IMF team discusses use of Sao Tome’s oil revenue

Nov 21, 2003 01:00 AM

The International Monetary Fund (IMF) officials have begun talks with authorities in Sao Tome and Principe aimed at pumping receipts from offshore oil exploration into development projects in the country.
According to a report, IMF Director Donald Donovan said after meeting Minister of Planning and Finance Eugenio Soares, they discussed ways to channel oil revenues into the Archipelago's 2004 state budget.

The IMF is keen to see Sao Tome begin using revenues from the offshore oil development zone it shares with Nigeria to achieve economic stability and gain relief on its $ 300 mm debts from donor nations. Donovan said that Sao Tome needs to be "realistic" about how much state investment it can currently make to tackle its chronic poverty and underdevelopment.
According to official sources of Sao Tome, an 80 % of the 2004 budget spending plan of the Archipelago will come from foreign aid. The archipelago country will receive about $ 200 mm in the first quarter of 2004 in signature bonuses from oil companies chosen to develop the offshore oil fields in the Gulf Guinea.

Source: Xinhua News Agency
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