Government of São Tomé and Príncipe approves draft Amending Budget and expenditure cut

The São Tomé and Príncipe government has decided to cut fuels attributed to most public institutions, along with supplementary salaries and other public expenditure by 30%, according to a statement issued at the end of a cabinet meeting.

These and other measures of the same kind, described as “corrective”, will be temporary “until at least the end of the current fiscal year”, with a “considerable impact on both the expenditure and revenue side.”

The government also approved a draft amending budget law for 2017 to be submitted to the country’s parliament, which was required because of, “the erratic development of the national economy” and by the recent development agreement with the People’s Republic of China, which will focus on new areas and new financing.

The State Budget for 2017, approved by the parliamentary majority of the Independent Democratic Action Party, outlines spending of just over 133 million euros, an increase of 23.4% over the estimated budget execution to December 2016. (macauhub)