty reduction, improving social safety nets, strengthening social spending, enhancing the business environment, maintaining macroeconomic stability, and budget consolidation, particularly through more effective revenue mobilization.
The IMF’s support comes at a crucial time for Togo, which, like its neighbors, faces challenging economic and security circumstances. The COVID-19 pandemic, security disturbances in the Sahel region, and the effects of climate change on agriculture have weakened the economies of the sub-region and exacerbated socio-economic challenges.
According to the IMF, the agreement should also contribute to the macroeconomic and external stability of the West African Economic and Monetary Union (WAEMU). This program is expected to continue until mid-2027, according to reports.
