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Togo: First Review under the Extended Credit Facility-Press Release; and Staff Report

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  • International Monetary Fund

Abstract

This paper discusses Togo’s First Review Under the Extended Credit Facility (ECF) Arrangement. Program implementation under the ECF-supported program has been good. All quantitative performance criteria and prior actions were met as well as four out of five structural benchmarks. The fiscal consolidation envisaged under the ECF-supported program has begun. The primary deficit improved from an annual average of about 6 percent of GDP in 2013–16 to a surplus of 1.4 percent of GDP in the first half of 2017, due primarily to expenditure rationalization and the halting of non-orthodox financing of public investment. The IMF staff supports the completion of the first ECF review as most quantitative targets, prior actions, and structural benchmarks have been met.

Suggested Citation

  • International Monetary Fund, 2017. "Togo: First Review under the Extended Credit Facility-Press Release; and Staff Report," IMF Staff Country Reports 2017/379, International Monetary Fund.
  • Handle: RePEc:imf:imfscr:2017/379
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=45482
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    Cited by:

    1. Breisinger, Clemens & Mukashov, Askar & Raouf, Mariam & Wiebelt, Manfred, 2019. "Energy subsidy reform for growth and equity in Egypt: The approach matters," Energy Policy, Elsevier, vol. 129(C), pages 661-671.

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