TohidA/MONA · Datasets at Hugging Face

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

PA

20.8

1.8. Budget preparation (e.g., submission or approval)

Submit 2008 budget law to parliament in line with understandings with the mission.

1

Program Prior Action

M

At P1R0, met in Dec 2007. P1R0 macroeconomic rationale: To provide the basis for a transparent and consistent fiscal policy that aims for a balanced primary position, avoidance of new arrears, and higher growth-oriented and social spending.

4

1

2023-09-23

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

PA

25.2

6.2. Restructuring and privatization of financial institutions

Change management and oversight of BTCI based on terms of reference prepared in consultation with the WAEMU Banking Commission.

1

Program Prior Action

M

At P1R0, met in Feb 2008. P1R0 macroeconomic rationale: To prevent further erosion of BTCI's (Togo's largest state-owned bank) capital and liquidity, to restore confidence in Togo's largest bank, and in the financial sector more broadly.

4

1

2023-09-23

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Reduce tax and customs exemptions and strengthen tax and customs control, including in the Free Economic Zone.

1

06/30/2009

M

P1R1 macroeconomic rationale: To limit leakage of tax-exempt goods into the domestic economy, which distorts economic incentives and reduces fiscal revenues.

4

1

2009-06-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Recruit consultants to elaborate a report on the required steps to create a one-stop window at the Port Autonome de Lomé.

2

09/30/2010

SB

Introduced at R4. Macroeconomic rationale: Foster Togo's competitiveness as a commercial hub and facilitate all administrative procedures for exports and imports and contribute to increase customs revenues.

4

2

2010-09-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SB

20.3

1.3. Expenditure measures, including arrears clearance

Start implementing the domestic arrears clearance strategy by securitizing validated arrears to suppliers and setting up a mechanism for monitoring domestic debt.

1

12/31/2009

NM

P1R1 macroeconomic rationale: To move toward a sustainable debt position and prevent new arrears, as Togo regularizes its large stock of domestic arrears, starts servicing long-term regional bonds, and initiates short-term treasury bill auctions.

4

1

2009-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SB

20.3

1.3. Expenditure measures, including arrears clearance

Complete implementation of the strategy for clearing validated domestic arrears to private suppliers.

2

03/31/2010

NM

Introduced at R3. Rationale: To restore the confidence of suppliers and make it possible to reduce the substantial balance of domestic payments arrears owed by the government. At R4, not met. Progress so far has been satisfactory.

4

2

2010-03-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Implement a new framework for monthly monitoring of budget execution, and report data for April-June 2008 based on a new template.

1

08/31/2008

M

P1R0 macroeconomic rationale: To provide policymakers with a tool for making timely and informed spending decisions as they seek to achieve the budget objectives and mitigate the risk of fiscal slippages.

4

1

2008-08-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Prepare a review of the finances of the national electricity company (CEET), in consultation with the World Bank.

2

12/31/2008

M

P1R0 macroeconomic rationale: To provide the information necessary for preparing energy sector reforms and deciding on 2009 budget allocations, as rising oil prices and regionwide electricity shortages have dampened economic growth and led to increasing demands for budget support to the energy sector.The preliminary report was submitted to the authorities and the World Bank in December 2008. The final report was concluded on February 12, 2009 and submitted to the World Bank.

4

2

2008-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Move towards a single Treasury account by surveying Treasury accounts in the commercial banks and the BCEAO; reduce the number of accounts by at least 30 percent.

3

06/30/2010

SB

Introduced at R3. Rationale: To closely monitor Treasury operations, as this is a key element of control ling the government’s cash flow operations. At R4, underway.

4

3

2010-06-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Simplify and reduce lag time in the public sector expenditure chain by eliminating redundant control points.

4

06/30/2010

SB

Introduced at R3. Rationale: To enhance the capacity for rapid execution of investment projects in the short term and the capacity to absorb foreign aid. At R4, underway.

4

2010-06-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SB

21.1

2.1. Central bank operations and reforms

Adopt an action plan for introducing regular Treasury bill auctions in 2009.

1

12/31/2008

M

P1R0 macroeconomic rationale: To develop the domestic securities market, promote financial sector development, improve treasury management, and avoid new budgetary arrears.

4

1

2008-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SB

23.1

4.1. Pension reforms

Conduct a financial and organizational audit of the CRT (Pension Fund of Togo) and begin an actuarial study of the institution.

1

12/31/2010

SB

Introduced at R3. Rationale: Establish an overall strategy for clearing the government's social debt of around 7 percent of GDP.

4

1

2010-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SB

24.3

5.3. Price controls and marketing restrictions

Conduct a review of the oil price adjustment mechanism and submit it to the Council of Ministers.

1

08/31/2010

MOD-DATE

Introduced at R3. Rationale: The oil sector accounts for about 7 percent of GDP and has important fiscal implications.

4

1

2010-08-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SB

24.3

5.3. Price controls and marketing restrictions

Approve at the Council of Ministers a new adjustment mechanism for petroleum product prices.

2

11/30/2010

SB

Introduced at R4. Macroeconomic rationale: Implement a mechanism that limits fiscal risks by institutionalizing frequent and automatic adjustments of prices at the pump.

4

2

2010-11-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Set up the nonperforming loan management mechanism and its operational support.

1

12/31/2010

SB

Introduced at R3. Rationale: To recover a part of the fiscal cost of securitizing NPLs and reduce the large stock of enterprises arrears and cross debts.

4

1

2010-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Set up a structure and mechanism for managing the nonperforming loans (NPLs) that have been exchanged against government securities in the bank restructuring process.

2

08/31/2009

MOD-DATE

P1R1 macroeconomic rationale: To recover part of the budgetary cost of securitizing of nonperforming loans (NPLs) and reduce the large stock of enterprise arrears and cross-debts. Given the complexity of the operation, for which the IMF and World Bank are providing technical assistance, the timetable has been extended by four months. At P1R2, testdate is revised to 12/31/2009. [This revised date will be reflected at the time of the third review.]

4

2

2009-08-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Set up a structure and mechanism for managing the nonperforming loans (NPLs) that have been exchanged against government securities in the bank restructuring process.

2

12/31/2009

MOD-DATE

Test date revised from 8/31/2009. At P1R3, underway with delay. Due to the complexity of the process, the structure will be created in December 2010 at the latest.

4

2

2009-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Set up a structure and mechanism for managing the nonperforming loans (NPLs) that have been exchanged against government securities in the bank restructuring process.

2

12/31/2010

SB

N/A

4

2

2010-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Initiate restructuring of BTCI (Togo's largest state-owned bank), including by raising its capital through issuance of government securities.

1

12/31/2008

MOD-DATE

P1R0 macroeconomic rationale: To support the financial rehabilitation of Togo's largest bank, prepare it for privatization, and set the conditions for sound financial sector development. At P1R1 test date revised to 3/31/09.

4

1

2008-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Initiate restructuring of BTCI (Togo's largest state-owned bank), including by raising its capital through issuance of government securities.

1

03/31/2009

M

Remarkable progress has been made in preparing the exchange of BTCI'S NPL against government securities as part of broader multibank scheme.

4

1

2009-03-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Initiate the process of identifying strategic investors for state-owned banks.

3

12/31/2009

M

P1R1 macroeconomic rationale: To reduce risks to macroeconomic stability caused by Togo'slarge loss-making state-owned banks and support expansion of financial intermediation.

4

3

2009-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Advance on the privatization process for state-owned banks by issuing a final call for bids.

4

09/30/2010

SB

Introduced at R3. Rationale: To restore confidence in Togo's financial sector, reduce risks of recurrence of macroeconomic instabil ity linked to Togo's large loss-making state-owned banks, promote financial sector development and expand financial intermediation.

4

2010-09-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SB

30.2

11.2. Natural resource and agricultural policies (excl. public enterprises and pricing)

Initiate an audit of the phosphate sector, based on the competitive selection of an audit company, in consultation with the World Bank.

1

08/31/2008

MOD-DATE

P1R0 macroeconomic rationale: To prepare the restructuring of Togo's traditionally largest export sector (currently operating at only one third of capacity), including by providing options for attracting a strategic investor. At P1R1 test date revised to 10/30/2008.

4

1

2008-08-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SB

30.2

11.2. Natural resource and agricultural policies (excl. public enterprises and pricing)

Initiate an audit of the phosphate sector, based on the competitive selection of an audit company, in consultation with the World Bank.

1

10/30/2008

M

Done late. After a delay due to the fact that only two firms responded to the initial call for expressions of interest, a second call was issued. The audit firm was selected and the work is underway.

4

1

2008-10-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SB

30.2

11.2. Natural resource and agricultural policies (excl. public enterprises and pricing)

Phosphate sector: Prepare a development strategy based on the results of the strategic audit.

3

09/30/2009

MD

P1R1 macroeconomic rationale: To promote transparency in the restructuring of the phosphate sector, which could generate additional exports of up to 10 percent of GDP at current world prices. At P1R3, this is delayed. The strategy will be adopted by the Council of Ministers by December 2009.

4

3

2009-09-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SPC

20.3

1.3. Expenditure measures, including arrears clearance

Adopt a strategy and time table for clearing domestic arrears.

1

12/31/2008

M

P1R0 macroeconomic rationale: To restore supplier confidence, facilitate the return to regular spending procedures, and allow a gradual reduction in the government's large stock of domestic arrears.

4

1

2008-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SPC

20.6

1.6. Expenditure auditing, accounting, and financial controls

Make operational a new Treasury structure based on WAEMU directives.

1

06/30/2009

M

P1R1 macroeconomic rationale: To create a functioning Treasury that has adequate control and information over revenues, spending, and cash management to ensure timely payments, avoidance of arrears, and provide for real-time consistent budget execution data.

4

1

2009-06-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

N/A

2010-06-25

P1

R4

BLANK

SPC

20.6

1.6. Expenditure auditing, accounting, and financial controls

Create a General Inspectorate of Finance under the responsibility of the Minister of Finance.

2

08/31/2008

M

P1R0 macroeconomic rationale: To strengthen fiscal governance by introducing oversight, control, and transparency for all units handling public resources. At P1R1, decree adopted on July 23, 2008. The inspector general was appointed on August 29, 2008.

4

2

2008-08-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

PA

20.8

1.8. Budget preparation (e.g., submission or approval)

Submit 2008 budget law to parliament in line with understandings with the mission.

1

Program Prior Action

M

At P1R0, met in Dec 2007. P1R0 macroeconomic rationale: To provide the basis for a transparent and consistent fiscal policy that aims for a balanced primary position, avoidance of new arrears, and higher growth-oriented and social spending.

5

1

2023-09-23

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

PA

25.2

6.2. Restructuring and privatization of financial institutions

Change management and oversight of BTCI based on terms of reference prepared in consultation with the WAEMU Banking Commission.

1

Program Prior Action

M

At P1R0, met in Feb 2008. P1R0 macroeconomic rationale: To prevent further erosion of BTCI's (Togo's largest state-owned bank) capital and liquidity, to restore confidence in Togo's largest bank, and in the financial sector more broadly.

5

1

2023-09-23

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

20

1. General government

Adopt the draft laws creating a new institutional framework for treasury cash management and putting this framework into operation.

1

01/31/2011

SB

Introduced at R5. Macroeconomic rationale: Strengthen treasury cash anagement.

5

1

2011-01-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

20

1. General government

Adopt a strategy that should lead over time to the establishment of a single treasury account after consultation with the sectoral ministries and development partners.

2

03/31/2011

SB

Introduced at R5. Macroeconomic rationale: Strengthen treasury cash management. To closely monitor Treasury operations.

5

2

2011-03-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

20.2

1.2. Revenue administration, including customs

Reduce tax and customs exemptions and strengthen tax and customs control, including in the Free Economic Zone.

1

06/30/2009

M

P1R1 macroeconomic rationale: To limit leakage of tax-exempt goods into the domestic economy, which distorts economic incentives and reduces fiscal revenues.

5

1

2009-06-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

20.2

1.2. Revenue administration, including customs

Recruit consultants to elaborate a report on the required steps to create a one-stop window at the Port Autonome de Lomé.

2

09/30/2010

SB

Introduced at R4. Macroeconomic rationale: Foster Togo's competitiveness as a commercial hub and facilitate all administrative procedures for exports and imports and contribute to increase customs revenues. At R5, underway, expected to be completed with a limted delay.

5

2

2010-09-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

20.2

1.2. Revenue administration, including customs

Adopt in the Council of Ministers the roadmap for the creation of a one-stop window at the Port of Lome and start the implementation of first required steps identified by the technical consultants to achieve this objective.

3

03/31/2011

SB

Introduced at R5. Macroeconomic rationale: Foster Togo's competitiveness as a regional commercial hub facilitate the administrative procedures for exporting and importing and contribute to increase customs revenues.

5

3

2011-03-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

20.3

1.3. Expenditure measures, including arrears clearance

Start implementing the domestic arrears clearance strategy by securitizing validated arrears to suppliers and setting up a mechanism for monitoring domestic debt.

1

12/31/2009

NM

P1R1 macroeconomic rationale: To move toward a sustainable debt position and prevent new arrears, as Togo regularizes its large stock of domestic arrears, starts servicing long-term regional bonds, and initiates short-term treasury bill auctions.

5

1

2009-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

20.3

1.3. Expenditure measures, including arrears clearance

Complete implementation of the strategy for clearing validated domestic arrears to private suppliers.

2

03/31/2010

NM

Introduced at R3. Rationale: To restore the confidence of suppliers and make it possible to reduce the substantial balance of domestic payments arrears owed by the government. At R4, not met. Progress so far has been satisfactory.

5

2

2010-03-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Implement a new framework for monthly monitoring of budget execution, and report data for April-June 2008 based on a new template.

1

08/31/2008

M

P1R0 macroeconomic rationale: To provide policymakers with a tool for making timely and informed spending decisions as they seek to achieve the budget objectives and mitigate the risk of fiscal slippages.

5

1

2008-08-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Prepare a review of the finances of the national electricity company (CEET), in consultation with the World Bank.

2

12/31/2008

M

P1R0 macroeconomic rationale: To provide the information necessary for preparing energy sector reforms and deciding on 2009 budget allocations, as rising oil prices and regionwide electricity shortages have dampened economic growth and led to increasing demands for budget support to the energy sector.The preliminary report was submitted to the authorities and the World Bank in December 2008. The final report was concluded on February 12, 2009 and submitted to the World Bank.

5

2

2008-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Move towards a single Treasury account by surveying Treasury accounts in the commercial banks and the BCEAO; reduce the number of accounts by at least 30 percent.

3

06/30/2010

M

Introduced at R3. Rationale: To closely monitor Treasury operations, as this is a key element of control ling the government’s cash flow operations. At R4, underway.

5

3

2010-06-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Simplify and reduce lag time in the public sector expenditure chain by eliminating redundant control points.

4

06/30/2010

M

Introduced at R3. Rationale: To enhance the capacity for rapid execution of investment projects in the short term and the capacity to absorb foreign aid. At R4, underway.

5

4

2010-06-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

21.1

2.1. Central bank operations and reforms

Adopt an action plan for introducing regular Treasury bill auctions in 2009.

1

12/31/2008

M

P1R0 macroeconomic rationale: To develop the domestic securities market, promote financial sector development, improve treasury management, and avoid new budgetary arrears.

5

1

2008-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

23.1

4.1. Pension reforms

Conduct a financial and organizational audit of the CRT (Pension Fund of Togo) and begin an actuarial study of the institution.

1

12/31/2010

M

Introduced at R3. Rationale: Establish an overall strategy for clearing the government's social debt of around 7 percent of GDP.

5

1

2010-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

24.3

5.3. Price controls and marketing restrictions

Conduct a review of the oil price adjustment mechanism and submit it to the Council of Ministers.

1

08/31/2010

MOD-DATE

Introduced at R3. Rationale: The oil sector accounts for about 7 percent of GDP and has important fiscal implications. Name changed to "Approve at the Council of Ministers a new adjustment mechanism for petroleum product prices" with new test date on End November.

5

1

2010-08-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

24.3

5.3. Price controls and marketing restrictions

Approve at the Council of Ministers a new adjustment mechanism for petroleum product prices.

2

11/30/2010

SB

Introduced at R4. Macroeconomic rationale: Implement a mechanism that limits fiscal risks by institutionalizing frequent and automatic adjustments of prices at the pump.

5

2

2010-11-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Set up the nonperforming loan management mechanism and its operational support.

1

12/31/2010

SB

Introduced at R3. Rationale: To recover a part of the fiscal cost of securitizing NPLs and reduce the large stock of enterprises arrears and cross debts.

5

1

2010-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Set up a structure and mechanism for managing the nonperforming loans (NPLs) that have been exchanged against government securities in the bank restructuring process.

2

08/31/2009

MOD-DATE

P1R1 macroeconomic rationale: To recover part of the budgetary cost of securitizing of nonperforming loans (NPLs) and reduce the large stock of enterprise arrears and cross-debts. Given the complexity of the operation, for which the IMF and World Bank are providing technical assistance, the timetable has been extended by four months. At P1R2, testdate is revised to 12/31/2009. [This revised date will be reflected at the time of the third review.]

5

2

2009-08-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Set up a structure and mechanism for managing the nonperforming loans (NPLs) that have been exchanged against government securities in the bank restructuring process.

2

12/31/2009

MOD-DATE

Test date revised from 8/31/2009. At P1R3, underway with delay. Due to the complexity of the process, the structure will be created in December 2010 at the latest.

5

2

2009-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Set up a structure and mechanism for managing the nonperforming loans (NPLs) that have been exchanged against government securities in the bank restructuring process.

2

12/31/2010

SB

N/A

5

2

2010-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Initiate restructuring of BTCI (Togo's largest state-owned bank), including by raising its capital through issuance of government securities.

1

12/31/2008

MOD-DATE

P1R0 macroeconomic rationale: To support the financial rehabilitation of Togo's largest bank, prepare it for privatization, and set the conditions for sound financial sector development. At P1R1 test date revised to 3/31/09.

5

1

2008-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Initiate restructuring of BTCI (Togo's largest state-owned bank), including by raising its capital through issuance of government securities.

1

03/31/2009

M

Remarkable progress has been made in preparing the exchange of BTCI'S NPL against government securities as part of broader multibank scheme.

5

1

2009-03-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Initiate the process of identifying strategic investors for state-owned banks.

3

12/31/2009

M

P1R1 macroeconomic rationale: To reduce risks to macroeconomic stability caused by Togo'slarge loss-making state-owned banks and support expansion of financial intermediation.

5

3

2009-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Advance on the privatization process for state-owned banks by issuing a final call for bids.

4

09/30/2010

MOD-DATE

Introduced at R3. Rationale: To restore confidence in Togo's financial sector, reduce risks of recurrence of macroeconomic instabil ity linked to Togo's large loss-making state-owned banks, promote financial sector development and expand financial intermediation. AT R5, new test date of end-April 2011.

5

4

2010-09-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Advance on the privatization process for state-owned banks by issuing a final call for bids.

4

04/30/2011

SB

At R5, new test date specified. Text modified as "Make progress in the privatization of public banks by issuing a final call for bids."

5

4

2011-04-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

30.2

11.2. Natural resource and agricultural policies (excl. public enterprises and pricing)

Initiate an audit of the phosphate sector, based on the competitive selection of an audit company, in consultation with the World Bank.

1

08/31/2008

MOD-DATE

P1R0 macroeconomic rationale: To prepare the restructuring of Togo's traditionally largest export sector (currently operating at only one third of capacity), including by providing options for attracting a strategic investor. At P1R1 test date revised to 10/30/2008.

5

1

2008-08-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

30.2

11.2. Natural resource and agricultural policies (excl. public enterprises and pricing)

Initiate an audit of the phosphate sector, based on the competitive selection of an audit company, in consultation with the World Bank.

1

10/30/2008

M

Done late. After a delay due to the fact that only two firms responded to the initial call for expressions of interest, a second call was issued. The audit firm was selected and the work is underway.

5

1

2008-10-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SB

30.2

11.2. Natural resource and agricultural policies (excl. public enterprises and pricing)

Phosphate sector: Prepare a development strategy based on the results of the strategic audit.

3

09/30/2009

MD

P1R1 macroeconomic rationale: To promote transparency in the restructuring of the phosphate sector, which could generate additional exports of up to 10 percent of GDP at current world prices. At P1R3, this is delayed. The strategy will be adopted by the Council of Ministers by December 2009.

5

3

2009-09-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SPC

20.3

1.3. Expenditure measures, including arrears clearance

Adopt a strategy and time table for clearing domestic arrears.

1

12/31/2008

M

P1R0 macroeconomic rationale: To restore supplier confidence, facilitate the return to regular spending procedures, and allow a gradual reduction in the government's large stock of domestic arrears.

5

1

2008-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SPC

20.6

1.6. Expenditure auditing, accounting, and financial controls

Make operational a new Treasury structure based on WAEMU directives.

1

06/30/2009

M

P1R1 macroeconomic rationale: To create a functioning Treasury that has adequate control and information over revenues, spending, and cash management to ensure timely payments, avoidance of arrears, and provide for real-time consistent budget execution data.

5

1

2009-06-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2010-12-10

P1

R5

BLANK

SPC

20.6

1.6. Expenditure auditing, accounting, and financial controls

Create a General Inspectorate of Finance under the responsibility of the Minister of Finance.

2

08/31/2008

M

P1R0 macroeconomic rationale: To strengthen fiscal governance by introducing oversight, control, and transparency for all units handling public resources. At P1R1, decree adopted on July 23, 2008. The inspector general was appointed on August 29, 2008.

5

2

2008-08-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

PA

20.8

1.8. Budget preparation (e.g., submission or approval)

Submit 2008 budget law to parliament in line with understandings with the mission.

1

Program Prior Action

M

At P1R0, met in Dec 2007. P1R0 macroeconomic rationale: To provide the basis for a transparent and consistent fiscal policy that aims for a balanced primary position, avoidance of new arrears, and higher growth-oriented and social spending.

6

1

2023-09-23

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

PA

25.2

6.2. Restructuring and privatization of financial institutions

Change management and oversight of BTCI based on terms of reference prepared in consultation with the WAEMU Banking Commission.

1

Program Prior Action

M

At P1R0, met in Feb 2008. P1R0 macroeconomic rationale: To prevent further erosion of BTCI's (Togo's largest state-owned bank) capital and liquidity, to restore confidence in Togo's largest bank, and in the financial sector more broadly.

6

1

2023-09-23

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

PA

25.2

6.2. Restructuring and privatization of financial institutions

Launch the process of calling for expressions of interest for the state-owned banks by publishing a prequalification notice in the national press in the form of an advertisement.

2

Sixth Review Prior action

M

Macroeconomic rationale: Restore confidence in the Togolese financial sector, reduce the risks of new macroeconomic instability linked to the large loss-making state-owned banks and promote financial sector development and the expansion of financial intermediation.

6

2

2023-09-23

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

20

1. General government

Adopt the draft laws creating a new institutional framework for treasury cash management and putting this framework into operation.

1

01/31/2011

M

Introduced at R5. Macroeconomic rationale: Strengthen treasury cash anagement.

6

1

2011-01-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

20

1. General government

Adopt a strategy that should lead over time to the establishment of a single treasury account after consultation with the sectoral ministries and development partners.

2

03/31/2011

NM

Introduced at R5. Macroeconomic rationale: Strengthen treasury cash management. To closely monitor Treasury operations.

6

2

2011-03-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

20.2

1.2. Revenue administration, including customs

Reduce tax and customs exemptions and strengthen tax and customs control, including in the Free Economic Zone.

1

06/30/2009

M

P1R1 macroeconomic rationale: To limit leakage of tax-exempt goods into the domestic economy, which distorts economic incentives and reduces fiscal revenues.

6

1

2009-06-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

20.2

1.2. Revenue administration, including customs

Recruit consultants to elaborate a report on the required steps to create a one-stop window at the Port Autonome de Lomé.

2

09/30/2010

MD

Introduced at R4. Macroeconomic rationale: Foster Togo's competitiveness as a commercial hub and facilitate all administrative procedures for exports and imports and contribute to increase customs revenues. At R5, underway, expected to be completed with a limted delay. At R6: The consultant was recruited in April 2011.

6

2

2010-09-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

20.2

1.2. Revenue administration, including customs

Adopt in the Council of Ministers the roadmap for the creation of a one-stop window at the Port of Lome and start the implementation of first required steps identified by the technical consultants to achieve this objective.

3

03/31/2011

NM

Introduced at R5. Macroeconomic rationale: Foster Togo's competitiveness as a regional commercial hub facilitate the administrative procedures for exporting and importing and contribute to increase customs revenues.

6

3

2011-03-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

20.3

1.3. Expenditure measures, including arrears clearance

Start implementing the domestic arrears clearance strategy by securitizing validated arrears to suppliers and setting up a mechanism for monitoring domestic debt.

1

12/31/2009

NM

P1R1 macroeconomic rationale: To move toward a sustainable debt position and prevent new arrears, as Togo regularizes its large stock of domestic arrears, starts servicing long-term regional bonds, and initiates short-term treasury bill auctions.

6

1

2009-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

20.3

1.3. Expenditure measures, including arrears clearance

Complete implementation of the strategy for clearing validated domestic arrears to private suppliers.

2

03/31/2010

NM

Introduced at R3. Rationale: To restore the confidence of suppliers and make it possible to reduce the substantial balance of domestic payments arrears owed by the government. At R4, not met. Progress so far has been satisfactory.

6

2

2010-03-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Implement a new framework for monthly monitoring of budget execution, and report data for April-June 2008 based on a new template.

1

08/31/2008

M

P1R0 macroeconomic rationale: To provide policymakers with a tool for making timely and informed spending decisions as they seek to achieve the budget objectives and mitigate the risk of fiscal slippages.

6

1

2008-08-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Prepare a review of the finances of the national electricity company (CEET), in consultation with the World Bank.

2

12/31/2008

M

P1R0 macroeconomic rationale: To provide the information necessary for preparing energy sector reforms and deciding on 2009 budget allocations, as rising oil prices and regionwide electricity shortages have dampened economic growth and led to increasing demands for budget support to the energy sector.The preliminary report was submitted to the authorities and the World Bank in December 2008. The final report was concluded on February 12, 2009 and submitted to the World Bank.

6

2

2008-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Move towards a single Treasury account by surveying Treasury accounts in the commercial banks and the BCEAO; reduce the number of accounts by at least 30 percent.

3

06/30/2010

M

Introduced at R3. Rationale: To closely monitor Treasury operations, as this is a key element of control ling the government’s cash flow operations. At R4, underway.

6

3

2010-06-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Simplify and reduce lag time in the public sector expenditure chain by eliminating redundant control points.

4

06/30/2010

M

Introduced at R3. Rationale: To enhance the capacity for rapid execution of investment projects in the short term and the capacity to absorb foreign aid. At R4, underway.

6

4

2010-06-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

21.1

2.1. Central bank operations and reforms

Adopt an action plan for introducing regular Treasury bill auctions in 2009.

1

12/31/2008

M

P1R0 macroeconomic rationale: To develop the domestic securities market, promote financial sector development, improve treasury management, and avoid new budgetary arrears.

6

1

2008-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

23.1

4.1. Pension reforms

Conduct a financial and organizational audit of the CRT (Pension Fund of Togo) and begin an actuarial study of the institution.

1

12/31/2010

M

Introduced at R3. Rationale: Establish an overall strategy for clearing the government's social debt of around 7 percent of GDP.

6

1

2010-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

24.3

5.3. Price controls and marketing restrictions

Conduct a review of the oil price adjustment mechanism and submit it to the Council of Ministers.

1

08/31/2010

MOD-DATE

Introduced at R3. Rationale: The oil sector accounts for about 7 percent of GDP and has important fiscal implications.

6

1

2010-08-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

24.3

5.3. Price controls and marketing restrictions

Approve at the Council of Ministers a new adjustment mechanism for petroleum product prices.

2

11/30/2010

M

Introduced at R4. Macroeconomic rationale: Implement a mechanism that limits fiscal risks by institutionalizing frequent and automatic adjustments of prices at the pump.

6

2

2010-11-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Set up the nonperforming loan management mechanism and its operational support.

1

12/31/2010

NM

Introduced at R3. Rationale: To recover a part of the fiscal cost of securitizing NPLs and reduce the large stock of enterprises arrears and cross debts.

6

1

2010-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Set up a structure and mechanism for managing the nonperforming loans (NPLs) that have been exchanged against government securities in the bank restructuring process.

2

08/31/2009

MOD-DATE

P1R1 macroeconomic rationale: To recover part of the budgetary cost of securitizing of nonperforming loans (NPLs) and reduce the large stock of enterprise arrears and cross-debts. Given the complexity of the operation, for which the IMF and World Bank are providing technical assistance, the timetable has been extended by four months. At P1R2, testdate is revised to 12/31/2009. [This revised date will be reflected at the time of the third review.]

6

2

2009-08-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Set up a structure and mechanism for managing the nonperforming loans (NPLs) that have been exchanged against government securities in the bank restructuring process.

2

12/31/2009

MOD-DATE

Test date revised from 8/31/2009. At P1R3, underway with delay. Due to the complexity of the process, the structure will be created in December 2010 at the latest.

6

2

2009-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Set up a structure and mechanism for managing the nonperforming loans (NPLs) that have been exchanged against government securities in the bank restructuring process.

2

12/31/2010

NM

N/A

6

2

2010-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

25.2

6.2. Restructuring and privatization of financial institutions

Initiate restructuring of BTCI (Togo's largest state-owned bank), including by raising its capital through issuance of government securities.

1

12/31/2008

MOD-DATE

P1R0 macroeconomic rationale: To support the financial rehabilitation of Togo's largest bank, prepare it for privatization, and set the conditions for sound financial sector development. At P1R1 test date revised to 3/31/09.

6

1

2008-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

25.2

6.2. Restructuring and privatization of financial institutions

Initiate restructuring of BTCI (Togo's largest state-owned bank), including by raising its capital through issuance of government securities.

1

03/31/2009

M

Remarkable progress has been made in preparing the exchange of BTCI'S NPL against government securities as part of broader multibank scheme.

6

1

2009-03-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

25.2

6.2. Restructuring and privatization of financial institutions

Initiate the process of identifying strategic investors for state-owned banks.

3

12/31/2009

M

P1R1 macroeconomic rationale: To reduce risks to macroeconomic stability caused by Togo'slarge loss-making state-owned banks and support expansion of financial intermediation.

6

3

2009-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

25.2

6.2. Restructuring and privatization of financial institutions

Advance on the privatization process for state-owned banks by issuing a final call for bids.

4

09/30/2010

MOD-DATE

Introduced at R3. Rationale: To restore confidence in Togo's financial sector, reduce risks of recurrence of macroeconomic instabil ity linked to Togo's large loss-making state-owned banks, promote financial sector development and expand financial intermediation. At R5, new test date of end-April 2011.

6

4

2010-09-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

25.2

6.2. Restructuring and privatization of financial institutions

Advance on the privatization process for state-owned banks by issuing a final call for bids.

4

04/30/2011

NM

At R5, new test date specified. Text modified as "Make progress in the privatization of public banks by issuing a final call for bids."

6

4

2011-04-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

30.2

11.2. Natural resource and agricultural policies (excl. public enterprises and pricing)

Initiate an audit of the phosphate sector, based on the competitive selection of an audit company, in consultation with the World Bank.

1

08/31/2008

MOD-DATE

P1R0 macroeconomic rationale: To prepare the restructuring of Togo's traditionally largest export sector (currently operating at only one third of capacity), including by providing options for attracting a strategic investor. At P1R1 test date revised to 10/30/2008.

6

1

2008-08-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

30.2

11.2. Natural resource and agricultural policies (excl. public enterprises and pricing)

Initiate an audit of the phosphate sector, based on the competitive selection of an audit company, in consultation with the World Bank.

1

10/30/2008

M

Done late. After a delay due to the fact that only two firms responded to the initial call for expressions of interest, a second call was issued. The audit firm was selected and the work is underway.

6

1

2008-10-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SB

30.2

11.2. Natural resource and agricultural policies (excl. public enterprises and pricing)

Phosphate sector: Prepare a development strategy based on the results of the strategic audit.

3

09/30/2009

MD

P1R1 macroeconomic rationale: To promote transparency in the restructuring of the phosphate sector, which could generate additional exports of up to 10 percent of GDP at current world prices. At P1R3, this is delayed. The strategy will be adopted by the Council of Ministers by December 2009.

6

3

2009-09-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SPC

20.3

1.3. Expenditure measures, including arrears clearance

Adopt a strategy and time table for clearing domestic arrears.

1

12/31/2008

M

P1R0 macroeconomic rationale: To restore supplier confidence, facilitate the return to regular spending procedures, and allow a gradual reduction in the government's large stock of domestic arrears.

6

1

2008-12-31

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SPC

20.6

1.6. Expenditure auditing, accounting, and financial controls

Make operational a new Treasury structure based on WAEMU directives.

1

06/30/2009

M

P1R1 macroeconomic rationale: To create a functioning Treasury that has adequate control and information over revenues, spending, and cash management to ensure timely payments, avoidance of arrears, and provide for real-time consistent budget execution data.

6

1

2009-06-30

N/A

592

TOGO

742

PRGF

2008-04-21

2,008

2011-04-20

2,011

2011-08-31

N/A

2011-07-18

P1

R6

L

SPC

20.6

1.6. Expenditure auditing, accounting, and financial controls

Create a General Inspectorate of Finance under the responsibility of the Minister of Finance.

2

08/31/2008

M

P1R0 macroeconomic rationale: To strengthen fiscal governance by introducing oversight, control, and transparency for all units handling public resources. At P1R1, decree adopted on July 23, 2008. The inspector general was appointed on August 29, 2008.

6

2

2008-08-31

N/A

756

TOGO

742

ECF

2017-05-05

2,017

2020-05-04

2,020

N/A

2017-05-05

P1

R0

E

PA

25.2

6.2. Restructuring and privatization of financial institutions

Conclude a contract for an independent audit of the two public banks.

1

Program Prior Action

M

N/A

0

1

2023-09-23

N/A

756

TOGO

742

ECF

2017-05-05

2,017

2020-05-04

2,020

N/A

2017-05-05

P1

R0

E

SB

20.2

1.2. Revenue administration, including customs

Implement controls and other appropriate initiatives to detect and tax inaccurate declarations and potential evasions in the following sectors: phosphate, clinker, cement, and iron.

1

12/31/2017

SB

Rationale: Broaden the taxpayer base by improving tax compliance of small and medium-sized enterprises

0

1

2017-12-31

N/A

756

TOGO

742

ECF

2017-05-05

2,017

2020-05-04

2,020

N/A

2017-05-05

P1

R0

E

SB

20.2

1.2. Revenue administration, including customs

Verify 30 percent of revenue foregone from customs exemptions in 2016 through a post-clearance audit program.

2

6/30/2017

SB

Rationale: Strengthen import valuation and control of customs exemptions through improved risk analysis, and effective and transparent inspection and audit

0

2

2017-06-30

N/A

756

TOGO

742

ECF

2017-05-05

2,017

2020-05-04

2,020

N/A

2017-05-05

P1

R0

E

SB

20.3

1.3. Expenditure measures, including arrears clearance

Submit a methodology to identify and verify domestic arrears.

1

6/30/2017

SB

Rationale: Strengthen debt management

0

1

2017-06-30

N/A

756

TOGO

742

ECF

2017-05-05

2,017

2020-05-04

2,020

N/A

2017-05-05

P1

R0

E

SB

20.3

1.3. Expenditure measures, including arrears clearance

Conduct an independent audit of domestic arrears.

2

9/30/2017

SB

Rationale: Determine the exact amount of arrears to prepare an arrears clearance plan

0

2

2017-09-30

N/A

756

TOGO

742

ECF

2017-05-05

2,017

2020-05-04

2,020

N/A

2017-05-05

P1

R0

E

SB

20.5

1.5. Debt Management

Strengthen debt management by: (i) centralizing all debt management functions in one entity; and (ii) organizing the debt department unit into front, middle, and back offices.

1

9/30/2017

SB

Rationale: Strengthen debt management

0

1

2017-09-30

N/A

756

TOGO

742

ECF

2017-05-05

2,017

2020-05-04

2,020

N/A

2017-05-05

P1

R0

E

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Sign a decree reorganizing the Ministry of Finance.

1

12/31/2017

SB

Rationale: Improve fiscal policy and management

0

1

2017-12-31

N/A