Togo: Deputies adopt bill to scale down State budget for 2018

Public finance
Monday, 25 June 2018 19:42
Togo: Deputies adopt bill to scale down State budget for 2018

(Togo First) - Togolese deputies adopted June 22 the 2018 amending finance law. “The amending finance law translates the government’s will to improve its public finances,” declared Togo’s minister of finance, Sani Yaya.

In detail, forecast for tax revenues under the 2018 budget was scaled down from CFA660.3 billion to 616.6 billion. As a result overall projected budget revenues were lowered by 21 billion (from CFA853 billion to 832 billion).

Meanwhile, budget expenditures were slashed by 5 billion standing at 920.5 billion. This considered, budget deficit stands at CFA88.6 billion. According to M. Yaya, the gap will be funded with surplus cash flow which rose by CFA10 billion.

Overall budget putting spending and income together now stands at 1,307.6 billion against 1,318.5 billion earlier. As for State budget integrating special treasury accounts, it is valued at 1,310.9 billion.

The budget revision which aligns with the International Monetary Fund’s projections was spurred by a drop in tax revenues. A drop which the minister of finance attributes to a “troubled sociopolitical environment, marked by protests and vandalism”. According to him, these had a “really negative impact on economic activity, subsequently impairing mobilization of internal resources”.

Sani Yaya further indicated that this situation dealt a great blow to Togo’s reputation driving foreign investors away in a context where the government wishes for private sector to be the country’s main investor.

Fiacre E. Kakpo

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