IMF urges Togo to maintain fiscal discipline as vote looms
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IMF urges Togo to maintain fiscal discipline as vote looms UPDATED 13 May 2009 | 6:40  
IMF urges Togo to maintain fiscal discipline as vote looms

WASHINGTON (Reuters) - The International Monetary Fund on Tuesday urged Togo to maintain fiscal discipline in the run-up to the 2010 elections and said the country's economic recovery program was progressing slowly.

"With substantial downside risks remaining due to the global recession, the near-term challenge will be to manage lower demand for Togo's export commodities," the Fund said in a statement.

"Over the medium-term, it will be important to persevere with the implementation of sustainable macroeconomic policies and structural reform measures that support external stability, faster growth and accelerated poverty reduction."

The IMF board concluded consultations with Togo on April 20. It also completed the second review of Togo's performance under its poverty reduction and growth facility arrangement, or PRGF.

Togo qualified to enter the debt relief program, which is managed by the IMF and World Bank. The PRGF seeks to reduce the debt burdens of the world's poorest countries.

At the end of the program, most or all of Togo's debt to the IMF and World Bank, as well as debts to other governments, will be written off.

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