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Government Unveils Comprehensive Reform Plan to Strengthen Public Finances
The government of São Tomé and Príncipe has launched a comprehensive reform program aimed at strengthening public finances, modernizing the customs and tax administrations, and enhancing monetary management and financial stability. The three-year plan is designed to address long-standing issues and position the country for sustainable growth.
Taxation Reform
A key component of the plan is taxation reform, which aims to increase revenue collection and reduce tax evasion. To achieve this:
- A new tax code will be introduced
- Tax administration will be streamlined
- Taxpayer services will be enhanced
- Efforts will be made to improve tax compliance among individuals and businesses
Customs Administration
The customs administration will also undergo significant reforms, including:
- Simplifying customs procedures
- Increasing transparency
- Reducing corruption
- Implementing electronic customs declaration systems
- Enhancing risk management
- Strengthening cooperation with neighboring countries
Monetary Management
The central bank will focus on strengthening monetary management, maintaining financial stability, and improving the credibility of the financial system by:
- Developing a liquidity forecasting model
- Diversifying its international reserve portfolio
- Enhancing banking supervision
Other Structural Reforms
The government has also identified several other areas that require structural reforms to support economic growth and stability, including:
- Enhancing the public financial management information system
- Improving the budget preparation process
- Strengthening external audit and control mechanisms
Implementation Plan
The implementation plan is designed to be phased over a three-year period, with specific milestones and targets set for each year. The government has committed to regular monitoring and evaluation of progress, as well as addressing any challenges that may arise during the implementation process.
Conclusion
The government’s comprehensive reform program is a significant step towards strengthening public finances and promoting sustainable economic growth in São Tomé and Príncipe. The reforms are designed to address long-standing challenges and position the country for future success. The government’s commitment to implementing these reforms will be closely monitored by international partners, and its progress will be evaluated regularly to ensure that the goals of the plan are met.