Togo moves closer to $110 mln IMF disbursement after ECF reviews

Finance

Friday, 22 May 2026 18:21

Togo moves closer to $110 mln IMF disbursement after ECF reviews

(Togo First) - Togo could receive approximately $110.8 million in new financing from the International Monetary Fund under its Extended Credit Facility (ECF) program, pending approval by the IMF Executive Board after a mission conducted in Lomé from May 11 to 19, 2026.

The mission was part of the third and fourth reviews of Togo’s three-year ECF arrangement. Discussions focused on recent economic developments, implementation of the program and medium-term reform priorities. IMF staff said program performance had been satisfactory overall.

The IMF commended the authorities for continuing reforms, particularly in the banking sector and state-owned enterprises. Improving the performance of public companies, especially in the energy sector, is considered essential to easing fiscal pressures and improving service delivery.

“Structural reforms aimed at improving governance and the business environment need to continue in order to boost competitiveness, investment and inclusive growth,” IMF staff said.

Following the talks, both sides reached a staff-level agreement on the economic policies and reforms required to complete the two program reviews. Pending approval by the Executive Board, the agreement could lead to a new disbursement of 80.74 million special drawing rights (SDRs), equivalent to approximately $110.8 million.

If approved, total disbursements under the ECF arrangement would rise to 220.2 million SDRs, or about $302.2 million.

Togo has been under a 42-month IMF-supported program since March 2024, totaling 293.6 million SDRs, or roughly $400 million. The program aims to support structural reforms and macroeconomic policies designed to strengthen fiscal stability, foster inclusive growth and improve the country’s economic resilience.

Esaïe Edoh

REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.