The proposed General Budget Law of the State of São Tomé and Príncipe for the 2019 economic year submitted to parliament includes expenditure in the equivalent of US$150 million, the country’s prime minister said on Tuesday in São Tomé.
Jorge Bom Jesus, after delivering the document to the president of the São Tomé parliament, said that expenses will be 90% financed with external aid, 76% in the form of donations from bilateral partners and 24% by multilateral cooperation, and the remaining 10% will be covered by domestic revenue.
The prime minister said that the largest share of funding in the budget is for public works and infrastructure with about 23%, followed by health with 16%, education with 15% and agriculture and fisheries with 12%.
Noting the policy to contain expenditure due to commitments made to the International Monetary Fund, the prime minister said that the budget proposal does not include wage increases for this year.
“We need, above all, economic growth to fight against unemployment and to drive Gross Domestic Product growth from 4.0% to at least 5.0%,” he said. (Macauhub)