The European Union (EU) has signed an agreement of nearly CFA 10 billion francs (15 million euros) with Togo to strengthen the management of public finances, improve the macroeconomic stability and transparency in order to support the implementation of its Poverty Reduction Strategy.
The agreement was signed by Togolese Minister for Cooperation, Development and Regional Planning Gilbert Bawara and Patrick Spirlet, new head of the European Union Commission delegation to Togo.
“This is the first time in over 10 years that the government receives such an amount of direct budgetary support from a partner”, Bawara said.
“This support is intended for growth, poverty reduction and help Togo achieve the Millennium Development Goals (MDGs)”, the EU delegation in Togo said in a statement sent to APA.
The Poverty Reduction Budget Support (PRBS) will be implemented through the General Budget Support (GBS) over a period of two years (2009-2010) which will be disbursed in annual installments, corroborating diplomatic sources said in Lome, the Togolese capital.
Source African Press Agency
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