France Agrees to Cancel $143 Million of Togo’s Debt After Economic Reforms

France agreed to write off 66.2 billion CFA francs ($143 million) of Togo’s debt, five months after the West African nation completed a economic package backed by the World Bank and International Monetary Fund.

The debt cancellation agreement, which includes all Togo’s outstanding debt with France, was signed yesterday, the French Embassy in Togo said in an e-mailed statement.

Togo become eligible for as much as $1.8 billion in debt relief, or 82 percent of its total borrowing, after it sold state-owned companies and curbed public spending. The country of 6 million people has a gross domestic product per capita of $431, compared with the sub-Saharan African average of $624, according to the World Bank.

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