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Togo - Completion Point Document HIPC Initiative

19-Oct-2012

On 14 December 2010, the Republic of Togo became the 25th Regional Member Country to reach the HIPCI completion point. Consequently, the Boards of Directors of the IMF and the World Bank approved debt relief to the tune of US$ 282 million, in end 2007 NPV terms, to render Togo’s eligible external debt sustainable. After more than 15 years of limited international financial cooperation with the main development partners following the sociopolitical instability of the 1990s, Togo has made substantial progress in political and economic reform. This improvement of the political and economic environment has led the country to focus on development problems and the fulfilment of conditions required for debt relief under the HIPC Initiative. By reaching the completion point, Togo has also fulfilled the conditions which give entitlement to additional debt relief under the Multilateral Debt Relief Initiative (MDRI). This document presents the rationale for Togo’s attainment of the completion point and seeks the approval of the Bank Group’s Boards of Directors for Togo’s debt relief and eligibility for the MDRI.

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