September 12, 2007
Millennium Challenge Corporation Working with São Tomé and Principe To Develop and Implement Sound Fiscal Policies
Washington, D.C. The Board of Directors of the Millennium Challenge Corporation today approved a two-year, $8.66 million threshold program to help the Government of São Tomé and Principe improve its performance on MCC’s Economic Freedom indicators. Specifically, the program will help increase revenues through improved tax and customs administration and enforcement. The program will also improve performance on the Days to Start a Business and Cost of Starting a Business indicators by streamlining business registration procedures.
The Government of São Tomé and Principe has made a commitment to improve its tax and customs procedures and streamline business registration policy, said Ambassador John Danilovich, Chief Executive Officer of the MCC. This Program is a testament to the people and Government of São Tomé and Principe’s desire to improve the institutional infrastructure needed to reduce poverty and spur lasting economic growth.
The United States Department of the Treasury Office of Technical Assistance will oversee implementation of the São Tomé and Principe threshold program on behalf of MCC. Its program management costs are included in the $8.66 million.
Millennium Challenge Corporation, a U.S. government corporation designed to work with some of the poorest countries in the world, is based on the principle that aid is most effective when it reinforces good governance, economic freedom, and investments in people that promote economic growth and elimination of extreme poverty.