Togo and IMF in talks over next Extended Credit Facility program

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Saturday, 10 February 2024 03:35
Togo and IMF in talks over next Extended Credit Facility program

(Togo First) - Togo and the International Monetary Fund (IMF) are still in talks over the deployment of the next Extended Credit Facility (ECF). The deal for the package was sealed last December. 

According to the agreement, Lomé should receive $390 million from the Bretton Woods institution over 42 months (3 and half years). Togolese authorities plan to use the funds to consolidate their achievements, in the social arena especially. 

In this regard, the latest Council of Ministers noted: "The Head of State has instructed the government to consolidate national development gains, keep up current achievements, and focus on meeting the needs of the people."

Ahead of the ECF’s deployment, Togo prepares several reforms, notably relative to taxing and budgetary discipline. A set of commitments that can potentially be in tension with a stronger social policy.

The upcoming ECF should take into account the Togolese people’s expectations following the coming elections-regional and legislative. After the polls, scheduled for April 13, the government plans new budgetary goals, aligned with the general policy statement.

Ayi Renaud Dossavi

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