The IMF and Togo have reached a preliminary agreement for an economic program

The IMF and Togo have reached a preliminary agreement for an economic program, but it is drawing criticism for promoting the privatization of public services. “Yet the social cost of these reforms is likely to be cumbersome for Togolese people who are barely recovering from past social crises. For example, the IMF recommends reducing capital spending while maintaining a pace of investment in infrastructure through public-private partnerships. With the weak capacity of the local private sector, this may lead to the privatization of public services for the benefit of foreign companies.” The program goes to the IMF board for approval in April.