Togo: 1,8 miljard kwijtgescholden

Datum: 14-12-2010

Het IMF en de Wereldbank hebben op 14 december besloten dat Togo het zogenaamde completion point van HIPC heeft bereikt, waardoor 1,8 miljard UDS kwijtgescholden wordt. Zie ook bijgaand persbericht.

Togo heeft een schuld van 13 miljoen USD als gevolg van exportkredieten (zie ook http://jubileenederland.nl/de-cijfers). Jubilee Nederland roept Nederland op dit bedrag volledig kwijt te schelden.

IMF and World Bank Announce up to US$1.8 billion in Debt Relief for Togo
 
 WASHINGTON, D.C., December 14, 2010 - The International Monetary Fund (IMF) and 
 the World Bank's International Development Association (IDA) have decided that 
 Togo has reached the completion point under the Enhanced Highly Indebted Poor 
 Countries (HIPC) Initiative, which will lead to up to US$1.8 billion of debt 
 relief for Togo, representing an 82 percent reduction of its external debt in 
 nominal terms. 
 
 The Boards of Directors of both institutions determined that the country has 
 implemented the policy measures (triggers) required to reach the completion 
 point, a stage in which debt relief from the HIPC Initiative becomes 
 irrevocable, and the country will benefit from the Multilateral Debt Relief 
 Initiative (MDRI). Triggers included a satisfactory implementation of the 
 Poverty Reduction Strategy Paper (PRSP), the maintenance of a sound 
 macroeconomic policy framework under an IMF-supported economic program, as well 
 as progress in the areas of public financial management, governance, debt 
 management and social sectors.
 
 Of the resulting reduction of about US$1.8 billion in the stock of debt, 47 
 percent will come from multilateral creditors, 50 percent from Paris Club 
 creditors, and the remainder is expected to come from other bilateral and 
 commercial creditors. Debt relief from the World Banks IDA, the World Banks 
 fund for the poorest, will total $156 million under the HIPC Initiative and 
 $564 million under the MDRI. As a result of this substantial debt relief, Togo 
 will no longer face a heavy debt service burden and will be able to pursue its 
 economic recovery with sound public finances. 
 
 Togos success in obtaining this debt relief helps provide a new beginning for 
 the country following the economic distress of its past domestic crisis. We 
 applaud Togos rapid progress in economic stabilization and structural reform, 
 which has not only qualified it for debt relief but also laid the groundwork 
 for future success, said Marshall Mills, IMF mission chief for Togo. Togo can 
 now continue its impressive success in devoting more of its scarce resources to 
 priorities such as social needs and rebuilding its infrastructure, rather than 
 debt service. Just as importantly, Togos greatly improved financial health 
 will provide a solid foundation for advancing the countrys development, 
 encouraging the economic growth and private investment essential to meeting its 
 goals, he added.
 
 While we celebrate this good news and commend the Togolese Government for the 
 significant efforts they have made to reach this stage, we also urge them to 
 maintain prudent fiscal policies and improve debt management," said Madani M. 
 Tall, the World Bank Country Director for Togo. "It is now crucial that the 
 resources made available as part of this debt relief be fully devoted to the 
 countrys development agenda, mainly in the social sectors and to pursue growth 
 oriented reforms. I therefore urge the authorities to maintain the momentum by 
 using this debt relief for reducing poverty and making the economy more 
 diversified and competitive.
 
 Togo becomes the 31st country to reach the completion point under the HIPC 
 Initiative. The completion point marks the end of the HIPC process for Togo, 
 which started in November 2008 when the Executive Boards of the IMF and the 
 World Bank agreed that the country had met requirements for reaching the 
 decision point -- a point which countries start receiving debt relief on an 
 interim basis.
 
 ANNEX (Note to Editors)
 
 The HIPC Initiative. In 1996, the World Bank and IMF launched the HIPC 
 Initiative to create a framework in which all creditors, including multilateral 
 creditors, can provide debt relief to the world's poorest and most heavily 
 indebted countries to ensure debt sustainability, and thereby reduce the 
 constraints on economic growth and poverty reduction imposed by the 
 unsustainable debt-service burdens in these countries.
 
 To date, 36 HIPC countries have reached their decision points, of which 31 
 (including Togo) have reached the completion point.
 
 The MDRI. Created in 2005, the aim of the Multilateral Debt Relief Initiative 
 (MDRI) is to reduce further the debt of eligible low-income countries and 
 provide additional resources to help them reach the Millennium Development 
 Goals (MDGs). Under the MDRI, three multilateral institutions the World 
 Banks International Development Association, the International Monetary Fund 
 and the African Development Fund-- provide 100 percent debt relief on eligible 
 debts to qualifying countries normally at the time they reach the HIPC 
 Initiative completion point.
 
 For more information on Togo, please visit: 
 http://www.imf.org/external/country/TGO/index.htm 
 For more information on debt relief, click: 
 http://www.imf.org/external/np/exr/facts/hipc.htm,
 http://www.imf.org/external/np/exr/facts/mdri.htm and 
 http://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTDEBTDEPT/0,,contentMDK:217019
 31~menuPK:64166739~pagePK:64166689~piPK:64166646~theSitePK:469043,00.html.
 
 Contacts: 
 World Bank: Alejandra Viveros, +1 202 473-4306, aviveros@worldbank.org; 
 IMF: Alistair Thomson, +1 202 623 6312, athomson2@IMF.org
 
 For Broadcast Requests: Natalia Cieslik, (202) 458-9369, ncieslik@worldbank.org
 
 

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