Sao Tome and Principe government sets up economic and financial analysis center

20 April 2007

Sao Tome, Sao Tome and Principe, 20 April – Sao Tome and Principe plans to spend US$1 million on installing a center for economic and financial research and analysis, as part of its policy to re-launch the archipelago’s economy, an official said in Sao Tome Thursday.

Advisor to the minister for Planning and Finance, Zeferino Ceita, said that the creation of this new public institution aimed to boost the country’s capacity to analyze it macro-economic situation.

The center, which is scheduled to start working in March of next year, will be the responsibility of Sao Tome’s Ministry of Planning and Finance and the Ministry of Public Administration.

Ceita said that the new center, made up of technical financial staff, will be a consulting body for political decision-making, especially in terms of public investment, financial partnerships and other similar financial operations, with the aim of safeguarding the economic interests of the archipelago.

One of the tasks of this new structure is to control the injection of public funds into social projects according to the recommendation made by development partners in relation to the debt pardon the archipelago received just over a month ago from the World Bank and the International Monetary Fund (IMF, as part of the program for Highly Indebted Poor Countries (HIPC).

The installation of the center was supported by a foreign non-governmental organization – the African Capacity Building Foundation. (macauhub)