The World Bank’s debt moratorium will enable Togo to save $26 mln

Economic governance
Tuesday, 23 June 2020 13:19
The World Bank’s debt moratorium will enable Togo to save $26 mln

(Togo First) - Twenty-six million dollars. That is how much Togo should save due to the World Bank’s recent decision to suspend the payment of its debt till the end of this year. The sum represents 0.5% of the country’s GDP. 

The debt moratorium was granted in the framework of the World Bank’s Debt Service Suspension Initiative (DSSI). The latter was launched in response to the Covid-19 crisis and is similar to the IMF’s decision to cancel about $5 million of debt owed by Togo. 

According to Moody’s, the World Bank’s moratorium should, alongside the recent debt restructuring undertaken by Lomé, considerably reduce the country’s refinancing needs. The latter, let it be emphasized, are mostly concentrated on clearing the internal debt ($630 million or 11% of the GDP), nearly two-thirds of which are owed to regional lenders (including WAEMU lenders).

Ayi Renaud Dossavi

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