IMF positively assesses Togo’s macroeconomic indicators, betting on national development plan

Economic governance
Tuesday, 19 June 2018 18:10
IMF positively assesses Togo’s macroeconomic indicators, betting on national development plan

(Togo First) - Togo’s national development plan (PND) will stimulate the country’s economic activity, the International Monetary Fund (IMF) said in its second review of the West African nation’s economic performance.

The performance was deemed “good” by the institution and as a result, it provided Togo a $35.5 million financing. “Finalization of the national development plan and Togo’s adhesion to the Compact with Africa are laudable. The rapid implementation of structural reforms included in the two policies as well as reforms that align with the ECF-backed scheme will help Togo achieve a stronger and more inclusive growth, IMF said.  

In sight of its projections for the economy, and reforms implemented under the PND, IMF put Togo’s economic and financial indicators for the 2018-2023 in the green. The institution estimates that Togo’s GDP will grow by 5.4% average till 2023, excluding 2018 during which various sociopolitical protests were recorded. Regarding public debt, IMF said it should slump below 50% of GDP over the period considered.

Also, the establishment of MIFA, formerly TIRSAL (which is a fund to finance agriculture) and the upcoming development of two industrial parks will very likely contribute to the growth of Togo’s economy in the next five years, according to its government.

 Fiacre E. Kakpo

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