Sao Tome and Principe: State budget proposes US$12 million spend on agricultural development

8 April 2008

Sao Tome, Sao Tome and Principe, 8 April – The government of Sao Tome and Principe, Monday announced the application of around US$12 million, over the next eight months, for agricultural development on the archipelago.

Prime Minister Patrice Trovoada said that the figure accounted for 22 percent of the total amount earmarked for investment in the State Budget.

With an overall value of US$86 million the 2008 proposal outlines US$52 million in public investment as compared with US$19.2 million in 2007.

The 2008 Budget outlines 15 percent of total expenditure for the energy sector and 16 percent for the water sector.

Trovoada told the National Assembly that the budget was “strict and austere,” as it did not include a salary increase for public workers.

Sao Tome and Principe’s state budget has been over 80-percent guaranteed by outside partners as its cocoa-based internal production is almost non-existent, accounting for just US$3 million per year.

For 2008 the World Bank has pledged to provide US$4 million and Taiwan a further US$15 million to support Sao Tome and Principe’s state budget. (macauhub)