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                   THE REPUBLIC OF TOGO: INTERIM STRATEGY NOTE

                                      CHAIR’S SUMMING UP

                                    Meeting of Executive Directors

                                              January 26, 2012


       The Executive Directors considered the Interim Strategy Note (ISN) for Togo for the
period FY12-13, and noted that it is well aligned with the Government’s first PRSP, and that the
proposed program builds on lessons learned (IDA/R2012-0003).
        Directors commended the Authorities for the relatively good performance of the
Togolese economy despite the unfavorable economic environment. They noted that recent
economic reforms pursued by the Government have demonstrated its commitment to prudent
expenditure management, while providing the platform for further reforms. However, they noted
that the country is characterized by weak capacity and vulnerability to external shocks and urged
continued support from the international community, including the IMF and the World Bank.
They urged the Authorities to swiftly agree to a new IMF-supported program.
        Directors concurred with the strategic focus of the ISN which is aligned with the Africa
Regional Strategy and welcomed the emphasis on economic and sector work to address
knowledge gaps. In this regard, they appreciated the inclusion of a multi-year programmatic
series of demand-driven policy notes on poverty, gender and inclusive growth. The need to
improve management of the environment and natural disasters was highlighted. Directors also
welcomed the inclusion of technical assistance in strategic areas, including phosphates, cotton,
social protection and the free zone. They supported its key objectives of supporting stable
macroeconomic policies, facilitating investment, and promoting job creation, particularly the
piloting of youth employment systems.
       Given the limited allocation of IDA resources, Directors welcomed the Bank’s
commitment to seek other resources in support of the country. Directors welcomed the strong
partnerships and complementarities of the WBG members. They welcomed the IFC and MIGA
programs and appreciated the strengthened partnerships developed by the Bank with all other
development partners, and the enhanced use of South-South cooperation.
        Directors stressed that to boost economic performance and spur growth will require
investing in infrastructure rehabilitation and development, providing a more hospitable business
climate. They also highlighted the central role of deeper financial sector development in
fostering sustained growth.
       Finally, Directors urged the Authorities to make the most of this interim strategy period
to prepare for the new poverty reduction strategy and the full fledged Country Assistance
Strategy (CAS).




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    This summary is not an approved record.