An International Monetary Fund (IMF) delegation, led by Hans Weisfeld, conducted a visit to Lomé, Togo, from March 17 to March 28. The purpose of this visit was to assess the progress made under the Extended Credit Facility (ECF) arrangement, initiated in March 2024.
Hans Weisfeld shared insights on the visit upon its conclusion. He stated: “The IMF team had constructive and productive discussions with the Togolese authorities and commended them on the sustained progress in advancing reforms."
He elaborated on Togo’s economic performance, highlighting that “economic growth reached an estimated 5.3 percent in 2024 and is projected to reach around 5.5 percent over the medium term, barring major adverse shocks. Inflation has continued to slow, to 2.8 percent in February 2025 (annual average)."
The team emphasized the significance of maintaining fiscal discipline and sustainable public debt, alongside reforms aimed at enhancing inclusion, improving the business environment, and mitigating risks.
Weisfeld noted future engagements: “The team will return to Washington, D.C., and will continue discussing with the Togolese authorities, including during the upcoming IMF/World Bank Group Spring Meetings in Washington, D.C. in April. The discussions will focus on making further progress on the structural reform and fiscal policy agenda, among other topics."
The IMF, having approved the ECF arrangement in March 2024, seeks to support Togo in addressing the enduring effects of global crises, such as the COVID-19 pandemic and escalating food and fuel prices. This support involves financing of $390 million to aid in implementing growth-centered reforms and ensuring fiscal and financial stability. The first review under this arrangement was concluded in December 2024.
The IMF team expressed appreciation for the cooperation received, stating: “The team expresses their gratitude to the authorities, development partners, and representatives of Togo’s civil society for their constructive engagement and support during this visit.”