In 2019, Togo could get three new financing worth more than $100M from the IMF

Public finance
Thursday, 24 January 2019 16:48
In 2019, Togo could get three new financing worth more than $100M from the IMF

(Togo First) - This year, the International Monetary Fund (IMF) could provide Togo three new financing facilities valued at about $35 million each. However, the funds’ disbursement is conditioned by results of ECF-backed three-year program approved in May 2017 for the country, for an amount of nearly $241.5 million, when the agreement was signed.

This program was reviewed three times, enabling multiple disbursements. Overall, four transactions were conducted since the deal’s signing. The last of these four disbursement operations took place last December bringing total amount provided by the IMF in the framework of the program to 100.68 million SDR (around $139.5 million).

In 2019, three more reviews are expected. Each, depending on their conclusion, should result in a disbursement of 25.17 million SDR (around $35 million). This makes a total of at least $100 million in case all the reviews are conclusive. Respective approvals for the operations are expected in March, September and December.

Let’s recall that the program mentioned aims at reducing Togo’s budget deficit to ensure a long-term sustainability of  its debt and external position, while reorienting economic policy toward an inclusive growth leveraging specific social expenses and viable infrastructure financing. It also intends to fix financial shortcomings of the two public banks.

Fiacre E. Kakpo

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