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Togo to Receive 241.5million USD from IMF under ECF.

Togo will receive about US$241.5million from the IMF under the Extended Credit Facility (ECF) – a lending arrangement that provides sustained program engagement over the medium to long term in case of protracted balance of payments problems of the IMF. The fund is provided under a three year arrangement and is expected to be used in support of Togo’s economic and financial reform. In the first phase, the country will receive US$34.5 million while the remaining money will be given out following semi-annual reviews by IMF over the three year period. ECF-supported program aims to reinforce macroeconomic stability and to promote sustainable and inclusive growth. It aims to reduce the overall fiscal deficit substantially upfront to ensure long-term debt and external sustainability; refocus policies on sustainable and inclusive growth through targeted social spending and infrastructure spending that is financially sustainable; and resolve the existing financial sector weaknesses, especially in the two public banks. read more

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