The East Timor government has donated US$6.8 million to support the General State Budget for 2013, Sao Tome state television station TVS reported Monday.
According to TVS, the Timor government’s decision was made last Wednesday following a visit by the president of the Sao Tome parliament, Alcino Pinto to Dili, the capital of East Timor.
Of that amount, around US$4.8 million will be channelled into public works outlined in the State Budget and US$1.2 million will be spent by the National Assembly, Sao Tome and Principe’s parliament.
Execution of Sao Tome and Principe’s State Budget, which includes expenditure of US$150 million, is more than 90 percent dependent on foreign aid, both in donations and loans.
Sao Tome and Principe’s public investments totalled US$41 million in 2012, which funding was provided by donations from Taiwan, Nigeria, Equatorial Guinea, Angola, Portugal, Japan, Brazil, Spain, the United Nations and the European Union.
The Sao Tome and Principe government is currently negotiating an agreement with its Angolan counterpart that will provide it with US$20 million to ensure execution of this year’s State Budget.
Two years ago, the East Timor government showed interest in taking part in oil exploration in Sao Tome and Principe based on an agreement signed by the two States. (macauhub)