Switzerland cancels Togo’s debt

03/06/2011
Switzerland cancels Togo’s debt

The Swiss Confederation, on Friday, decided to cancel the entire debt of Togo, that is, 35 billion CFA francs.
A formal agreement was signed between Adji Otèth Ayassor, the Minister of Economy and Finance, and the Swiss ambassador to Togo, Andréa Semadeni.
"The agreement today comes in a multilateral framework in which Switzerland is still involved in dialogue with the Togolese authorities. This is a consequence of reaching the completion point (HIPC) by Togo. Efforts to modernize and restructure by the government were sufficient for the creditor countries to cancel their debt to the Republic of Togo. Which applied in, making a political decision which corresponds to a shared vision of creditor countries," said Semadeni.
Mr. Ayassor said for his part that this wave off constitutes an incentive for the authorities to pursue policy reforms.
In 2010, Berne had already set aside nearly $70 billion CFA francs of debts owed by Togo.

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