Libya grants financial aid and sends technical team to Sao Tome

10 May 2006

Sao Tome, Sao Tome and Principe, 10 May – Lybia is set to grant financial aid and provide technical and budgetary assistance to Sao Tome and Principe, following a visit by the archipelago’s president to Tripoli last week, according to local press reports.

Daily newspaper Jornal de São Tomé reported that Foreign, Cooperation and Community Minister Carlos Gustavo dos Anjos, last week received a commitment from the Lybian authorities that financial aid would be provided and that in the next few days a specialized team would arrive on the archipelago.

The technical and financial assistance, said deputy prime minister and minister for planning and finance, Maria Tebus Torres, would allow the country to “find new formulas” to resolve the problems it is facing.

The Sao Tome delegation, headed by President Fradique de Menezes, also visited Nigeria, where it requested an extension of the deadline to pay back its debt to the country, which is valued at around US$15 million.

Tebus Torres also represented Sao Tome at the conference of cashew producing and exporting countries, which is the archipelago’s main export product, in Abuja, Nigeria.

Sao Tome’s budget outlines expenditure of a total US$87 million, 35 percent of which is for general expenses and 65 percent for capital expenditure, including paying off foreign debt, building a deep water port and refurbishing and expanding the country’s airport.

Sao Tome and Principe’s parliament recently approved the transfer to the State Budget of US$15.6 million from its Oil Account, which brings together revenue from oil exploration. (macauhub)