Summit for Economic Development: In Abidjan, Togolese PM Calls for Review of IDA Financing Terms

Economy

Friday, 11 October 2024 14:45

Summit for Economic Development: In Abidjan, Togolese PM Calls for Review of IDA Financing Terms

(Togo First) - At the Summit for Economic Development in Abidjan, Côte d'Ivoire, on October 10, 2024, Togolese Prime Minister Victoire Dogbé called for a review of the International Development Association's (IDA) financing conditions to better meet the needs of beneficiary countries.

"We are asking IDA and our partners to rethink financing conditions so that they are better adapted to our local realities and aligned with our strategic priorities," she stated. Dogbé proposed three key areas to balance challenges and opportunities in Africa. The first area is security and stability, which she described as essential for sustainable development, saying: "Without a secure and stable environment, no development effort can prosper.”

She also stressed the need to invest in the production and supply of renewable energies which she considers crucial for sustainable economic growth. The third point focused on developing human capital, the youth especially, whom she sees as vital for Africa's future.

Victoire Dogbé summed up the Abidjan summit in two words: urgency and ambition. “Urgency in the face of the drying up of private financing to low-income countries and their rising cost, the explosion of debt servicing in the face of shocks generated by crises. Ambition given the challenges impeding infrastructure improvement and the need for structural transformation of African economies,” she said.

The Summit for Economic Development aims to mobilize $120 billion for the economic development of low-income countries, including Togo. Through IDA 21, the international community hopes to respond effectively to the many crises affecting these nations.

Esaïe Edoh

Lire aussi:

REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.