Togo: Staff Report for 2013 Article IV Consultation

Author: International Monetary Fund. African Dept.

Volume/Issue: Volume 2014 Issue 038

Publication date: February 2014

ISBN: 9781475574975

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Topics covered in this book

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Banks and Banking , Exports and Imports , Economics- Macroeconomics , Public Finance , Business and Economics - Statistics , ISCR , CR , Togo , revenue , authority , government , revenue administration efficiency , treasury cash management committee , increase revenue , authorities' action , PFM reform plan , CFA franc , government efficiency , government sector , economic growth , government finance high frequency data , Government debt management , Public investment and public-private partnerships (PPP) , West Africa , Global , I , Togo risk assessment matrix , article IV discussion , treasury operation , Budget planning and preparation

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Summary

This Debt Sustainability Analysis update highlights Togo’s continued moderate risk of debt distress. After full Heavily Indebted Poor Countries (HIPC) assistance, Multilateral Debt Relief Initiative, and beyond HIPC assistance, Togo’s external and public debt indicators improved significantly in 2010/11 and remained stable under the previous Extended Credit Facility–supported program. In 2012, Togo contracted significant external debt. Although debt indicators are projected to remain below the policy-relevant indicative thresholds in the 20-year period under the baseline scenario, Togo remains vulnerable to certain shocks and could breach the policy-relevant thresholds for the present value (PV) of debt to GDP, PV of debt to exports, PV of debt to revenue, and debt-service-to-revenue ratios under some alternative scenarios in the outer years.