Marshall Mills, the chief of mission for the International Monetary Fund (IMF) for Togo, completed his sixth and final trip to the country, on Friday. He welcomed progress made in implementing economic reforms.
"Indeed, economic growth is accelerating, Togo has regained its solvency allowing it to go back to a sound foundation," said Mills. The growth rate was 3.7% in 2010 against 3.2% the previous year. Goal, reaching 7% in two years.
"The conclusion of the sixth and final review will be sent to the Board of Directors of the IMF, which is expected to meet next July. The Togo has successfully completed the program supported by the Fund. The program objectives were overall achieved and the authorities intend to sustain the gains. We are ready, of course, to continue cooperation with the Togolese authorities to support them in this way," said Mills.
Republicoftogo.com: You have arrived at the end of your mission in Togo. How successful was it ?
Marshall Mills: The 2010 fiscal has been exemplary, the receipts are up sharply. These advances have allowed the government to speed up public investment while remaining attentive to the needs of public debt. These investments are expected to boost Togo's growth rate. We can therefore expect a higher standard of living of the population.
Republicoftogo.com: What do you recommend the authorities for achieving an ideal rate of 7% ?
Marshall Mills: Simply continuing the current policy to maintain healthy public finances and to implement programs of structural reforms in key sectors for economic reform, like, banking, phosphates, telecommunications and energy.
Republicoftogo.com: Can Togo still count on phosphates ?
Marshall Mills: The socio-political crisis has had devastating effects on this activity, but I am optimistic about a gradual increase in production and therefore higher revenues. The country needs it.
Republicoftogo.com: Overall, are you optimistic for Togo ?
Marshall Mills: With the continuation of fiscal discipline and structural reforms, we can expect a gradual improvement, which will depend, of course, on the efforts made by the authorities themselves.
Republicoftogo.com: You have completed your mission in Lomé and you do not have more missions in Togo, in the future
Marshall Mills: Yes, because I am appointed to a new position in Washington where I will work within the IMF, on trade issues and global public debt.
Photo (L to R) : Adji Otéth Ayassor, Minister of Economy & Finance and Marshall Mills, IFC Chief Mission for Togo