United States supports economy of Sao Tome and Principe

18 September 2007

Sao Tome, Sao Tome and Principe, 17 Sept – The United States government has provided US$8.6 million to Sao Tome and Principe to improve the archipelago’s economic indicators, the Sao Tome Minister for Planning and Finance said Friday in Sao Tome.

Maria Tébus told journalists that the decision taken Wednesday in Washington by the board of the Millennium Challenge Corporation (MCC), aimed to help introduce fiscal and customs reforms in Sao Tome and Principe for the country to benefit, within two years, from the Millennium Compact program (a specific financing program for the country selected by the MCC).

The minister said that, under the guidance of the US authorities, the fund would be applied to increasing customs revenues by applying a program of incentives to the customs administration and taxation directorate.

The program is also aimed at restructuring some judicial sectors in order to reduce costs and time for creation of a company, to encourage foreign investment in Sao Tome and Principe, she said.

The minister added that the US treasury department would be responsible for implementing the Millennium program for Sao Tome and Principe, while on the Sao Tome side it would be the Ministry for Planning and Finance.

The MCC is a body of the United States government aimed at supporting some poor countries, based on pre-set criteria and with a view to sustainable development through investments in education, health, infrastructures, industry, agriculture and fishing. (macauhub)