Togo

Context: Growth is projected to hover around 5 percent and inflation to remain within the WAEMU convergence criteria of 3 percent during the 2017-19 program period. The authorities have started the fiscal consolidation envisaged under the ECF-supported program. They have halted the non-orthodox financing of public investment, which had led to a rapid debt accumulation in recent years. Weak institutional capacity may pose risks to program implementation; this may be exacerbated by recent protests, which are the most serious political unrest in Togo in more than a decade. Program performance: All quantitative performance criteria at end-June 2017 were met, as well as four of the five end-June and end-September 2017 structural benchmarks. The two indicative targets at end-June 2017 were missed. The structural benchmark on a restructuring plan for the two ailing public banks has encountered significant delays.