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Thursday, 12 May 2011

France cancels Togo’s debt, 101,1 million EUR

France on Wednesday cancelled 100% of Togo’s debt, which comes up to 66,2 billion Fcfa (101,1 million Euros) in favour of a treaty on the reorganisation of debt between the two countries. “This substantial cancellation is to reduce the weight of Togolese debt to a manageable level so that Togo has the means to pursue its financial recovery and its reforms and to dedicate enough resources to its social and economic development”, the French embassy said in a press statement. The agreement signed between Dominque Renaux, France’s ambassador in Lomé and the Togolese finance and economics minister Adji Otéth Ayassor. At the end of last year, Togo benefitted from a cancelation of 80% of its external debt because it reached the fulfillment point of the Heavily Indebted Poor Countries Initiative (HIPC) in record speed.

Source: Republic of Togo