Togo qualifies to enter HIPC debt relief program

12/12/2008
Togo qualifies to enter HIPC debt relief program

The International Monetary Fund said on Thursday that Togo had qualified to enter a debt relief program managed by the IMF and World Bank, which seeks to reduce the debt burdens of the world's poorest countries.

The IMF said with significant political and economic reforms, the small West African country had qualified to enter the Heavily Indebted Poor Countries (HIPC) initiative.At the end of the program, Togo will see most or all its debt to the IMF and World Bank, as well as debts to other governments, written off.

The country's public and publicly guaranteed external debt was estimated at around $2.2. billion at the end of 2007, according to IMF figures.

 

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