September 11, 2019)- A team from the International Monetary Fund (IMF) carried out a mission to Togo from August 18 to September 10, 2019, during which it conducted discussions with the government as part of the 5th review of the Extended Credit Facility (ECF).

The mission, which ended on Tuesday, September 10, 2019, allowed IMF officials to identify the economic performance achieved by Togo on behalf of the 1st half of 2019. And it was on a note of satisfaction that the team concluded its mission.

"Satisfactory progress was noted during the discussions. After a sharp deceleration in 2017 due to socio-political tensions, economic activity resumed in 2018 and this recovery continued in the first half of 2019. Economic growth is expected to accelerate slightly, from 4.9% in 2018 to 5.3% in 2019," said Ivohasina Razafimahefa, Head of the IMF Mission at a press briefing held on Tuesday in Lomé in the presence of the Minister of Economy and Finance, Sani Yaya.

The team welcomed the reforms carried out at the level of the tax and customs administration as well as the progress made in improving the business climate.

"If current policies are maintained in the second half of 2019, Togo will respect for the third consecutive year the convergence criterion relating to the budget deficit of 3% of GDP set by the WAEMU. The fiscal framework for 2020 targets an overall deficit of just under 2% of GDP. Fiscal consolidation efforts have made it possible to reduce public debt, the continuation of these efforts will contribute to reducing the vulnerabilities related to debt, "recommended to the Togolese State, the team sent by the financial organization.

Finally, the mission invites the Togolese State to continue its efforts to achieve the objectives of the National Development Plan (NDP 2018-2022) which, according to the institution, will strengthen and promote inclusive economic growth.