Parliament of São Tomé and Principe debates 2016 budget

The Major Planning Options and the 2016 State Budget of São Tomé and Príncipe, whose discussion started in the country’s parliament, include an economic growth forecast of 5 percent and an inflation rate of around 4 percent, according to press reports.

This budget proposal outlines expenses of about 152 million euros, an increase of 34 percent compared to the execution forecast to December 2015 and that already takes account of the credit facility agreed with the International Monetary Fund (IMF).

The prime minister, Patrice Trovoada, said the bill was “drafted in the light of the current reality” of the São Tomé economy “with all its widely discussed and well known constraints, with the backdrop of the global economic crisis,” and its impact on the economy.

Current revenue this year is expected to increase by the equivalent of 15.1 percent of GDP, which, according to the government, is in line with the conditions of the programme agreed with the IMF. (macauhub/ST)