Togo’s public debt profile is evolving toward a stronger international orientation, according to the latest review by the International Monetary Fund (IMF) under its Extended Credit Facility (ECF). The share of external debt in the country’s total public debt rose from 28.3% in 2020 to 41.1% in 2024.

Within this debt portfolio, there has been both a change in the composition of creditors and an increased participation of multilateral partners. More than one quarter of Togo’s public debt now comes from loans provided by the IMF and the World Bank — up from less than one fifth in 2018. At the same time, Togo has succeeded in reducing its dependence on creditors outside the so-called Paris Club — an informal group of public lenders that coordinates debt relief for distressed countries. This shift has helped stabilize debt service costs and extend average maturities.
In 2024, Togo contracted new external loans amounting to over 850 million US dollars, about half of which were on concessional terms. The diversification of credit sources, particularly toward low-interest financing, has reduced interest burdens and limited borrowing from regional financial markets.
The IMF currently assesses Togo’s debt sustainability as “strong” and considers the country’s overall risk of debt distress to be “moderate.”