Togo: EU disburses the first tranche of funds to support the 2019-2020 budget

Public finance
Thursday, 16 January 2020 14:25
Togo: EU disburses the first tranche of funds to support the 2019-2020 budget

(Togo First) - The European Union (EU) just granted €16 million to Togo’s treasury. The sum is part of a €33 million facility to support the country’s budget for 2019-2020. 

The disbursement “was driven by Togo’s sustained efforts, its recent reforms which pushed up its ranking in the Doing Business report, economic performances and the macroeconomic policy that are focused on achieving fiscal consolidation and cutting public debt.”

The funds also reward the country’s achievements in key sectors, such as improvements relative to decentralization - it will capture 33.3% of the €33 million committed by the EU. Other achievements include better economic stability, introducing public finance reforms, and kicking off the national development plan. 

The €16 million grant, let’s indicate, counts for the 2019 budget. However, the next, which will be disbursed in December this year, will count for 2020. 

Ayi Renaud Dossavi

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