Togo expects a new ECF deal by the end Q1-2023

Monday, 05 December 2022 16:17
Togo expects a new ECF deal by the end Q1-2023

(Togo First) - Togo expects a new agreement with the International Monetary Fund (IMF) by the end of the first quarter of 2023.  The timeline was given by Finance Minister Sani Yaya during an interview on the sidelines of Africa’s Financial Industry Summit (Lome, Nov 28-29). 

According to the official, the country will resume the discussions in early 2023 with hopes for a new deal by the end of the mentioned quarter. 

After the last Extended Credit Facility (ECF) arrangement that ended in 2020 with satisfactory results, Togo expressed the will to sign a new deal to continue its structural reforms. In 2021, discussions between Togo and the IMF resumed but, in June of the same year, they were postponed to “the near future” after an IMF team visit to Lomé.  It is worth mentioning that the crises (the Covid-19 pandemic and the Russia-Ukraine war namely) have delayed the discussions.  

One of the issues not addressed by the end of the previous ECF arrangement is the privatization of Union Togolaise de Banques (UTB). It will surely be one of the most debated points in those discussions. Another discussion point is the reforms on the mobilization of tax and customs revenues. 

Fiacre E. Kakpo

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