(Adds revenues, bond auction)
LOME Dec 5 The government of Togo plans to
increase spending by 19.6 percent to 829.9 billion CFA
Francs($1.72 billion) in 2014 in order to spur growth in the
cotton and phosphate-producing West African nation, it said in a
statement on Thursday.
The budget adopted by the Togolese cabinet targets economic
growth at 6.2 percent in 2014 up from 5.6 percent this year,
while inflation will jump to 4.5 percent from 2.5 percent in
"The budget will better fight against poverty, improve
revenue (and) boost the economy by investing in growth sectors,"
the government said in the statement.
The government plans to raise about 516.4 billion CFA francs
($1.08 billion) of its revenue from taxes and custom duties, an
increase of 41.9 percent from the previous year.
It also plans to tap the regional capital markets by raising
100 billion CFA francs ($208.19 million) through short-term bond
Togo's national assembly controlled by President Faure
Gnassingbe's UNIR ruling party, is expected to pass the budget
by the end of the year.
($1 = 483.8690 CFA francs)
(Reporting by John Zodzi; Writing by Bate Felix; Editing by