This paper discusses key findings of the First Review Under the Poverty Reduction and Growth Facility for Togo. All relevant performance criteria for the first review were met, some by wide margins. Implementation of the structural reform program was satisfactory. Good revenue collection and restrained spending resulted in a large primary surplus in the first half of 2008. A moderate revision to the end-2008 fiscal primary balance target is proposed to reflect the revenue losses and new expenditures resulting from the price shocks and flooding.