The International Monetary Fund (IMF) completed a mission to Lomé on Friday, March 28, 2025, as part of the second review of the program backed by the Extended Credit Facility (ECF). Ongoing discussions are set to take place during the IMF-World Bank Spring Meetings in April in Washington, according to the institution.
This mission, led by Hans Weisfeld, was designed to assess macroeconomic developments in Togo since the first program review, which was approved in December 2024. The ECF program, which received approval in March 2024, offers financial assistance totaling $390 million under concessional terms. An initial disbursement of $68.3 million was authorized at the time of approval in March 2024, followed by a second disbursement of approximately $58.7 million in December 2024, after the successful completion of the first review.
In a statement released after the visit, the IMF acknowledged the progress made by the Togolese authorities. The real GDP growth for 2024 is projected at 5.3%, while inflation has decreased to an annual average of 2.8% as of February 2025.
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However, the institution advises that efforts should continue in public revenue mobilization, budgetary discipline, and ensuring debt sustainability. It also emphasizes the need for structural reforms to enhance the business environment and promote economic inclusion.
The IMF noted that this mission will not lead to an immediate presentation of Togo’s case to the Executive Board. Additional discussions are anticipated in the upcoming weeks during the meetings in Washington.
Togo engaged in the ECF program to mitigate the economic impacts of various shocks since 2020, particularly those stemming from the Covid-19 pandemic and the increase in global energy and food prices.
