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Togo: the draft budget for 2021 down 7%

13/11/2020
Source : Financial Afrik
Categories: Economy/Forex

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Examined on November 12, 2020 in the Council of Ministers, the 2021 finance bill is projected at 1,521.6 billion CFA francs (about 2.75 billion USD) in expenses and resources against 1,638 billion CFA francs in the 2020 amending finance law, a decrease of 7.1%.

According to the executive, this finance law reflects the full implementation of the program budget and devotes to the social sectors, including social protection, an amount of 445.1 billion FCFA, an increase of 10.8% compared to the 2020 budget.  Fiscal year 2021, is 53.7% of budget appropriations against 52.9% in the 2020 budget," it said.

" For this 2021 budget, our country will maintain a prudent fiscal strategy in a context marked by uncertainties arising from the coronavirus pandemic with its unprecedented socio-economic consequences ," the government said in a statement, adding that 20 billion CFA francs remain mobilized to deal with this situation.

 

We also learn that under this draft finance law, budget revenues recorded a decrease of 27.1 billion CFA francs to 839.6 billion CFA francs, a decrease of 3.1% compared to the 2020 budget. This is the consequence of the 78.6% drop in program donations.

It should also be noted that due to the context of the crisis, the policy of reducing State expenditure undertaken by the State in 2018 will be further accentuated in 2021 with a 20% reduction operated on the operating appropriations of all ministries and institutions " in order to finance part of the projects and reforms contained in the government's roadmap and addressing social needs." The initiative allows Lomé to earn some 11 billion CFA francs.

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