WASHINGTON, May 19, 2011 - The World Bank Board of Executive Directors today approved an International Development Association (IDA) grant of US$4.2 million equivalent in support of the implementation of Sao-Tomé and Principe’s Public Resource Management and Governance Reform program.
The grant is made available through a World Bank policy lending instrument and will assist the Government of São-Tome and Principe in further investing in the current efforts of improving its public management and governance. The program will specially support the implementation of the government's reform program, focusing on: 1) improving budget transparency and the implementation of pro-poor expenditures; 2) strengthening the management of public accounts and assets; 3) enhancing the oversight and financial controls of public enterprises; 4) strengthening the framework for managing fiscal policy including public debt; and 5) enhancing donor coordination.
“This grant also supports the preparation of new Poverty Reduction Strategic Paper (PRSP) which will be based on an updated poverty profile originating from a new household survey which will be completed by August 2011 and an analysis of growth diversification options,” said Marco Antonio Hernández, the World Bank project’s Team Leader. “The actions supported by this Grant are expected to have positive poverty and social impacts, as there is a direct correlation between public financial management and governance with the effectiveness of poverty reduction efforts.”
