d's fourth-largest producer of phosphate. 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 moved slowly.
Progress depends on follow through on privatization, increased
openness in government financial operations, progress toward
legislative elections, and continued support from foreign donors.
Togo is working with donors to write a Poverty Reduction and Growth
Facility (PRGF) that could eventually lead to a debt reduction plan.
Economic growth remains marginal due to declining cotton production,
underinvestment in phosphate mining, and strained relations with
donors.

Tokelau
Tokelau's small size (three villages), isolation, and lack
of resources greatly restrain economic development and confine
agriculture to the subsistence level. The people rely heavily on aid
from New Zealand - about $4 million annually - to maintain public
services with annual aid being substantially greater than GDP. The
principal sources of revenue come from sales of copra, postage
stamps, souvenir coins, and handicrafts. Money is also remitted to
families from relatives in New Zealand.

Tonga
Tonga has a small, open, South Pacific island economy. It has
a narrow export base in agricultural goods. Squash, vanilla beans,
and yams are the main crops, and agricultural exports, including
fish, make up two-thirds of total exports. The country must import a
high proportion of its food, mainly from New Zealand. The country
remains dependent on external aid and remittances from Tongan
communities overseas to offset its trade deficit. Tourism is the
second-largest source of hard currency earnings following
remittances. The government is emphasizing the development of the
private sector, especially the encouragement of investment, and is
committing increased funds for health and education. Tonga has a
reasonably sound basic infrastructure and well-developed social
services. High unemployment among the young, a continuing upturn in
inflation, pressures for democratic reform, and rising civil service
expenditures are major issues facing the government.

Trinidad and Tobago
Trinidad and Tobago has earned a reputation as
an excellent investment site for international businesses and has
one of the highest growth rates and per capita incom