"The agricultural sector like before will benefit intensified attention with the organization of agricultural processing centers (agropoles)," declared Sani Yaya, Togolese Minister of Economy and Finance during the vote of 2019 Finances law.
According to his explanations, in 2019, structuring projects of the National Development Plan (PND), projects relating to youth employment through enrollment planned in different sectors of the public administration will be started.
What to keep from the 2019 Finance law?
It balances in resources and expenses to 1.461 billion CFA, against 1.311 billion CFA in 2018; an increase of 11.5%.
Tax revenues increased by 8.6%, from 616.6 billion in 2018 to 669.5 billion CFA in 2019, while non-tax revenues decreased by 5.2% to settle to 80.4 billion against 84.8 billion CFA in 2018.
The budget revenues increase by 49.1 billion CFA to 881.1 billion CFA, compared to 832.0 billion CFA in the 2018 budget.
Budgetary expenditures decrease by 25.6 billion FCFA. They stand now at 895 billion CFA against 920.6 billion CFA in 2018. This results in a deficit of 13.8 billion CFA entirely financed by the surplus balance of treasury operations.
The tax wedge will be loosened on companies. Minister Sani reaffirmed the government's desire to continue clearing domestic commercial debt in order to give the private sector the means to participate in boosting economic activity.
"The Government intends to continue strengthening domestic revenue mobilization actions by ensuring the gradual widening of the tax base in order to loosen the grip on companies and thus allow the private sector to play its full role in the development of our business country, "he said.
He also promises that the government will work to develop infrastructure in education, health, agriculture, water and energy including rural electrification.
In addition, there is the Emergency Community Development Program (PUDC) and the Vulnerable Populations Support Program (PAPV) with the main objective to contribute to the abatement of poverty and satisfaction of priority social needs. "The social sectors will benefit in 2019 about 45% of budget allocations," he said.
With the new Finance law, it appears that the government is very determined to create conducive environment to accelerating economic growth and thereby substantially reducing poverty of the most vulnerable populations.