Public and Natural Resource Management Development Policy Supplemental Grant

closed

The supplemental financing grant will assist the authorities in pursuing the original objectives of the Public and Natural Resource Management Development Policy Grant Project (PNRMD) for Sao Tome and Principe is to help implement the Government's economic reform program during 2008-2009 that is based on the country~^!!^s poverty reduction strategic paper (PRSP) by supporting policy measures aimed at: (i) improving accountability, effectiveness and the level of public resources; and (ii) strengthening governance in the oil sector. In addition, the PNRMD will support the government~^!!^s plan to initiate preparation of a new PRSP. In particular, the grant is expected to translate into: (i) a fully financed 2009 budget; and (ii) sustained reforms in public finance management and the petroleum sector. This will be reflected into: (a) a PRSP document revised to incorporate the petroleum economy and a growth strategy; (b) improved budget preparation that reflects the priorities of the Government and enhanced institutions; (c) more transparent procurement processes; (d) increased transparency and accountability of public financial resources; (e) improved Government management of government accounts and assets; (f) improved payroll management; (g) simpler and more equitable tax system; and (h) transparent and efficient use of petroleum revenues.