Togo: Parliament adopts amended budget

Public finance

Monday, 24 October 2022 14:05

(Togo First) - Last Thursday, October 20, the Togolese parliament adopted the draft amending finance law, for the fiscal year 2022. The country’s budget now stands at CFA1,874.5 billion, against CFA1,779.2 billion initially (+5.4%).

The government attributes the amendment to security issues, including the terrorist threat, and global inflation due to which the authorities had to take palliative measures, that were not accounted for in the finance law adopted in December 2021.

"The changes to the budget were necessary to take into account new spending to meet security issues and social spending, to protect the purchasing power of households, especially vulnerable groups, as well as the readjustment of certain expenditures, following regular monitoring of their level of implementation," said Togo's Minister of Economy and Finance, Sani Yaya.

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On September 16, 2022, the President of Togo announced new social measures to make life easier for his people, as the cost of living kept surging. These measures should cost the State about CFA100 billion.

With the amended budget adopted, the government will be able to “continue supporting all socio-professional layers, the most vulnerable especially, in line with the first axis of its roadmap which aims to bolster inclusion and social harmony, and consolidate peace in the country.”

Besides, the government should keep introducing structural reforms to ensure macroeconomic stability and improve public finances.

Togo’s treasury, it should be noted, raised CFA802 billion in the first half of this year; to cover public expenditures, according to the Ministry of Economy and Finance, which recently published the "State Budget Execution Report, Fiscal Year 2022 End of June."

Esaïe Edoh

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