Togo serves as a regional commercial and trade center. The government's decade-long effort, supported by the World Bank and the IMF, to implement economic reform measures, encourage foreign investment, and bring revenues in line with expenditures has stalled. Political unrest, including private and public sector strikes throughout 1992 and 1993, has jeopardized the reform program, shrunk the tax base, and disrupted vital economic activity. The 1998 presidential elections provide an important opportunity for Togo's evolving political system to demonstrate that the country can participate in a peaceful and effective manner with World Bank and IMF programs. Progress depends on continuing privatization, increased transparency in government accounting to accommodate increased social service outlays, and possible downsizing of the military, on which the regime has depended to stay in place.
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