The International Monetary Fund has approved $34.9 million dollars to Togo under its three year programme with the fund.
The amount brings to total $139 million dollars disbursed so far by the IMF to the West African country.
The disbursement follows the completion of the third review of the West African country’s performance under the extended facility programme on Monday December 10.
Following the Executive Board’s discussion on Togo, Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair, said “Togo’s performance under the ECF-supported program has been satisfactory despite a challenging environment.”
He said “the economy is showing signs of initial stabilization, growth is projected to accelerate, and inflation remains within the West African Economic and Monetary Union.”
The IMF on May 5 2017, approved a three year for Togo worth about $241 million to support the country’s economic and financial reforms.
The program also seeks to reduce the overall fiscal deficit substantially to ensure long-term debt and external sustainability.
It will also refocus policies on inclusive growth through targeted social spending and sustainably-financed infrastructure spending; and resolve the financial weaknesses in the two publicly owned Banks in Togo.
Source : Africafeeds.com
