Togo shows outstanding economic performance on the 2018 and 2019 Budgets

Economic governance
Monday, 22 February 2021 17:07
Togo shows outstanding economic performance on the 2018 and 2019 Budgets

(Togo First) - Togo shows budget surplus results for fiscal years 2018 and 2019. This means its income exceeds its expenditures for those fiscal years.

Last Wednesday, at the Council of Ministers’ weekly meeting, the Togolese government confided that the good budget performances were attributable to regulations drafts (which assess, at each end of the fiscal year, the final amount of State expenditure and revenue).

The council of ministers in an official statement said it is pleased with the “outstanding economic performance of our country,” especially “despite the socio-political crisis in 2018.”

Indeed, in 2018, Togo faced some socio-political disturbances that affected State revenue (for example, a shortfall estimated by some experts at CFAF 50 billion in tax revenue, due to economic activities disruption). In the process, the country had used a supplementary budget to give itself an extension ... a rather common practice.

The 2019 budget bill was projected at CFA francs 1,461 billion in expenditure and revenue, against a forecast of CFA francs 1,310.9 billion in 2018, showing an increase of 11.5%. For the fiscal year 2021, Togo adopted a budget of more than CFA francs 1,521 billion, with strong social commitment, but slightly low compared to the fiscal year 2020, due to the ongoing health and economic crises induced by the Covid-19 pandemic. 

Ayi Renaud Dossavi

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