An IMF delegation is expected tomorrow in Lomé

Economic governance
Tuesday, 27 August 2019 17:17
An IMF delegation is expected tomorrow in Lomé

(Togo First) - A delegation from the International Monetary Fund (IMF) is expected to be in Lomé from August 28 to September 10.

This delegation, which will be led by Ivohasina Fizara Razafimahef (photo), will assess the implementation of reforms the institution agreed with Togolese authorities, under the fifth review of a three-year program of $224.8 million, backed by an extended credit facility (ECF).

This new review could if satisfying, just like the four previous ones, result in a new fund release by the IMF.

The reforms, it should be recalled, are monitored by the Bretton Woods institution and are the options picked by Togo at mid-2017 as it was suffering a public debt of 80% of GDP. At the time, authorities took this path to “reduce budget deficit and ensure long-term sustainability of debt and external position.” Moreover, the move aimed at “reorienting actions of public authorities towards inclusive growth leveraging well-defined social expenditures and sustainable infrastructures spending.”

If so far, most of the reforms implemented meet the IMF’s expectations, a major roadblock remains the delayed privatization of UTB and BTCI, two public banks (which have been facing difficult financial conditions).

Since the ECF-backed program began, Togo received from the Fund a total of $174.94 million.

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