Front Matter Page
© 2009 International Monetary Fund
May 2009
IMF Country Report No. 09/165
Togo: Selected Issues
This Selected Issues paper for Togo was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on April 8, 2009. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Togo or the Executive Board of the IMF.
The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information.
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Front Matter Page
INTERNATIONAL MONETARY FUND
TOGO
Selected Issues
Prepared by Jihad Dagher, Marshall Mills, Lorraine Ocampos, and Samuele Rosa (all AFR)
Approved by African Department
April 8, 2009
Contents
I. Expected Impact of the Global Recession
Summary
A. Impact of Previous Crises on WAEMU and Togo
B. Expected Channels of Transmission to Togo
C. Quantitative Estimates for Spillovers
D. Possible Policy Responses
Tables
I.1. Level of Sectoral Vulnerability to Global Recession – 2009
I.2. Forecast for GDP by Sector in 2009
I.3. Growth Rate Correlations
I.4. Regression Results for Links to France and WAEMU Growth
Boxes
I.1. Factors Mitigating and Offsetting the Crisis for Togo
Figures
I.1. World Economy vs. WAEMU: Per Capita GDP Growth
I.2. World vs. Togo: Real GDP Growth
I.3. Banking Assets held by Foreign Banks with Majority Ownership, 2006
I.4. Liquidity Injections by BCEAO in 2008
I.5. Cotton and Phosphate Prices
I.6. Main Exports by Product, 2008
I.7. Main Trade Partners, 2008
I.8. Remittances in Selected SSA Countries, 2008
I.9. Project Grants Received (in Percent of GDP)
II. Principles Underpinning the Design and Implementation of a Debt Management Strategy in Togo
Summary
A. Developing Access to the Regional Public Debt Market
B. Debt Management in Togo
C. Policy Considerations
Tables
II.1 Issuance of Bonds and T-Bills
II.2 Stock of Arrears and Securities
II.3 Measures to Improve the Debt Management
Boxes
II.1 Risks Encountered in Sovereign Debt Management
Figures
II.1 WAEMU: T-bills Issuance, 2003-09
II.2 WAEMU: T-bills and Bond Issuance, 2000-08
II.3 Illustrative Yield Curve for Selected WAEMU Countries
II.4 Selected Debt Indicators
Annex. Developing a Strategy for Debt Management