Financing development from internal resources

17/04/2011
 Financing development from internal resources

The Togolese Minister of Economy and Finance, Adji Otèth Ayassor, and his colleagues from Lesotho, Chad and Zimbabwe, held a press conference, on Saturday in Washington, to report the progress of the discussions with the IMF and World Bank which are currently underway at the Spring meetings.
"Togo has come a long way since it went through a long and painful crisis that lasted nearly 15 years. The government has put in place a comprehensive program of political and economic reforms that have achieved a number of objectives and reached the completion point under the HIPC initiative, at the end of last year " said Ayassor.
The cancellation of much foreign debt in effect allows the country to regain credibility and solvency on the capital market.
The minister said that Togo's strategy from now on, in collaboration with the IMF and World Bank, is to finance development from internal resources and seek concessional loans primarily.
China, in this regard, is almost an indispensable partner.
Questioned precisely on the facilities granted by Beijing and the possible risks to the economy of Togo, Mr. Ayassor had realistic, but also reassuring wants.
"Concessional financing is now very difficult to obtain. There is little apart from the World Bank, African Development Bank and China. We welcome our partnership with the Chinese, not only for the financial support they provide, but also for the opportunities for technological transfer."
The Togolese Minister of Economy and Finance said that he understood the concern of some Western countries engaged in economic warfare with this emerging country, but Togo does not complain of such cooperation, he assured.

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