IDA20: Togo among African countries to get $65 billion from the World Bank

Economic governance

Wednesday, 13 July 2022 13:05

IDA20: Togo among African countries to get $65 billion from the World Bank

(Togo First) - Over the next three years, Africa will get $65 billion from the International Development Association (IDA), the World Bank’s arm that helps the world’s poorest countries. This amount represents 70% of the $93 billion support package that IDA committed under its IDA20 replenishment program.

In Africa, 39 countries, including Togo, will be covered by the program which extends to June 30, 2025. The $65 billion, a record, will help beneficiaries recover from the pandemic which has brought about major challenges.

The Dakar Heads of State Summit

The financing was disclosed on July 7, 2022, during the Dakar Heads of State Summit where African leaders convened. Togo was represented by its minister of finance, Sani Yaya.

On that day, Macky Sall, on behalf of the African Union (AU) which he chairs, said the IDA’s package should be used to tackle key issues like job creation, wealth-generation activities, the overhaul of education, reinforcing crisis-response capacities, and accelerating access to energy and supply of quality seeds and fertilizers.

The World Bank, for its part, noted that the IDA20 will aim at “a robust and resilient recovery of Africa,” with a focus on five important areas: economic transformation, agriculture, husbandry, and food security, human capital, digital and technological innovation, and energy transition.

Good times for Togo

The record package is announced in a context where Togo has improved its rating on the IDA resource allocation index, through several reforms introduced in the past four years.

To date, the World Bank’s portfolio in Togo weighs more than $917 million. That is four times more than it did in 2018: around $236 million.

Ayi Renaud Dossavi

REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.