Togo on the Rise: IMF Throws Weight Behind Faure Gnassingbé’s Vision for a Stronger Economy
Togo Receives Support from the International Monetary Fund
Togolese President Faure Gnassingbé received support from the International Monetary Fund (IMF) for Togo. The banking institution expressed its availability to help Togo and other countries in the sub-region.
This support was confirmed by the IMF to President Faure Gnassingbé who received on November 1, 2024, the Director of the African Department of the International Monetary Fund (IMF) on a mission to Togo. Mr. Abebe Aemro Selassie, as he is about, discussed topics related to Togo’s development challenges with Mr. Faure Gnassingbé. Before reiterating the IMF’s commitment to support Togo’s development policy.
“I had a discussion with the President of the Republic on the challenges facing Togo as well as the other WAEMU countries. The International Monetary Fund (IMF) is always available to help Togo and other countries in the sub-region,” Mr Abebe said.
IMF and Togo Reach Agreement on Economic Policies and Reforms
The IMF and Togo reached an agreement on October 8 in Lomé on the economic policies and reforms necessary to complete the first review of the 42-month program supported by the Extended Credit Facility (ECF) for an amount of 293.60 million SDR (about $390 million).
This agreement, once approved by the Executive Board of the IMF, will allow Togo to benefit from a new payment of approximately $58.7 million, or almost CFAF 35,435,000,000 for the implementation of development projects.