Sao Tome and Principe: Public investment totals US$19.2 million in 2007

28 February 2008

Sao Tome, Sao Tome and Principe, 28 Feb – Sao Tome and Principe applied US$19.2 million in 2007 to its Public Investment Program, which was a fall of 23 percent as compared with 2006, one of the directors of the country’s finance ministry told macauhub Wednesday.

The director for Planning, Felipe Moniz, said that public investment in 2007 was 277 billion dobras (in Sao Tome currency), or US$19.2 million, which was lower than the amount spent in 2006 of US$24.9 million.

The amount applied between January and December 2007 was just 46.1 percent of the amount initially projected of US$41.7 million, Moniz added.

As well as having noted that “the low level of execution was due to slowness in the provision of funds by our development partners,” Moniz also said that the weak capacity to mobilize financial resources and the internal inability to encourage foreign funding, as other causes of non-fulfilment of scheduled investment.

Of the US$19.2 million spent, US$14.1 million were provided by foreign partners, US$11.5 million as donations and US$2.5 million as loans and the remaining US$5.1 million were supplied by the archipelago’s internal funds.

Of the total invested in the year, 27 percent was applied to the Public Administration sector, followed by the Health and Education sectors with 15 percent and, the fisheries sector, with 12 percent. (macauhub)