Togo National Assembly approves $1 bln budget for 2010

22/12/2009
Togo National Assembly approves $1 bln budget for 2010

Togolese lawmakers have approved a 499.73 billion CFA franc budget for 2010, increasing spending in the tiny West African nation by 77 billion CFA from 2009 levels, parliamentary sources said.
A deficit of 67.1 billion CFA, or 4.4 percent of GDP, will be covered by Togo's development partners, according to a report by the commission that studied the budget, which was passed over the weekend.
Togo's economy will grow at 2.6 percent in 2010, up slightly from the nation's performance this year but below the West African CFA bloc's forecast average of 4 percent, according to the 2010 budget.
Falling cotton production and the lack of investment in phosphate mining, another mainstay, have hit the economy in recent years.

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