The International Monetary Fund on Monday approved a final tranche of about $14 million for Togo, as the country completes its $108 million IMF-backed economic program approved in 2008. In a statement, IMF Deputy Managing Director Nemat Shafik said the West African state had maintained a strong track record during the three-year program. She said the authorities were committed to speeding up broad-based economic reforms to boost the economy's competitiveness and potential growth. Cotton and phosphates are Togo's two largest export earners. Shafik said it was vital that Togo moves quickly to privatize the four largest state-owned banks, which would lead to a more efficient banking sector. "Other priorities are maintaining a sustainable fiscal policy, reforming public enterprises, increasing investment in physical and human capital, and improving the business climate," she added.