World Bank boss, David Malpass, will be in Lomé this week

Economic governance

Wednesday, 29 March 2023 03:23

World Bank boss, David Malpass, will be in Lomé this week

(Togo First) - World Bank Group President David Malpass begins an official visit to Niger and Togo from March 29 to April 1, 2023. Malpass will meet local authorities with whom he will discuss regional and global priorities, such as bolstering security and peace, inclusive and sustainable economic growth, food security, energy access, and education.

In Niger, David Malpass will meet President Mohamed Bazoum, key stakeholders, and partners of the World Bank. They will talk about the country's development agenda and the Bank's support. According to a statement issued by the Bretton Woods institution, the World Bank boss will deliver “the position speech” at the Abdou Moumouni University of Niamey. This will be as a prelude to the Spring Meetings of the World Bank Group and the International Monetary Fund, scheduled for April 10-16, 2023 in Washington.

David Malpass will then arrive in Togo on 31 March. According to Togo First, he will spend two days there, during which he will meet President Faure Gnassinge and the World Bank’s partners in the country. They will discuss key intervention areas such as education, agriculture, food insecurity and how it is tackled in West Africa, digital transformation, and social protection. Malpass will also cover efforts to boost resilience and inclusive growth in the Gulf of Guinea countries. He should also, according to sources close to the matter, visit the Ministry of Agriculture and the University of Lomé.

During his tour in Niger and Togo, David Malpass will have on his side Ousmane Diagana, Vice President of the World Bank in West and Central Africa, and Sergio Pimenta, Vice President of the International Finance Corporation (IFC) in Africa.

Observers question the intentions behind Malpass’s move to get closer to Africa. Justly so, considering that the outgoing head of the WB has been heavily criticized for his limited African policy throughout his mandate and for his skepticism towards climate issues, knowing that Africa is one of the regions that is most affected by climate change.

For example, Malpass vetoed using IDA loans as collateral for countries wishing to access international financial markets. However, he provided a record $150 million IDA credit to Togo, forcing the country to use the Africa Trade Insurance Agency (ATI) to cover the risks associated with that debt over 10 years at an overall cost of less than 5 percent per year. Under Malpass's leadership, Togo received greater funding from World Bank subsidiaries, both in terms of volume and the number of sectors supported, such as energy, social safety nets, the private sector, education, agriculture, and mobility. Also, the IFC, which is the World Bank’s financing arm, expanded its footprint in the country, with its active portfolio growing from a few tens of millions of dollars five years ago to over $300 million (part of the related deals are about to be sealed).

At present, the World Bank backs 18 projects in Togo. Half of them are national projects and the other half are regional projects. They respectively cost $420.1 million and $535 million.

According to reliable sources, David Malpass will leave office by the end of June this year.

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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.