World Bank President set to resign by June this year

Economic governance

Friday, 17 February 2023 08:04

World Bank President set to resign by June this year

(Togo First) - David Malpass, President of the World Bank Group, will step down by June 30, 2023. The 66-year-old announced the news on February 15 in a press release. In the latter, Malpass said he wanted to pursue “new challenges”, without giving more details.

“The Bank Group is fundamentally strong, financially sustainable, and well positioned to increase its development impact in the face of urgent global crises,” Malpass wrote in the release adding that “this is an opportunity for a smooth leadership transition”.

David Malpass was appointed in 2019 by Donald Trump. Some of the outgoing President’s critics accused him of being a climate skeptic. They see his resignation as a strong sign resulting from the World Bank’s ambition to better commit to climate issues.

For now, it is difficult to assess the impact of a possible refocusing of the Bretton Woods institution on climate issues. This is in a context where African countries wish to be more heard in the climate change battle and call for more support and climate equity from the world's major polluters, including the United States, the EU countries, and China.

It is worth noting that Togo’s President, Faure Gnassingbé, met with David Malpass last December in Washington. On the occasion, the African leader covered several topics, such as agriculture, mining, and climate change. This shows Africa’s growing interest in these issues.

Ayi Renaud Dossavi

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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.