Backed by EU, IMF will help Togo better manage its public finances

Public finance
Thursday, 12 July 2018 17:35
Backed by EU, IMF will help Togo better manage its public finances

(Togo First) - Last Tuesday in Lomé, a convention for a project to provide technical assistance regarding public finances management was signed by the Togolese government, the International Monetary Fund (IMF) and the European Union.

The agreement was initialed in the presence of the minister of finance, Sani Yaya, the acting Chargé d’affaires of the European Union Delegation in Togo, Vincent Vire, and the head of mission and head economist of the IMF’s public finance division, Lewis Murara.

Financed by the European Union and implemented by the IMF, the project backs the various “major reforms” initiated in the past years by the government of Togo. This project will help Togo better prepare its budgets, improve quality of budget-related information and treasury management, all to ultimately improve public debt management, so that it exceeds WAEMU standards.

Managing public funds well is vital to ensure that collected revenues, actions undertaken by the government and public institutions efficiently contributes to economic and social development, said Vincent Vire.  

Sani Yaya for his part reiterated the government’s desire to implement more reforms to boost public funds collection while improving their management. He also emphasized on the importance of transparency in regards to budget-related data, a factor that is key to attract private investments and get citizens more engaged, fiscally.

Determined to streamline its public finances, Togo has initiated some years ago a process to modernize financial management. This project aligns with guidelines adopted by the WAEMU’s ministers’ council in 2009. These guidelines aims for the country’s public finance management methods to meet the best international standards.

Fiacre E. Kakpo

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