Togo's Economy Shows Solid Growth, IMF Mission Says

Wednesday, 12 June 2024 16:14
Togo's Economy Shows Solid Growth, IMF Mission Says

(Togo First) - Togo’s economy is doing well according to recent figures released by the IMF. According to a recent mission led by Hans Weisfeld, the West African country recorded a 5.6% growth rate in 2023, while inflation has fallen to 2.6% in April 2024.

The IMF mission, which ended on June 7, noted significant progress in various areas. Overall budget revenues have been raised to 16.8% of GDP in 2023, reflecting progress in resource mobilization. Additionally, the mission noted a decline in extreme poverty, with the rate falling to 25.8% in 2023 from 28.4% in 2018.

The assessment of the achievement of the Sustainable Development Goals (SDGs) also showed progress, with a score of 56.3 out of 100 for Togo in 2023, compared to 54.7 in 2018.

"This progress is the result of initiatives taken by the Togolese authorities, aimed at stimulating growth through structural reforms, improving the business climate and strengthening social inclusion through spending focused on vulnerable populations," said the IMF.

The World Bank-funded Social Nets and Basic Services (SNBS) project, which has reached over 104,000 households across the country in 6 years, has been instrumental in achieving these positive results. The cash transfers made in almost 975 localities have helped to improve the situation of beneficiary households.

The IMF delegation praised the Togolese authorities for their fiscal consolidation efforts, and encouraged them to pursue these actions to strengthen debt sustainability while promoting economic growth.

In March 2024, the Executive Board of the International Monetary Fund (IMF) approved a 42-month arrangement for Togo under the Extended Credit Facility for SDR 293.60 million, or around $390 million (200% of quota), with an immediate disbursement of SDR 51.380 million (around $68.3 million).

Esaïe Edoh

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