Sao Tome, Sao Tome and Principe, 25 Oct – The World Bank will grant US$4 million in direct financing to the 2011 state budget of Sao Tome and Principe, the island country’s minister of finance and international cooperation said on Friday in Sao Tome.
Americo Ramos, who participated in the World Bank’s annual meeting in Washington, said that the state budget funding resulted from the country’s improved financial and monetary performance.
Ramos also announced an upcoming visit by a World Bank mission that will analyse public finances and monetary policy up to September and discuss with the Sao Tome authorities budget implementation for the rest of the year, as well as “the government’s plans for 2011”.
He acknowledged that the country had “many revenue limitations due to existing commitments” and that for this reason the government aimed to achieve a fiscal policy that would allow revenues “to at least help us resolve ongoing domestic problems”.
Budget policy for financial year 2011/2012 will “take steps to rein in spending and increase revenue gathering,” Ramos added. (macauhub)