The decision came at the conclusion of the Executive Board's third review of Togo's performance under its economic reform programme, supported by the three-year PRGF arrangement, according to an IMF press release.
'Togo met all of its quantitative and structural performance criteria under the PRGF-supported programme, and the implementation of its PRGF-supported programme has been solid, especially considering the impact of the global recession, las t year's global price shocks, and severe flooding in the country,' the press release reads.
'Fiscal policies have been prudent, and good progress has been achieved in implementing key structural reforms.'
The three-year PRGF arrangement was approved by the Board in April 2008 for an amount of about US$ 108.4 million. In September 2008, the Executive Board approved an augmentation of access to over US$ 33 million.
IMF claims that PRGF-supported programmes are based on country-owned poverty reduction strategies adopted in a participatory process involving civil society and development partners and articulated in its Poverty Reduction Strategy Paper (PRSP).
According to the Fund, this is intended to ensure that PRGF-supported programmes are consistent with a comprehensive framework for macroeconomic, structural, and social policies to foster growth and reduce poverty.
Togo, which became a member of the IMF on 1 August, 1962, has a Fund quota of over US$ 140 million.
In a related development, IMF External Relations Department on Wednesday announced a sale of 10 metric tonnes of gold valued at US$ 375 million to the Central Bank of Sri Lanka.
'The sale was conducted on the basis of market prices prevailing on 23 November, 2009, with proceeds equivalent to US$ 375 million,' the IMF press statement stated.
This transaction is part of the total sales of 403.3 metric tonnes approved by the Executive Board in September 2009, and it adds to the total of 202 metric tonnes already sold to the Reserve Bank of India and the Bank of Mauritius.
'In accordance with the guiding principle of avoiding disruption of the gold market, the IMF's Executive Board adopted modalities for the gold sales consistent with guidelines it had earlier established," the statement reads, adding 'In particular, the Fund is standing ready for an initial period to sell gold directly to central banks and other official holders that may be interested in such sales.'
Thereafter, on-market sales of any amounts remaining from the 403.3 tonnes would be conducted in a phased manner over time, following the approach adopted by central banks participating in the Central Bank Gold Agreement, according to IMF External Relations Department.
IMF previously stated that it would inform markets before any on-market sales commence, and will report regularly to the public on progress with the gold sales.
Addis Ababa - Pana 27/11/2009
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