Coronavirus: World Bank gives Togo $70m to quicken its economy

Economic governance
Friday, 11 September 2020 16:43
Coronavirus: World Bank gives Togo $70m to quicken its economy

(Togo First) - Togo just received from the World Bank (WB) Group $70 million (around CFA38.8 billion) to restart its economy after losses incurred by the Covid-19 health crisis. 

The facility is divided equally into a loan and a grant, according to a statement released by the bilateral body on Sept. 10.

“This support is significant to help Togo mitigate the pandemic’s effects on the people and carry out the national post-Covid-19 recovery plan,” commented Hawa Cissé Wagué, WB’s resident representative in Togo.  

“The social protection and health measures supported by the operation should reduce the negative impacts of the crisis on the poorest by sustaining household consumption and guaranteeing access to basic services,” she added.

Besides the health aspect (testing and treatment), the move also aims at preventing the poverty rate from rising (through programs such as the Novissi cash transfer scheme) and supporting the private sector. 

Let it be recalled that the Bretton Woods institutions recently published a report that expects Togo’s economic growth rate to fall to 1% this year, against 5.3% in 2019. 

Ayi Renaud Dossavi

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