Budget of US$159 million for São Tomé and Príncipe in 2014

7 January 2014

The National Assembly (parliament) of São Tomé and Príncipe broadly approved on Monday a state budget estimated at nearly US$159 million for financial year 2014, an official source said.

The budget is to be 90 percent sustained by foreign investment. The largest portions of foreign financing are expected to be a US$60 million loan from Angola, followed by a donation of nearly US$15 million from Taiwan.

The financing list includes projected amounts to be provided by the European Development Fund, Equatorial Guinea, Nigeria, Portugal, Japan and the United Nations.

Detailed debate of the budget is set to begin on Tuesday. The document also includes several social projects in the scope of the fight against poverty in the island country.

With a budget policy oriented toward spending containment, the economy is forecast to grow by 5 percent in 2014, with inflation at around 7 percent (macauhub)