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Article: IMF, World Bank to control offshore oil revenues in Sao Tome
- Article from:
- Xinhua News Agency
- Article date:
- April 12, 2003
CopyrightCopyright 2003 Xinhua News Agency. Provided by ProQuest LLC. (Hide copyright information)
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IMF, World Bank to control offshore oil revenues in Sao Tome
LUANDA, April 12 (Xinhua) -- The World Bank and International
Monetary Fund (IMF) will control the funds generated by offshore oil
exploration and production in Sao Tome and Principe, according to a
report reaching here Saturday from Sao Tome.
A joint team from the IMF and World Bank is currently in Sao Tome
to evaluate its economic performance last year and the delegation's
leader, Joachim Harnack, told local press that "the oil money has to
be spent on medium to long-term projects".
He said the Sao Tome government should follow a policy of creating
incentives in non-oil sectors of the economy by investing in public
works, ...