IMF welcomes Togo’s application to join G20’s Compact with Africa program

Economic governance
Friday, 13 April 2018 17:52
IMF welcomes Togo’s application to join G20’s Compact with Africa program

(Togo First) - Togo has applied to Compact with Africa scheme. A delegation from the International Monetary Fund (IMF) disclosed this to the press April 10 after the second review of “Extended Credit Facility (ECF) program”. “The delegation lauds efforts made by authorities for Togo to apply to G20’s scheme Compact with Africa,” a statement from the Bretton Woods institution reads.  

Angela Merkel, who initiated the program, aims to “attract more private investments to help African nations achieve sustainable growth” and also reduce migration to Europe. IMF believes Togo is right to apply and that the latter might even be accepted, especially looking at the potential benefits of the scheme.

Indeed, the German funding depends on some criteria related to reforms aiming to, among others, foster good governance, transparency, fight for human rights and against corruption. In depth, this scheme closely resembles the Millennium Challenge Account.

Regarding the actual program, it should be noted that Tunisia, Ghana and Côte d’Ivoire already benefited from Germany’s financing in its framework. 

Séna Akoda

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