Togo secures XOF13.625 billion to fund its 2019 budget

Public finance
Friday, 11 January 2019 16:41
Togo secures XOF13.625 billion to fund its 2019 budget

(Togo First) - Initially aiming at raising XOF20 billion to fund the 2019 state budget, Togo’s Treasury ended up mobilizing XOF18.625 billion, the results of its first operation on the regional financial market showed January 10, 2019. Of this amount the government will however only collect XOF13.625 billion.

The poor performance, though the market seems favorable, comes just after the country closed the year 2018 on good performances. At the beginning of this year, investors were interested in fundraising operations from ECOWAS countries. Benin, for example, on 9 January 2019, succeeded in raising nearly XOF22 billion while it was initially seeking XAF20 billion, in treasury bills with similar characterizes as that of Togo. The day before, it was Niger which, with an initial target of XOF25 billion, ended up mobilizing XOF25.313 billion.

It should however be recalled that 2018 also started off on a smaller performance for Togo, before the country gradually increased to become one of the best issuers on the market.

This year, Togo targets XOF390 billion, including XOF95 billion during the first quarter, to finance the budget.

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