Discussions were focused on measures to support the ongoing response to COVID-19, efforts to strengthen the nascent economic recovery, the need for reforms to foster inclusive and sustainable private sector-led growth; The Togolese authorities have expressed their interest in support under the Extended Credit Facility; Discussions are expected to continue with a view to finalizing the understandings on a new ECF arrangement.

An International Monetary Fund (IMF) team led by Mr. Jaroslaw Wieczorek, Mission Chief for Togo, held virtual meetings with the Togolese authorities from June 1–18, 2021 to discuss recent economic developments.

At the end of the visit, Mr. Wieczorek issued the following statement:

IMF staff discussions with the authorities were focused on measures to support the ongoing response to COVID-19, efforts to strengthen the nascent economic recovery, the need for reforms that can be leveraged to foster inclusive and sustainable private sector-led growth, and improve development outcomes over the medium term. It is in this regard that the Togolese authorities have expressed their interest in support under the Extended Credit Facility (ECF).

During the discussions, good progress was made on key assumptions underpinning the macroeconomic framework with the aim of ensuring resources for planned vaccinations and other COVID-19 related needs as well as continued medium-term macroeconomic stability with fiscal space for social and development spending.

The Togolese authorities confirmed their commitment to reforms based on the 2020–25 Roadmap and the National Development Plan.

Discussions are expected to continue in the near future with a view to finalizing the understandings on a new ECF arrangement.

“IMF staff team express their gratitude to the Togolese authorities for the open and productive discussions."