Togo: Parliament adopts amended finance bill

Public finance
Friday, 12 November 2021 16:21
Togo: Parliament adopts amended finance bill

(Togo First) - On Thursday, the Togolese parliament adopted, unanimously, the 2021 amended finance bill which increased the State budget from CFA1,521 billion to CFA1,702 billion, up 11.9%. The amendment is attributable to economic conditions that were more favorable than the government had expected for this year.

"After budget analysis, it appears that despite the persistence of the coronavirus health crisis, several socio-economic sectors have been recovering. This augurs a favorable macroeconomic outlook, and confirms the transition to a strong economic recovery,” the National Assembly said. 

More favorable economic conditions plus a boost from IMF

In addition to improved tax earnings, the government received around August financial support from the International Monetary Fund (IMF) in the form of Special Drawing Rights (SDRs).

"The budget bill that you just adopted makes it possible to take into account more favorable macroeconomic projections than expected" due to "the economic situation, a stronger economic activity in 2021 and its positive impact on the mobilization of resources, in particular tax revenues and cash resources linked to the collection of special drawing rights from the International Monetary Fund up to CFA111.7 billion,” Sani Yaya, the minister of finance, told deputies following the vote.

"By passing this amended bill, you are giving the government the means to act. This being said, the government plans to keep implementing structural reforms aimed at stabilizing the macroeconomic framework and consolidating public finances, feats that will require greater efficiency in managing public spending,” Yaya added.

The increased budget, the official stressed, will enable Lomé to sustain reforms that will help improve the business climate, but also accelerate the implementation of socio-economic measures identified across all socio-economic sectors existing in the country.

Ayi Renaud Dossavi

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