Togo made good progress under the international financial institutions' programs in the late 1980s, but movement on reforms ended with the onset of political instability in 1990.
Coffee and cocoa are traditionally the major cash crops for export, but cotton cultivation increased rapidly in the 1990s, with 173,000 metric tons produced in 1999. After a disastrous harvest in 2001 (113,000 metric tons), cash crops production rebounded to 168,000 metric tons in 2002.
Togo made good progress under the international financial institutions' programs in the late 1980s, but movement on reforms ended with the onset of political instability in 1990.
Togo long served as a regional banking center, but that position has been eroded by the political instability and economic downturn of the early 1990s.
With a new, elected government in place, Togo negotiated new 3-year programs with the World Bank and IMF in 1994. Togo returned to the Paris Club in 1995 and received Naples terms, the club's most concessionary rates.
With the economic downturn associated with Togo's political problems, scheduled external debt service obligations for 1994 were greater than 100% of projected government revenues (excluding bilateral and multilateral assistance).
With a new, elected government in place, Togo negotiated new 3-year programs with the World Bank and IMF in 1994. Togo returned to the Paris Club in 1995 and received Naples terms, the club's most concessionary rates.
From a high point of 2.7 million tons in 1997, production dropped to approximately 1.1 million tons in 2002.
Coffee and cocoa are traditionally the major cash crops for export, but cotton cultivation increased rapidly in the 1990s, with 173,000 metric tons produced in 1999. After a disastrous harvest in 2001 (113,000 metric tons), cash crops production rebounded to 168,000 metric tons in 2002.
Coffee and cocoa are traditionally the major cash crops for export, but cotton cultivation increased rapidly in the 1990s, with 173,000 metric tons produced in 1999. After a disastrous harvest in 2001 (113,000 metric tons), cash crops production rebounded to 168,000 metric tons in 2002.
The formerly state-run company Société Nouvelle des Phosphates du Togo (New Phosphate Company of Togo) appears to have benefited from private management, which took over in 2001.
By 2001, Togo was embarked on an IMF Staff Monitored Program designed to restore macroeconomic stability and financial discipline but without any new IMF resources pending new legislative elections.
Coffee and cocoa are traditionally the major cash crops for export, but cotton cultivation increased rapidly in the 1990s, with 173,000 metric tons produced in 1999. After a disastrous harvest in 2001 (113,000 metric tons), cash crops production rebounded to 168,000 metric tons in 2002.
From a high point of 2.7 million tons in 1997, production dropped to approximately 1.1 million tons in 2002.
As of the fall 2002, Togo was $15 million in arrears to the World Bank and owed $3 million to the ADB. Togo is one of 16 members of the Economic Community of West African States (ECOWAS).
While industry and services play a role, the economy is dependent on subsistence agriculture, with industrialization and regional banking suffering major setbacks. In January 2017, the IMF signed an Extended Credit Facility arrangement consisting of a three-year $238 million loan package.
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