{"id":1071,"date":"2018-12-23T19:54:59","date_gmt":"2018-12-23T19:54:59","guid":{"rendered":"https:\/\/libertetogo.info\/?p=1071"},"modified":"2018-12-23T19:55:08","modified_gmt":"2018-12-23T19:55:08","slug":"rapport-de-la-cour-des-comptes-sur-le-budget-2017","status":"publish","type":"post","link":"https:\/\/libertetogo.tg\/index.php\/rapport-de-la-cour-des-comptes-sur-le-budget-2017\/economie\/","title":{"rendered":"Rapport de la Cour des Comptes sur le budget 2017"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Un service\nde la dette plomb\u00e9 par les pr\u00e9financements, des soci\u00e9t\u00e9s non repertori\u00e9es dans\nles pr\u00e9visions budg\u00e9taires&#8230;<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Les\npr\u00e9financements repr\u00e9sentent presque la moiti\u00e9 du service de la dette publique int\u00e9rieure<\/strong><\/li><\/ul>\n\n\n\n<p><strong><em>Le\nrapport d\u2019ex\u00e9cution et de contr\u00f4le de la Cour des Comptes de la loi de\nfinances, gestion 2017 a tout dit sur l\u2019\u00e9tat des finances en 2017. Lorsqu\u2019on\ncriait en ce moment sur le jusqu\u2019auboutisme du ministre de l\u2019Economie et des\nFinances d\u2019alors quant aux pr\u00e9financements \u00e0 outrance avec comme b\u00e9n\u00e9fices des\nretrocommissions pour une minorit\u00e9, on ne voulait pas nous croire. Mais en plus\nde cette v\u00e9rit\u00e9 que le rapport a mise au grand jour, il existe des soci\u00e9t\u00e9s\ndans lesquelles l\u2019Etat togolais d\u00e9tient des dividendes. <\/em><\/strong><\/p>\n\n\n\n<p><strong><em>Seulement,\npour on ne sait quelles raisons, une dizaine n\u2019ont pas \u00e9t\u00e9 repertori\u00e9es pour\n\u00eatre prises en compte dans les pr\u00e9visions budg\u00e9taires. Et si, comme le rapport\nl\u2019a si bien dit, un audit pourrait se faire dans ces soci\u00e9t\u00e9s pour d\u00e9terminer\nles vraies mobiles, la cr\u00e9dibilit\u00e9 de la Cour s\u2019en trouverait renforc\u00e9e. Ce\nrapport doit interpeler tous ceux qui juraient hier par les pr\u00e9financements et\nqui, aujourd\u2019hui, font les yeux doux aux partenariats publics-priv\u00e9s.&nbsp; <\/em><\/strong><\/p>\n\n\n\n<p><strong>Analyse du\nrecouvrement des dividendes, gestion 2017<\/strong><\/p>\n\n\n\n<p>Les dividendes des soci\u00e9t\u00e9s d\u2019Etat\net de soci\u00e9t\u00e9s \u00e0 participation publique faisant partie des recettes non\nfiscales, ont fait l\u2019objet d\u2019une analyse particuli\u00e8re. Pour une pr\u00e9vision dans\nla loi de finances gestion 2017 d\u2019un montant global de 18 898 200 000 F CFA,\nl\u2019ex\u00e9cution s\u2019est \u00e9lev\u00e9e \u00e0 21 783 810 843 F CFA, soit un taux de recouvrement\nde 115,27%. Les soci\u00e9t\u00e9s concern\u00e9es par cette sous-rubrique sont pr\u00e9sent\u00e9es\ndans le tableau suivant :<\/p>\n\n\n\n<p><strong>Pr\u00e9visions\net recouvrements des dividendes, gestion 2017<\/strong><\/p>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  <strong>N\u00b0 d\u2019ordre<\/strong>\n  <\/td><td>\n  <strong>Soci\u00e9t\u00e9s<\/strong>\n  <\/td><td>\n  <strong>Pr\u00e9visions <\/strong>\n  <\/td><td>\n  <strong>Recouvrements<\/strong>\n  <\/td><td>\n  <strong>Taux\n  de recouvrement<\/strong>\n  <\/td><\/tr><tr><td>\n  1\n  <\/td><td>\n  Africa-Re\n  <\/td><td>\n  16.000.000\n  <\/td><td>\n  0\n  <\/td><td>\n  0%\n  <\/td><\/tr><tr><td>\n  2\n  <\/td><td>\n  Cica-Re\n  <\/td><td>\n  40.000.000\n  <\/td><td>\n  45\n  456 750\n  <\/td><td>\n  113,64%\n  <\/td><\/tr><tr><td>\n  3\n  <\/td><td>\n  LONATO\n  <\/td><td>\n  4.000.000.000\n  <\/td><td>\n  5\n  000 000 000\n  <\/td><td>\n  125,00%\n  <\/td><\/tr><tr><td>\n  4\n  <\/td><td>\n  PAL\n  <\/td><td>\n  1.500.000.000\n  <\/td><td>\n  1\n  500 000 000\n  <\/td><td>\n  &nbsp;100,00%\n  <\/td><\/tr><tr><td>\n  5\n  <\/td><td>\n  Grpe Togotel\n  <\/td><td>\n  8.000.000.000\n  <\/td><td>\n  9\n  900 000 000\n  <\/td><td>\n  &nbsp;123,75%\n  <\/td><\/tr><tr><td>\n  6\n  <\/td><td>\n  Orabank\n  <\/td><td>\n  0\n  <\/td><td>\n  0\n  <\/td><td>\n  &nbsp;\n  <\/td><\/tr><tr><td>\n  7\n  <\/td><td>\n  Voltic\n  <\/td><td>\n  1.500.000\n  <\/td><td>\n  2\n  700 000\n  <\/td><td>\n  180,00%\n  <\/td><\/tr><tr><td>\n  8\n  <\/td><td>\n  Wacem\n  <\/td><td>\n  330.000.000\n  <\/td><td>\n  330\n  000 000\n  <\/td><td>\n  100,00%\n  <\/td><\/tr><tr><td>\n  9\n  <\/td><td>\n  UTB\n  <\/td><td>\n  PM\n  <\/td><td>\n  0\n  <\/td><td>\n  &nbsp;\n  <\/td><\/tr><tr><td>\n  10\n  <\/td><td>\n  BPEC\n  <\/td><td>\n  PM\n  <\/td><td>\n  0\n  <\/td><td>\n  &nbsp;\n  <\/td><\/tr><tr><td>\n  11\n  <\/td><td>\n  BCEAO\n  <\/td><td>\n  4.000.000.000\n  <\/td><td>\n  4\n  000 000 000\n  <\/td><td>\n  100,00%\n  <\/td><\/tr><tr><td>\n  12\n  <\/td><td>\n  Compel (T Oil)\n  <\/td><td>\n  0\n  <\/td><td>\n  0\n  <\/td><td>\n  &nbsp;\n  <\/td><\/tr><tr><td>\n  13\n  <\/td><td>\n  SNPT\n  <\/td><td>\n  0\n  <\/td><td>\n  0\n  <\/td><td>\n  &nbsp;\n  <\/td><\/tr><tr><td>\n  14\n  <\/td><td>\n  BIA\n  <\/td><td>\n  0\n  <\/td><td>\n  0\n  <\/td><td>\n  &nbsp;\n  <\/td><\/tr><tr><td>\n  15\n  <\/td><td>\n  BRVM\n  <\/td><td>\n  40.600.000\n  <\/td><td>\n  40\n  600 000\n  <\/td><td>\n  100,00%\n  <\/td><\/tr><tr><td>\n  16\n  <\/td><td>\n  NSCT\n  <\/td><td>\n  600.000.000\n  <\/td><td>\n  600\n  000 000\n  <\/td><td>\n  &nbsp;100,00%\n  <\/td><\/tr><tr><td>\n  17\n  <\/td><td>\n  SALT\n  <\/td><td>\n  0\n  <\/td><td>\n  0\n  <\/td><td>\n  &nbsp;\n  <\/td><\/tr><tr><td>\n  18\n  <\/td><td>\n  CEET\n  <\/td><td>\n  PM\n  <\/td><td>\n  0\n  <\/td><td>\n  &nbsp;\n  <\/td><\/tr><tr><td>\n  19\n  <\/td><td>\n  MM Mining\n  <\/td><td>\n  PM\n  <\/td><td>\n  0\n  <\/td><td>\n  &nbsp;\n  <\/td><\/tr><tr><td>\n  20\n  <\/td><td>\n  Granu Togo\n  <\/td><td>\n  PM\n  <\/td><td>\n  0\n  <\/td><td>\n  &nbsp;\n  <\/td><\/tr><tr><td>\n  21\n  <\/td><td>\n  Global Merchants\n  <\/td><td>\n  PM\n  <\/td><td>\n  0\n  <\/td><td>\n  &nbsp;\n  <\/td><\/tr><tr><td>\n  22\n  <\/td><td>\n  SAZOF\n  <\/td><td>\n  5.000.000\n  <\/td><td>\n  0\n  <\/td><td>\n  &nbsp;\n  <\/td><\/tr><tr><td>\n  23\n  <\/td><td>\n  STSL\n  <\/td><td>\n  261.000.000\n  <\/td><td>\n  261\n  000 000\n  <\/td><td>\n  &nbsp;100,00%\n  <\/td><\/tr><tr><td>\n  24\n  <\/td><td>\n  T Oil\n  <\/td><td>\n  104.100.000\n  <\/td><td>\n  104\n  054 093\n  <\/td><td>\n  &nbsp;99,96%\n  <\/td><\/tr><tr><td>\n  <strong>TOTAL<\/strong>\n  <\/td><td>\n  <strong>18 898 200 000<\/strong><strong><\/strong>\n  <\/td><td>\n  <strong>21\n  783 810 843<\/strong><strong><\/strong>\n  <\/td><td>\n  <strong>&nbsp;115,27%<\/strong><strong><\/strong>\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<p>L\u2019analyse du tableau ci-dessus\npermet de faire quelques observations. De fa\u00e7on g\u00e9n\u00e9rale, la part des\ndividendes dans le budget est faible. Seulement 18 898 200 000 F CFA sur un\ntotal de 1 412 230 955 000 F CFA, soit un taux de 1,34%.<\/p>\n\n\n\n<p>N\u00e9anmoins, hormis AFRICA-RE qui a\nr\u00e9alis\u00e9 00% de ses pr\u00e9visions en dividendes et dont les raisons restent\ninconnues, toutes les autres soci\u00e9t\u00e9s ont r\u00e9alis\u00e9 la totalit\u00e9 des pr\u00e9visions.<\/p>\n\n\n\n<p>Quatre soci\u00e9t\u00e9s, notamment CICA-RE\n(113,64%), LONATO (125,00%) GROUPE TOGOTELECOM (123,75%) et VOLTIC-TOGO SARL\n(180,00%) ont r\u00e9alis\u00e9 au-del\u00e0 des pr\u00e9visions. Cette situation atteste la non\nmaitrise des pr\u00e9visions des dividendes pour certaines soci\u00e9t\u00e9s.<\/p>\n\n\n\n<p>Par ailleurs, l\u2019on constate qu\u2019<strong>une dizaine de soci\u00e9t\u00e9s, bien que\nr\u00e9pertori\u00e9es n\u2019ont pas fait l\u2019objet de pr\u00e9visions budg\u00e9taires. La Cour a\ndemand\u00e9 des explications sur cet \u00e9tat de fait au minist\u00e8re des Finances qui y a\nr\u00e9pondu. Elle en prend acte tout en estimant que l\u2019explication n\u2019est pas\nsatisfaisante. Elle se r\u00e9serve le droit de programmer l\u2019audit de telles\nstructures aux r\u00e9sultats d\u00e9ficitaires<\/strong>.<\/p>\n\n\n\n<p><strong>Int\u00e9r\u00eats\nde la dette publique<\/strong><\/p>\n\n\n\n<p><strong>Pr\u00e9sentation analytique des charges\nfinanci\u00e8res de la dette publique<\/strong><\/p>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  D\u00e9signation\n  <\/td><td>\n  Pr\u00e9vision\n  <\/td><td>\n  Ordonnancements\n  <\/td><td>\n  Ecart\n  <\/td><td>\n  Taux\n  <strong>&nbsp;<\/strong>\n  <\/td><\/tr><tr><td>\n  Int\u00e9r\u00eats\n  de la dette int\u00e9rieure\n  <\/td><td>\n  47\n  161 047 000\n  <\/td><td>\n  40\n  929 108 574\n  <\/td><td>\n  6\n  231 938 426\n  <\/td><td>\n  86,79%\n  <strong>&nbsp;<\/strong>\n  <\/td><\/tr><tr><td>\n  Int\u00e9r\u00eats\n  de la dette ext\u00e9rieure\n  <\/td><td>\n  11\n  533 930 000\n  <\/td><td>\n  11 533\n  930&nbsp;000\n  <strong>&nbsp;<\/strong>\n  <\/td><td>\n  <strong>&#8211;<\/strong>\n  <\/td><td>\n  100,00%\n  <\/td><\/tr><tr><td>\n  <strong>Total<\/strong>\n  <\/td><td>\n  <strong>58\n  694 977 000<\/strong>\n  <\/td><td>\n  <strong>52\n  463 038 574<\/strong>\n  <\/td><td>\n  <strong>6\n  231 938 426<\/strong>\n  <\/td><td>\n  <strong>89,38%<\/strong>\n  <strong>&nbsp;<\/strong>\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<p><strong>La\nDette publique<\/strong><\/p>\n\n\n\n<p>Conform\u00e9ment \u00e0 la loi organique\nrelative aux lois de finances, l\u2019amortissement de la dette publique est une\nop\u00e9ration de tr\u00e9sorerie. Seules les charges de la dette (int\u00e9r\u00eats et frais\nfinanciers) sont consid\u00e9r\u00e9es comme des d\u00e9penses budg\u00e9taires.<\/p>\n\n\n\n<p>Afin d\u2019examiner la situation du\nservice de la dette publique (amortissement du capital plus int\u00e9r\u00eat) et\nl\u2019encours de la dette publique (stock de la dette) au 31 d\u00e9cembre 2017, la Cour\na exploit\u00e9 les chiffres fournis par la direction de la dette publique.<\/p>\n\n\n\n<p><strong>Service de\nla dette publique<\/strong><\/p>\n\n\n\n<p>Le service de la dette publique se\ncompose du service de la dette int\u00e9rieure et de la dette ext\u00e9rieure. Au 31\nd\u00e9cembre 2017, le service de la dette a \u00e9t\u00e9 estim\u00e9 \u00e0 504 298 754 703 F CFA\ncompos\u00e9 de 455 198 444 342 F CFA sur la dette int\u00e9rieure et 49 100 310 361 F\nCFA sur la dette ext\u00e9rieure, soit respectivement 90% et 10%. La Cour note une\nhausse du service de la dette de 17,49% entre 2016 et 2017.<\/p>\n\n\n\n<p><strong>Evolution\ndu service de la dette publique entre 2016 et 2017<\/strong><\/p>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  <strong>LIBELLES<\/strong><strong><\/strong>\n  <\/td><td>\n  <strong>Montants 2016<\/strong><strong><\/strong>\n  <\/td><td>\n  <strong>Montants 2017<\/strong><strong><\/strong>\n  <\/td><td>\n  <strong>Var Montants<\/strong><strong><\/strong>\n  <\/td><td>\n  <strong>&nbsp;Var Taux<\/strong>\n  <\/td><\/tr><tr><td>\n  BILATERAUX\n  <\/td><td>\n  4 362 582 001\n  <\/td><td>\n  5 085 700 070\n  <\/td><td>\n  723 118 069\n  <\/td><td>\n  16,58%\n  <\/td><\/tr><tr><td>\n  COMMERCIAUX\n  <\/td><td>\n  15 463 817 083\n  <\/td><td>\n  22 653 616 812\n  <\/td><td>\n  7 189 799 729\n  <\/td><td>\n  46,49%\n  <\/td><\/tr><tr><td>\n  MULTILATERAUX\n  <\/td><td>\n  21 279 427 686\n  <\/td><td>\n  21 360 993 479\n  <\/td><td>\n  81 565 793\n  <\/td><td>\n  0,38%\n  <\/td><\/tr><tr><td>\n  <strong>TOTAL service dette ext\u00e9rieure<\/strong><strong><\/strong>\n  <\/td><td>\n  <strong>41 105 826 770<\/strong><strong><\/strong>\n  <\/td><td>\n  <strong>49 100 310 361<\/strong><strong><\/strong>\n  <\/td><td>\n  <strong>7 994 483 591<\/strong><strong><\/strong>\n  <\/td><td>\n  <strong>19,45%<\/strong><strong><\/strong>\n  <\/td><\/tr><tr><td>\n  Titrisation des\n  cr\u00e9ances de\n  Banques\n  <\/td><td>\n  13 316 000 000\n  <\/td><td>\n  &#8211;\n  <\/td><td>\n  (13316 000&nbsp;000)\n  <\/td><td>\n  -100,00%\n  <\/td><\/tr><tr><td>\n  Emprunt obligataires\n  <\/td><td>\n  96 755 191 249\n  <\/td><td>\n  113 201 110 140\n  <\/td><td>\n  16 445 918 891\n  <\/td><td>\n  17,00%\n  <\/td><\/tr><tr><td>\n  Bon de tr\u00e9sor\n  <\/td><td>\n  129 366 237 104\n  <\/td><td>\n  97 074 307 276\n  <\/td><td>\n  (32 291 929&nbsp;828)\n  <\/td><td>\n  -24,96%\n  <\/td><\/tr><tr><td>\n  Allocation DTS\n  <\/td><td>\n  5 343 587 778\n  <\/td><td>\n  6 734 132 983\n  <\/td><td>\n  1 390 545 205\n  <\/td><td>\n  26,02%\n  <\/td><\/tr><tr><td>\n  BOAD\n  <\/td><td>\n  10 665 302 289\n  <\/td><td>\n  11 854 709 176\n  <\/td><td>\n  1 189 406 887\n  <\/td><td>\n  11,15%\n  <\/td><\/tr><tr><td>\n  Pr\u00e9financements\n  <\/td><td>\n  132 689 926 183\n  <\/td><td>\n  226 334 184 767\n  <\/td><td>\n  93 644 258 584\n  <\/td><td>\n  70,57%\n  <\/td><\/tr><tr><td>\n  <strong>TOTAL service dette int\u00e9rieure<\/strong><strong><\/strong>\n  <\/td><td>\n  <strong>388 136 244 603<\/strong>\n  <\/td><td>\n  <strong>455 198 444 342<\/strong>\n  <\/td><td>\n  <strong>67 062 199 739<\/strong>\n  <\/td><td>\n  <strong>17,28%<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>Total service de la dette<\/strong><strong><\/strong>\n  <\/td><td>\n  <strong>429 242 071 373<\/strong>\n  <\/td><td>\n  <strong>504 298 754 703<\/strong>\n  <\/td><td>\n  <strong>75 056 683 330<\/strong>\n  <\/td><td>\n  <strong>17,49%<\/strong>\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<p>Le tableau suivant retrace la\nd\u00e9composition de la dette int\u00e9rieure pendant la p\u00e9riode sous revue.<\/p>\n\n\n\n<p><strong>D\u00e9composition\ndu service de la dette int\u00e9rieure du 1er janvier au 31 d\u00e9cembre 2017<\/strong><\/p>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  <strong>RUBRIQUES<\/strong>\n  <\/td><td>\n  <strong>Principal<\/strong>\n  <\/td><td>\n  <strong>Int\u00e9r\u00eats\/commissions<\/strong>\n  <\/td><td>\n  <strong>Total<\/strong>\n  <\/td><td>\n  &nbsp;\n  <\/td><\/tr><tr><td>\n  <strong>TITRES PUBLICS<\/strong>\n  <\/td><td>\n  <strong>179 795 548 703<\/strong>\n  <\/td><td>\n  <strong>30 479 868 713<\/strong>\n  <\/td><td>\n  <strong>210 275 417 416<\/strong>\n  <\/td><td>\n  <strong>46,19%<\/strong>\n  <\/td><\/tr><tr><td>\n  EMPRUNTS OBLIGATAIRES\n  <\/td><td>\n  86 795 548 703\n  <\/td><td>\n  26 405 561 437\n  <\/td><td>\n  113 201 110 140\n  <\/td><td>\n  24,87%\n  <\/td><\/tr><tr><td>\n  BONS DU TRESOR\n  <\/td><td>\n  93 000 000 000\n  <\/td><td>\n  4 074 307 276\n  <\/td><td>\n  97 074 307 276\n  <\/td><td>\n  21,33%\n  <\/td><\/tr><tr><td>\n  <strong>ALLOCATION DTS<\/strong>\n  <\/td><td>\n  <strong>6 243 270 245<\/strong>\n  <\/td><td>\n  <strong>490 862 738<\/strong>\n  <\/td><td>\n  <strong>6 734 132 983<\/strong>\n  <\/td><td>\n  <strong>1,48%<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>BOAD<\/strong>\n  <\/td><td>\n  <strong>4 084 250 000<\/strong>\n  <\/td><td>\n  <strong>7 770 459 176<\/strong>\n  <\/td><td>\n  <strong>11 854 709 176<\/strong>\n  <\/td><td>\n  <strong>2,60%<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>PREFINANCEMENT<\/strong>\n  <\/td><td>\n  <strong>226 334 184 767<\/strong>\n  <\/td><td>\n  &#8211;\n  <\/td><td>\n  <strong>226 334 184 767<\/strong>\n  <\/td><td>\n  <strong>49,72%<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>TOTAL<\/strong>\n  <\/td><td>\n  <strong>416 457 253 715<\/strong>\n  <\/td><td>\n  <strong>38 741 190 627<\/strong>\n  <\/td><td>\n  <strong>455 198 444 342<\/strong>\n  <\/td><td>\n  <strong>100,00%<\/strong>\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<p><strong>Le\nservice de la dette int\u00e9rieure pour la gestion 2017 s\u2019\u00e9l\u00e8ve \u00e0 455 198 444 342 F\nCFA constitu\u00e9 du principal pour 416 457 253 715 F CFA et des int\u00e9r\u00eats et\ncommission pour 38 741 190 627 F CFA. Ce montant est constitu\u00e9 essentiellement\ndu pr\u00e9financement (226 334 184 767 F CFA, soit 49,72% et des emprunts\nobligataires pour 113 201 110 140 FCFA, soit 24,87%, des bons de Tr\u00e9sor pour 97\n074 307 276 F CFA, soit 21,33%.<\/strong><\/p>\n\n\n\n<p>Le service de la dette ext\u00e9rieure\nest \u00e9valu\u00e9 \u00e0 49 100 310 361 F CFA en 2017 et 41 105 826 770 F CFA en 2016. La\nCour note une hausse de 7 994 483 591 F CFA du service de la dette ext\u00e9rieure\nen 2017 par rapport \u00e0 l\u2019ann\u00e9e pr\u00e9c\u00e9dente, soit 19,4%.<\/p>\n\n\n\n<p><strong>Les\npr\u00e9financements repr\u00e9sentent presque la moiti\u00e9 du service de la dette publique\nint\u00e9rieure.<\/strong><\/p>\n\n\n\n<p>Les tableaux suivants donnent les\nd\u00e9tails de la composition du service de la dette ext\u00e9rieure en 2017.<\/p>\n\n\n\n<p><strong>Synth\u00e8se\ndes donn\u00e9es du service de la dette ext\u00e9rieure en 2017<\/strong><\/p>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  <strong>Libelles<\/strong>\n  <\/td><td>\n  <strong>Principal<\/strong>\n  <\/td><td>\n  <strong>Int\u00e9r\u00eats<\/strong>\n  <\/td><td>\n  <strong>Rapport Int\u00e9r\u00eats<\/strong>\n  <strong>sur\n  Capital<\/strong>\n  <\/td><td>\n  <strong>Total<\/strong>\n  <\/td><td>\n  <strong>Poids<\/strong>\n  <\/td><\/tr><tr><td>\n  BILATERAUX\n  <\/td><td>\n  3\n  823 210 385\n  <\/td><td>\n  539\n  371 617\n  <\/td><td>\n  14,11%\n  <\/td><td>\n  4\n  362 582 001\n  <\/td><td>\n  10,61%\n  <\/td><\/tr><tr><td>\n  COMMERCIAUX\n  <\/td><td>\n  9\n  255 422 448\n  <\/td><td>\n  6\n  208 394 636\n  <\/td><td>\n  67,08%\n  <\/td><td>\n  15\n  463 817 083\n  <\/td><td>\n  37,62%\n  <\/td><\/tr><tr><td>\n  MULTILATERAUX\n  <\/td><td>\n  19\n  190 592 238\n  <\/td><td>\n  2\n  088 835 448\n  <\/td><td>\n  10,88%\n  <\/td><td>\n  21\n  279 427 686\n  <\/td><td>\n  51,77%\n  <\/td><\/tr><tr><td>\n  <strong>TOTAL\n  2016<\/strong>\n  <\/td><td>\n  <strong>32\n  269 225 071<\/strong>\n  <\/td><td>\n  <strong>8\n  836 601 701<\/strong>\n  <\/td><td>\n  <strong>27,38%<\/strong>\n  <\/td><td>\n  <strong>41\n  105 826 770<\/strong>\n  <\/td><td>\n  <strong>100,00%<\/strong>\n  <\/td><\/tr><tr><td>\n  BILATERAUX\n  <\/td><td>\n  3\n  410 692 312\n  <\/td><td>\n  1\n  675 007 758\n  <\/td><td>\n  49,11%\n  <\/td><td>\n  5\n  085 700 070\n  <\/td><td>\n  10,36%\n  <\/td><\/tr><tr><td>\n  COMMERCIAUX\n  <\/td><td>\n  16\n  280 570 357\n  <\/td><td>\n  6\n  373 046 454\n  <\/td><td>\n  39,15%\n  <\/td><td>\n  22\n  653 616 812\n  <\/td><td>\n  46,14%\n  <\/td><\/tr><tr><td>\n  MULTILATERAUX\n  <\/td><td>\n  19\n  543 038 693\n  <\/td><td>\n  1\n  817 954 787\n  <\/td><td>\n  9,30%\n  <\/td><td>\n  21\n  360 993 479\n  <\/td><td>\n  43,50%\n  <\/td><\/tr><tr><td>\n  <strong>TOTAL\n  2017<\/strong>\n  <\/td><td>\n  <strong>39\n  234 301 362<\/strong>\n  <\/td><td>\n  <strong>9\n  866 008 999<\/strong>\n  <\/td><td>\n  <strong>25,15%<\/strong>\n  <\/td><td>\n  <strong>49\n  100 310 361<\/strong>\n  <\/td><td>\n  <strong>100,00%<\/strong>\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<p>A la lecture du tableau ci-dessus,\non constate que les int\u00e9r\u00eats et commissions pay\u00e9s chaque ann\u00e9e repr\u00e9sentent en\nmoyenne plus de 25% de l\u2019amortissement du capital, soit 27,38% en 2016 et\n25,14% en 2017. Il faut relever que ce rapport est plus faible au niveau des\nint\u00e9r\u00eats pay\u00e9s sur les dettes multilat\u00e9rales : 10,88% en 2016 et 9,30% en 2017.\nCeci s\u2019explique par le fait que le taux de la dette multilat\u00e9rale est plus concessionnel\nque celui des autres cat\u00e9gories de dettes.<\/p>\n\n\n\n<p><strong>Stock de\nla dette publique<\/strong><\/p>\n\n\n\n<p><strong>Situation\ndu stock de la dette publique<\/strong><\/p>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  <strong>Rubriques<\/strong>\n  <\/td><td>\n  <strong>2016<\/strong>\n  <\/td><td>\n  <strong>Poids par<\/strong>\n  <strong>rapport au total<\/strong>\n  <\/td><td>\n  <strong>2017<\/strong>\n  <\/td><td>\n  <strong>Poids par<\/strong>\n  <strong>rapport au total<\/strong>\n  <\/td><td>\n  Var montant\n  <\/td><td>\n  Var %\n  <\/td><\/tr><tr><td>\n  Dette int\u00e9rieure\n  <\/td><td>\n  1 528 538 697 535\n  <\/td><td>\n  74,66%\n  <\/td><td>\n  1 470 079 920 448\n  <\/td><td>\n  73,20%\n  <\/td><td>\n  -58 458 777 087\n  <\/td><td>\n  -3,8%\n  <\/td><\/tr><tr><td>\n  Dette Ext\u00e9rieure\n  <\/td><td>\n  518 802 576 086\n  <\/td><td>\n  25,34%\n  <\/td><td>\n  538 134 191 765\n  <\/td><td>\n  26,80%\n  <\/td><td>\n  19 331 615 679\n  <\/td><td>\n  3,7%\n  <\/td><\/tr><tr><td>\n  <strong>Encours total<\/strong>\n  <\/td><td>\n  <strong>2 047 341 273 621<\/strong>\n  <\/td><td>\n  <strong>100,00%<\/strong>\n  <\/td><td>\n  <strong>2 008 214 112 213<\/strong>\n  <\/td><td>\n  <strong>100,00%<\/strong>\n  <\/td><td>\n  <strong>-39 127 161 408<\/strong>\n  <\/td><td>\n  <strong>-1,9%<\/strong>\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<p><strong>L\u2019encours\nde la dette publique au 31 d\u00e9cembre 2017 est de 2008, 214 milliards de FCFA<\/strong>, en\nbaisse de 1,9% par rapport \u00e0 son niveau au 31\/12\/2016.<\/p>\n\n\n\n<p>Cette dette est compos\u00e9e de la\ndette int\u00e9rieure dont le stock s\u2019\u00e9l\u00e8ve \u00e0 1 470,080 milliards FCFA, soit 73,20%\net de dette ext\u00e9rieure qui s\u2019\u00e9l\u00e8ve \u00e0 538,134 milliards de F CFA, repr\u00e9sentant\n26,80% du stock total.<\/p>\n\n\n\n<p><strong>Variation\nde l&rsquo;encours de la dette int\u00e9rieure non conventionnelle 2016-2017<\/strong><\/p>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  <strong>RUBRIQUES<\/strong>\n  <\/td><td>\n  <strong>2016<\/strong>\n  <\/td><td>\n  <strong>2017<\/strong>\n  <\/td><td>\n  <strong>Var<\/strong> <strong>Montant<\/strong>\n  <\/td><td>\n  Var %\n  <\/td><\/tr><tr><td>\n  <strong>I- ARRIERES AUDITES PAR LE CABINET KPMG<\/strong>\n  <\/td><td>\n  <strong>154 820 261 529<\/strong>\n  <\/td><td>\n  <strong>154 820 261 529<\/strong>\n  <\/td><td>\n  0\n  <\/td><td>\n  0%\n  <\/td><\/tr><tr><td>\n  <em>ARRIERE DETTE FINANCIERE<\/em>\n  <\/td><td>\n  <em>86 911 338 041<\/em>\n  <\/td><td>\n  <em>86 911 338 041<\/em>\n  <\/td><td>\n  0\n  <\/td><td>\n  0%\n  <\/td><\/tr><tr><td>\n  <em>ARRIERE DETTE COMMERCIALE (SECTEUR\n  PRIVE)<\/em>\n  <\/td><td>\n  <em>4 829 793 806<\/em>\n  <\/td><td>\n  <em>4 829 793 806<\/em>\n  <\/td><td>\n  0\n  <\/td><td>\n  0%\n  <\/td><\/tr><tr><td>\n  <em>ARRIERE DETTE SOCIALE<\/em>\n  <\/td><td>\n  <em>62 155 318 988<\/em>\n  <\/td><td>\n  <em>62 155 318 988<\/em>\n  <\/td><td>\n  0\n  <\/td><td>\n  0%\n  <\/td><\/tr><tr><td>\n  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n  Envers la CRT\n  <\/td><td>\n  43 773 217 494\n  <\/td><td>\n  43 773 217 494\n  <\/td><td>\n  0\n  <\/td><td>\n  0%\n  <\/td><\/tr><tr><td>\n  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Envers la CNSS\n  <\/td><td>\n  18 382 101 494\n  <\/td><td>\n  18 382 101 494\n  <\/td><td>\n  0\n  <\/td><td>\n  0%\n  <\/td><\/tr><tr><td>\n  <em>ARRIERE RISQUE\n  ET ENGAGEMENT (Compte des<\/em>\n  <em>correspondants du Tr\u00e9sor)<\/em>\n  <\/td><td>\n  <em>923 810 694<\/em>\n  <\/td><td>\n  <em>923 810 694<\/em>\n  <\/td><td>\n  0\n  <\/td><td>\n  0%\n  <\/td><\/tr><tr><td>\n  <strong>II- ARRIERES DU TOFE<\/strong>\n  <\/td><td>\n  <strong>121 600 000 000<\/strong>\n  <\/td><td>\n  <strong>100 207 918 456<\/strong>\n  <\/td><td>\n  <strong>-21 392 081 544<\/strong>\n  <\/td><td>\n  <strong>-17,59%<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>III- PASSIFS DE\n  L&rsquo;ETAT (LIQUIDATION DES ENTREPRISES<\/strong>\n  <strong>D&rsquo;ETAT)<\/strong>\n  <\/td><td>\n  <strong>39 167 462 121<\/strong>\n  <\/td><td>\n  <strong>36 192 569 111<\/strong>\n  <\/td><td>\n  <strong>-2 974 893 010<\/strong>\n  <\/td><td>\n  <strong>-7,60%<\/strong>\n  <\/td><\/tr><tr><td>\n  SOTOCO\n  <\/td><td>\n  3 517 680 331\n  <\/td><td>\n  3 517 680 331\n  <\/td><td>\n  0\n  <\/td><td>\n  0%\n  <\/td><\/tr><tr><td>\n  OTP\n  <\/td><td>\n  10 557 544 268\n  <\/td><td>\n  9 935 096 128\n  <\/td><td>\n  -622 448 140\n  <\/td><td>\n  -5,90%\n  <\/td><\/tr><tr><td>\n  IFG\n  <\/td><td>\n  9 370 132 444\n  <\/td><td>\n  6 810 151 211\n  <\/td><td>\n  -2 559 981 233\n  <\/td><td>\n  -27,32%\n  <\/td><\/tr><tr><td>\n  TOGOPHARMA\n  <\/td><td>\n  1 068 916 050\n  <\/td><td>\n  1 073 836 050\n  <\/td><td>\n  4 920 000\n  <\/td><td>\n  0,46%\n  <\/td><\/tr><tr><td>\n  FER\n  <\/td><td>\n  3 389 682 772\n  <\/td><td>\n  3 389 682 772\n  <\/td><td>\n  0\n  <\/td><td>\n  0%\n  <\/td><\/tr><tr><td>\n  FICAO\n  <\/td><td>\n  11 263 506 256\n  <\/td><td>\n  11 263 506 256\n  <\/td><td>\n  0\n  <\/td><td>\n  0%\n  <\/td><\/tr><tr><td>\n  LIMUSCO\n  <\/td><td>\n  &nbsp;\n  <\/td><td>\n  202 616 363\n  <\/td><td>\n  202 616 363\n  <\/td><td>\n  &nbsp;\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<p>L\u2019examen des donn\u00e9es ci-dessus\npermet de constater qu\u2019aucune mesure n\u2019est prise par le gouvernement pour\nl\u2019apurement de certaines dettes non conventionnelles, en l\u2019occurrence les\narri\u00e9r\u00e9s de la dette sociale figurant dans le tableau ci-dessus.<\/p>\n\n\n\n<p><strong>Stock de\nla dette ext\u00e9rieure 2016-2017<\/strong><\/p>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  <em>Cr\u00e9anciers<\/em>\n  <\/td><td>\n  2016\n  <\/td><td>\n  2017\n  <\/td><td>\n  Variation\n  <\/td><\/tr><tr><td>\n  <em>Montant<\/em>\n  <\/td><td>\n  <em>Montant<\/em>\n  <\/td><td>\n  <em>Montant<\/em>\n  <\/td><td>\n  %\n  <\/td><\/tr><tr><td>\n  BILATERAUX\n  (CP+NCP)\n  <\/td><td>\n  42\n  767 521 958\n  <\/td><td>\n  40\n  657 146 333\n  <\/td><td>\n  -2\n  110 375 625\n  <\/td><td>\n  -4,93%\n  <\/td><\/tr><tr><td>\n  COMMERCIAUX\n  <\/td><td>\n  307\n  828 224 566\n  <\/td><td>\n  305\n  768 555 510\n  <\/td><td>\n  -2\n  059 669 056\n  <\/td><td>\n  -0,67%\n  <\/td><\/tr><tr><td>\n  MULTILATERAUX\n  <\/td><td>\n  168\n  206 829 562\n  <\/td><td>\n  191\n  708 489 922\n  <\/td><td>\n  23\n  501 660 360\n  <\/td><td>\n  13,97%\n  <\/td><\/tr><tr><td>\n  <strong>TOTAL<\/strong>\n  <\/td><td>\n  <strong>518\n  802 576 086<\/strong>\n  <\/td><td>\n  <strong>538\n  134 191 765<\/strong>\n  <\/td><td>\n  <strong>19\n  331 615 679<\/strong>\n  <\/td><td>\n  <strong>3,73%<\/strong>\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<p>Au 31\/12\/2017, le stock de la dette\next\u00e9rieure du Togo est de 538 134 191 765 F CFA, en hausse de 3,73% par rapport\n\u00e0 son niveau au 31\/12\/2016. Cette hausse du stock de la dette ext\u00e9rieure\ncontraste avec la diminution du stock de la dette int\u00e9rieure qui est pass\u00e9e de\n1 528 538 697 535 FCFA en 2016 \u00e0 1 470 079 920 448 F CFA en 2017, soit un taux\nde -3,8%. A l\u2019analyse, la dette ext\u00e9rieure vis-\u00e0-vis des cr\u00e9anciers bilat\u00e9raux\net commerciaux a baiss\u00e9 respectivement de 4,93% et 0,67% tandis que le volume\nde la dette envers les cr\u00e9anciers multilat\u00e9raux s\u2019est accru de 13,97%. Cette\norientation de l\u2019endettement envers les multilat\u00e9raux est certainement un choix\nafin de b\u00e9n\u00e9ficier de financement \u00e0 des taux plus concessionnels en coh\u00e9rence\navec l\u2019analyse tir\u00e9e du tableau ci-dessus.<\/p>\n\n\n\n<p><strong><em>Godson K.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Un service de la dette plomb\u00e9 par les pr\u00e9financements, des soci\u00e9t\u00e9s non repertori\u00e9es dans les pr\u00e9visions budg\u00e9taires&#8230; Les pr\u00e9financements repr\u00e9sentent presque la moiti\u00e9 du service de la dette publique int\u00e9rieure Le rapport d\u2019ex\u00e9cution et de contr\u00f4le de la Cour des Comptes de la loi de finances, gestion 2017 a tout dit sur l\u2019\u00e9tat des finances &hellip;<\/p>\n","protected":false},"author":2,"featured_media":1072,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1071","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economie"],"_links":{"self":[{"href":"https:\/\/libertetogo.tg\/index.php\/wp-json\/wp\/v2\/posts\/1071","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/libertetogo.tg\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/libertetogo.tg\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/libertetogo.tg\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/libertetogo.tg\/index.php\/wp-json\/wp\/v2\/comments?post=1071"}],"version-history":[{"count":1,"href":"https:\/\/libertetogo.tg\/index.php\/wp-json\/wp\/v2\/posts\/1071\/revisions"}],"predecessor-version":[{"id":1073,"href":"https:\/\/libertetogo.tg\/index.php\/wp-json\/wp\/v2\/posts\/1071\/revisions\/1073"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/libertetogo.tg\/index.php\/wp-json\/wp\/v2\/media\/1072"}],"wp:attachment":[{"href":"https:\/\/libertetogo.tg\/index.php\/wp-json\/wp\/v2\/media?parent=1071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/libertetogo.tg\/index.php\/wp-json\/wp\/v2\/categories?post=1071"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/libertetogo.tg\/index.php\/wp-json\/wp\/v2\/tags?post=1071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}