69200

            Togo: Fifth Economic Recovery and Governance Credit (ERGC-5)

                               SUMMARY OF DISCUSSION

                                          May 24, 2012



        Executive Directors approved the Fifth Economic Recovery and Governance Credit for
Togo in the amount of SDR 9.1 million (US$14 million) on the payment terms and conditions set
out in the President’s Memorandum (IDA/R2012-0124).

        Executive Directors expressed support for the objectives of the project which would
improve transparency and oversight in the public financial management, and advance efficiency
enhancing reforms and competitiveness in the cotton, energy, telecommunications, and banking
sectors. Executive Directors noted that the stand- alone Development Policy Operation (DPO) is
an integral part of the World Bank Group’s Interim Strategy Note for Togo and links with the
World Bank telecom strategy for Africa. Executive Directors also welcomed the project’s
selectivity, particularly in light of other donor involvement in public financial management
support. Executive Directors encouraged the Government to continue finalizing its PRSP-2 and
agreement on an IMF program. They also urged greater emphasis on the impact of population
growth on development, as well as close monitoring of the financial sector. Executive Directors
further stressed the importance of improving the investment climate. Finally, the need for
coordination with other development partners was also emphasized.




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This summary is not an approved record.