The International Monetarty Fund (IMF) has approved a $150 million (KSh15 billion) loan for Togo. The funding is geared towards improving the country’s debt management.
This also comes after the international lender failed to grant $334 million (KSh33.9 billion) that the African country was originally seeking.
According to the government of Togo, they will use the funding to achieve their goal of providing electricity to 60% of the population by 2022, and universal access by 2030.
As reported by Bloomberg, the international lender states that Togo has made progress in narrowing the budget deficit to 71% of GDP from 81% at the end of 2016. It also forecasts the economy will expand by 5.5% in 2020 compared to 5.3% in 2019.