Budget support programme: Togo in talks with the IMF
The government of Togo is in ongoing discussions with the International Monetary Fund (IMF) regarding the forthcoming implementation of the Extended Credit Facility (ECF), a budgetary support program for which the country reached an agreement with the Bretton Woods institution last December.
This program is expected to unlock approximately $390 million (about XOF 237 billion) for Togo over a period of three and a half years (42 months), through the financial assistance provided by the IMF.
These funds aim to consolidate achievements, especially in the social sphere.
During the cabinet meeting on February 8, 2024, President Faure Gnassingbé instructed the government to preserve the national development gains while remaining attentive to the needs of the population.
According to initial announcements, this IMF financial support measure comes with commitments on the Togolese side, including tax reforms on the ground and budgetary discipline.
These commitments are geared toward a stronger social policy.
«In this regard, the program with the IMF will be developed taking into account the aspirations expressed by citizens following the upcoming legislative and regional elections, scheduled for April 13, 2024», the government stated.
After these crucial elections, the government plans to define new budgetary directions aligned with the general policy declaration.
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Kodjovi Makafui
