See also:
» 29.10.2010 - Togo floods kill 21
» 14.09.2009 - New pan-African rice centre adopted
» 23.12.2008 - Togo gets finance for its 100 MW electricity project
» 02.12.2008 - Togo qualifies for debt relief
» 07.10.2008 - Lome based African Commercial Bank gets boost from ECP
» 06.10.2008 - Togo schools open after flood delays
» 17.09.2008 - H5N1 strain confirmed in Togo
» 03.09.2008 - IMF pledges increased support to Togo

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Society | Economy - Development

Togo's floods plea gets IMF sympathy

afrol News, 8 August - International Monetary Fund is sending an advanced mission to Togo to identify immediate country's needs following results of devastating floods that hit west African state last week.

Dominique Strauss-Kahn, Managing Director of IMF said a senior economist will be sent to Lome next week, to focus on immediate actions that can be undertaken to help the authorities and the donor community address Togo's emerging needs.

President Faure Gnassingbé of Togo had sent an urgent appeal to IMF for support, according to IMF managing director.

"I have had a telephone conversation with President Gnassingbé, in which he sought the Fund's support. I offered my deepest condolences and sympathy to the people of Togo, and agreed that this is a very challenging time for them and the government," Mr Strauss-Kahn said.

He stated that with current pressures Togolese government was facing, it was important for IMF to signal its continued financial support, adding he would be recommending to the fund's Executive Board to increase existing financing under poverty reduction arrangement with Togo. "I am hopeful that the Fund's Executive Board can consider and approve this critical financing as soon as possible," he added.

In April this year, IMF approved a Poverty Reduction and Growth Facility (PRGF) for Togo in an amount equivalent to SDR 66.06 million (about US$108.4 million) to support the government's economic program for 2008-10. An initial disbursement of about US$ 21.8 million was made available immediately.

Under the new PRGF arrangement, Togo aims to maintain reform momentum, preserve macroeconomic stability while also reviving economic growth and reducing poverty.

IMF also hopes under PRGF arrangement to help Togo regain debt sustainability by regularising relations with its creditors and moving toward comprehensive debt relief under the Heavily Indebted Poor Countries Initiative (HIPC) and Multilateral Debt Relief Initiative.

Last weekend's floods in Togo forced thousands of people from their homes, seeking shelter at temporary government-run centres, especially in capital, Lome.

Latest flooding crisis has put more pressure on President Faure Gnassingbé government, which is trying to grapple with other social challenges facing the country.

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