Togo: First Review Under the Extended Credit Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Togo

Following the shocks of recent years, fiscal expansion has helped preserve robust economic growth but has also pushed up Togo’s public debt and contributed to vulnerabilities in the West African Economic and Monetary Union (WAEMU). Further, despite the fiscal expansion, Togo’s progress towards the SDGs has slowed sharply. Meanwhile, undercapitalization of two important banks, while improving, has not been fully resolved so far and continues to threaten financial sector stability.