Togo: 2007 Article IV Consultation and First Staff Review of the Staff-Monitored Program: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Togo

Author: International Monetary Fund

Volume/Issue: Volume 2007 Issue 217

Publication date: June 2007

ISBN: 9781451836592

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Topics covered in this book

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Banks and Banking , Exports and Imports , Economics- Macroeconomics , Public Finance , ISCR , CR , authority , unity government , Togo , clearance strategy , authorities' effort , terms of trade shock , tax arrears recovery , Arrears , Debt relief , Fiscal consolidation , West Africa , Sub-Saharan Africa , Global

Also of interest

Nepal

Republic of Congo : 2001 Article IV

Peru

Malawi

Summary

The 2007 Article IV Consultation highlights Togo’s developments and performance under the Staff-Monitored Program (SMP). Togolese banks have the highest nonperforming loan (NPL) ratio in the West African Economic and Monetary Union (WAEMU) area, reflecting primarily past lending to loss-making enterprises in the cotton and phosphate sectors. Executive Directors commended the progress made in restoring fiscal discipline and strengthening governance, in particular the reforms to strengthen tax and customs administration and improve expenditure control.