Lomé, December 20 -- Lomé - Launched last December 4 in Lomé, the mission of the Monetary Fund
(IMF) under the 6th review of the Extended Credit Facility (ECF) ended on Tuesday
December 17, 2019 on a note of general satisfaction.
Before leaving the Togolese capital, the IMF delegation led by its head of mission in Togo, the
Madagascan Ivahosina RAZAFIMAHEFA presented to the press in the company of the Togolese Minister of Economy and
Finance, Sani YAYA, the conclusions of this 6th and final review related to the implementation of the FEC.
From the outset, the Malagasy congratulated the Togolese authorities "for the progress made in the implementation of the
reforms and the pursuit of sound economic policies”. According to him, the economic recovery is firming up and the
economic growth accelerated from 4.9% in 2018 to 5.3 in 2019. This economic growth
is projected at 5.5% for 2020.
The mission explains this trend by the effect of domestic demand at the same time as certain sectors
exports are showing slight signs of weakness. “Credits to the private sector increased by 3.6% and
inflation stood at 0.4% at the end of September 2019”, specifies the Head of the IMF mission.
Ivahosina RAZAFIMAHEFA also affirmed that the budgetary consolidation started in 2017 remains sustained, the
overall budget deficit being estimated at 2.2% of GDP at the end of September 2019. The IMF official assures that the
Total public debt, which stood at 81% of GDP at the end of 2016 is declining and is expected to fall to 70% of GDP at
the end of 2019. A development deemed “exceptional” by the Fund team.
Also, since 2017, Togo has remained the only WAEMU country to regularly respect the criterion of
convergence relating to the budget deficit capped at 3%. While therefore congratulating the Togolese government for the
efforts made in this area, he nevertheless urged them to maintain the course of good governance in order to
further reduce debt vulnerabilities.
The mission welcomes the implementation of structural reforms with regard to the administration
tax, which has led to a sharp increase in customs revenue since the beginning of the year. The establishment of
breton woods also welcomes the continuation of financial sector reforms, in particular the ongoing procedure
for the privatization of the 2 public banks, UTB and BTCI.
Sani YAYA, the Minister of Economy and Finance, welcomed for his part the partnership developed with the IMF,
a partnership based on trust, objectivity and in a spirit of openness, but with the utmost rigor
absolute. Finally, he thanked the IMF very sincerely. He welcomed the support of this institution, which
brought the debt down to 70% below the community standard.
It should be noted that the three-year agreement backed by the Extended Credit Facility (ECF), for a total amount of 244.8 million
of dollars, in favor of Togo was approved in May 2017. It aims to significantly reduce the budget deficit
overall in order to ensure the long-term sustainability of the debt and the external position, to redirect the action of the
governments towards inclusive growth through targeted social spending and spending
of infrastructure financed in a sustainable manner, as well as to resolve the financial difficulties of the two The program ends definitively in May 2020. But the Head of the IMF mission indicated that the institution
is ready to discuss a new program with Togo, if the Togolese authorities so wish, in order to
continue the efforts.

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