Togo gets CFA24 billion from the EU in budgetary support

Economic governance
Friday, 26 January 2024 19:02
Togo gets CFA24 billion from the EU in budgetary support

(Togo First) - The European Union (EU) will support Togo’s budget with a CFA13.44 billion financing. This will add to another CFA10 billion recently disbursed to back the country’s 2023 budget. 

In a statement dated January 22, 2024, the EU noted that the funds will support reforms set under the Togo 2025 Roadmap–especially reforms that foster decentralization, sustainable agribusiness, and access to social services for vulnerable communities. 

"This budgetary support from the European Union illustrates the quality of the partnership and the existing trust between the Togolese Government and the European Union and its Member States, as we maintain a permanent dialogue in the Team Europe format in Lomé," said Tasso Vilallonga, EU Ambassador to Togo.

In an interview with Togo Breaking News, Villalonga noted that “the European Union’s  budgetary support to Togo is a donation, not a loan, and it is based, of course, on trust in the partner country's public finance management."

However, the effective disbursement of this support is subject to compliance with certain conditions discussed between the two partners, notably the pursuit of certain reforms decided jointly. According to the same source, this agreement is part of the continuity of the "in-depth and ongoing dialogue" with the Togolese government, especially the Ministry of Economy and Finance.

Togo secured over CFA95 billion from the EU in 2021-2024. Out of this amount, nearly CFA24 billion was disbursed to support the budget in 2023-2024. 

Ayi Renaud Dossavi

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