The World Bank Implementation Status & Results Report
Sao Tome and Principe: Institutional Capacity Building Project (P162129)
Sao Tome and Principe: Institutional Capacity Building Project (P162129)
EASTERN AND SOUTHERN AFRICA | Sao Tome and Principe | Finance, Competitiveness and Innovation Global Practice |
IBRD/IDA | Investment Project Financing | FY 2018 | Seq No: 9 | ARCHIVED on 05-Jan-2023 | ISR53725 |
Implementing Agencies: Central Bank, Ministry of Justice, Ministry of Planning, Finance, and Blue Economy, National Statistics Agency
Key Dates
Key Project Dates
Bank Approval Date: 18-May-2018 Effectiveness Date: 28-Aug-2018
Planned Mid Term Review Date: 17-Feb-2023 Actual Mid-Term Review Date:
Original Closing Date: 30-Jun-2023 Revised Closing Date: 31-Dec-2024
pdoTable
Project Development Objectives
Project Development Objective (from Project Appraisal Document)
To contribute to improved capacity of public institutions to: i) supervise the banking system; ii) promote access to finance; iii) manage public
finances; and, iv) produce national statistics.
Has the Project Development Objective been changed since Board Approval of the Project Objective?
No
Components Table
Name
Financial Soundness and Access:(Cost $8.80 M)
Strengthening Budget Credibility, Tax Base and SOE Governance:(Cost $5.70 M)
Property Registration and Statistical Development:(Cost $2.70 M)
Project Implementation Support:(Cost $1.80 M)
Overall Ratings
Name Previous Rating Current Rating
Progress towards achievement of PDO Satisfactory Moderately Satisfactory
Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory
Overall Risk Rating Substantial Substantial
Implementation Status and Key Decisions
There has been progress in some Project components and the project development objective remains achievable. The four commercial
banks currently licensed by the central bank comply with capital and provisioning requirements, having corrected the deficiencies identified in the
2019 asset quality review. However, with only two years to the end of the Project, some result indicators are still far from being achieved, namely: (i)
the population covered by the credit registry, particularly women; (ii) tax revenues, and (iii) the Global Statistical Capability Index score. The Project
shows a moderate level of execution—58 percent of funds still to be disbursed with two years of implementation remaining—mainly due to delays in
procurement, the impact of the pandemic and, more recently, the legislative elections. Achieving the project development objective remains subject
to substantial risks.
1/5/2023 Page 1 of 9
The World Bank Implementation Status & Results Report
Sao Tome and Principe: Institutional Capacity Building Project (P162129)
Risks
Systematic Operations Risk-rating Tool
Risk Category Rating at Approval Previous Rating Current Rating
Political and Governance Substantial Substantial Substantial
Macroeconomic Moderate High High
Sector Strategies and Policies Moderate Moderate Moderate
Technical Design of Project or Program Substantial Substantial Substantial
Institutional Capacity for Implementation and
High Substantial Substantial
Sustainability
Fiduciary Moderate Moderate Moderate
Environment and Social Low Low Low
Stakeholders Substantial Moderate Moderate
Other -- -- --
Overall Substantial Substantial Substantial
Results
PDO Indicators by Objectives / Outcomes
Financial Soundness
IN01211994
►Improved capacity of BCSTP to promote financial stability as measured by the percentage of banks that corrected provisioning and capital
shortfalls identified by AQR (Percentage, Custom)
Baseline Actual (Previous) Actual (Current) End Target
Value 0.00 80.00 100.00 80.00
Date 01-Jun-2018 31-Mar-2022 30-Sep-2022 31-Dec-2024
Banks have been implementing the BCSTP issued instructions to reclassify their loan portfolios according
to the approved AQR action plan. With the removal of the license of one bank in 2022, all remaining four
Comments:
banks have complied with the indicator.
Financial Inclusion
IN01211992
►Improved Capacity of BCSTP to promote financial inclusion by expanding percentage population coverage of the Credit Registry
(Percentage, Custom)
Baseline Actual (Previous) Actual (Current) End Target
1/5/2023 Page 2 of 9
The World Bank Implementation Status & Results Report
Sao Tome and Principe: Institutional Capacity Building Project (P162129)
Value 11.90 15.78 15.80 25.00
Date 01-Jun-2018 31-Mar-2022 30-Sep-2022 31-Dec-2024
This is based on the latest Central Bank data.
Comments:
IN01211995
of which women (Percentage, Custom Supplement)
Baseline Actual (Previous) Actual (Current) End Target
Value 4.10 5.79 5.80 10.00
Public Financial Management
IN01211991
►Improved Capacity of Ministry of Finance to generate revenues as measured by Tax Revenues Collected as Percentage of GDP
(Percentage, Custom)
Baseline Actual (Previous) Actual (Current) End Target
Value 13.00 11.60 11.60 15.50
Date 01-Jun-2018 31-Dec-2021 31-Dec-2021 31-Dec-2024
According to recent Bank and IMF estimates, the ratio was 11.60% as of December 2021. Figures are
Comments: updated at the end of each calendar year.
Statistcs Capacity
IN01211993
►Improved Capacity of the National Statisitcs Institute to produce national statistics as measured by the Overall Statistical Capacity Score
(SCI) (Percentage, Custom)
Baseline Actual (Previous) Actual (Current) End Target
Value 63.30 54.30 57.70 68.00
Date 01-Jun-2018 31-Mar-2022 31-Dec-2021 31-Dec-2024
The Statistical Capacity Indicator was adjusted downwards due to the COVID-19 pandemic which forced
the delay of a new household survey in 2020/21. This has led to the reduction in the score of 4
components of the SCI which rely on higher frequency or more recent household survey. The preferred
schedule for the collection of the next household survey is in 2025 so that it will rely on the updated
master sampling frame (which will be based on the 2024 population census). There is potential to update
Comments:
two of the affected SCI components using administrative records before the next survey. The decrease in
SCI was mitigated by the publication of updated HIV/Aids indicators. The SCI is expected to increase in
2023 with the collection of the Agricultural census and some updates to the national accounts/price
monitoring methodologies.
Intermediate Results Indicators by Components
Financial Soundness and Access
IN01211998
1/5/2023 Page 3 of 9
The World Bank Implementation Status & Results Report
Sao Tome and Principe: Institutional Capacity Building Project (P162129)
►Average lag between end of a quarter and availability of banking sector information for risk based supervision (Days, Custom)
Baseline Actual (Previous) Actual (Current) End Target
Value 50.00 40.00 40.00 35.00
Date 01-Jun-2018 29-Apr-2022 30-Sep-2022 31-Dec-2024
AFAP and BCSTP are preparing the procurement for a new banking supervision system and banks still
submit information via external disk. For this reason, the deadline required by regulations for banks to
Comments:
submit information for prudential supervision purposes remains at 40 days after the end of the quarter.
IN01212002
►Secured Transactions Law and Regulation(s) enacted (Number, Custom)
Baseline Actual (Previous) Actual (Current) End Target
Value 0.00 0.00 1.00 2.00
Date 30-Nov-2020 29-Apr-2022 30-Sep-2022 31-Dec-2024
As of September 2022, the indicator reflects the enactment of the Law on Movable Guarantees (Lei das
Comments: Garantias Mobiliárias) in July 2022. The Project will support preparation of the underlying regulations.
IN01212005
►Improved operational efficiency of BCSTP through process automation of transactions and eventual elimination of manual reconciliation
requirement (Percentage, Custom)
Baseline Actual (Previous) Actual (Current) End Target
Value 0.00 0.00 0.00 100.00
Date 30-Nov-2020 29-Apr-2022 30-Sep-2022 31-Dec-2024
As of September 2022, the indicator remains at 0, given that the implementation of the new core banking
Comments: system is yet to start.
Strengthening Budget Credibility, Tax Base and SOE Governance
IN01211997
►Difference between projected and actual public revenues collected (Percentage, Custom)
Baseline Actual (Previous) Actual (Current) End Target
Value 20.00 13.40 13.40 10.00
Date 01-Jun-2018 31-Mar-2022 31-Mar-2022 31-Dec-2024
Data supplied by the Budget Department
Comments:
IN01211999
►Difference between projected and actual public expenditures (Percentage, Custom)
Baseline Actual (Previous) Actual (Current) End Target
Value 20.00 16.61 16.61 10.00
1/5/2023 Page 4 of 9
The World Bank Implementation Status & Results Report
Sao Tome and Principe: Institutional Capacity Building Project (P162129)
Date 01-Jun-2018 31-Mar-2022 31-Mar-2022 31-Dec-2024
Data supplied by the Budget Department
Comments:
IN01212001
►Tax Revenue Contributors Registered (Number, Custom)
Baseline Actual (Previous) Actual (Current) End Target
Value 0.00 0.00 0.00 3,000.00
Date 01-Jun-2018 29-Apr-2022 29-Apr-2022 31-Dec-2024
Once the VAT is rolled out, the contributors would be registered
Comments:
IN01212004
►Public procurement practitioners trained in the new framework (Number, Custom)
Baseline Actual (Previous) Actual (Current) End Target
Value 0.00 6.00 6.00 40.00
Date 01-Jan-2018 29-Apr-2022 31-Oct-2022 31-Dec-2024
In October 2019, 6 staff from COSSIL concluded successfully their post-graduate degree (3 women and 3
men).
Since then, COSSIL staff provided training to several staff of procuring entities in both islands of Sao
Comments: Tome and Principe. This does not count as training in the new framework, but is a good step towards
capacity building and preparation to the new framework as it allowed to get inputs for the upcoming
revision of the procurement framework.
IN01212008
of which women (Percentage, Custom Supplement)
Baseline Actual (Previous) Actual (Current) End Target
Value 0.00 50.00 50.00 25.00
IN01212010
►All fully owned SOEs have a functional Board (Number, Custom)
Baseline Actual (Previous) Actual (Current) End Target
Value 0.00 0.00 0.00 4.00
Date 01-Jan-2018 29-Apr-2022 30-Sep-2022 31-Dec-2024
A decree has suspended all Boards of SOEs. However, the project has supported the recruitment of a
consultant, and efforts are continuing to strengthen the corporate governance in SOEs, including the
Comments:
instituting of Boards of Directors.
IN01212011
►SOEs audited anually by independent institution and reports published (Number, Custom)
Baseline Actual (Previous) Actual (Current) End Target
Value 0.00 4.00 4.00 4.00
1/5/2023 Page 5 of 9
The World Bank Implementation Status & Results Report
Sao Tome and Principe: Institutional Capacity Building Project (P162129)
Date 01-Jan-2018 29-Apr-2022 31-Oct-2022 31-Dec-2024
The four SOEs that are fully owned by the government have had their 2020 financial statements audited.
The full financial statements and audit reports were published on the Treasury's website
Comments:
(https://www.financas.gov.st/index.php/publicacoes/documentos/category/147-publicacoes).
IN01212013
►Number of certified accountants and auditors trained on new standards (Number, Custom)
Baseline Actual (Previous) Actual (Current) End Target
Value 0.00 0.00 0.00 100.00
Date 01-Jan-2018 29-Apr-2022 30-Sep-2022 31-Dec-2024
OTOCA is in the process of preparing the new standards and therefore no training has been provided yet
on new standards, although 191 accountants and auditors have received relevant information about
Comments:
improvements to be made in the accounting system in the country.
Property Registration and Statistical Development
IN01211996
►Number of Real Estate and Vehicle Registries in the new Information System "Sistema Integrado de Registo de Propriedade - SIRP"
(Number, Custom)
Baseline Actual (Previous) Actual (Current) End Target
Value 0.00 72,000.00 87,003.00 133,151.00
Date 01-Jan-2018 31-Mar-2022 30-Sep-2022 31-Dec-2024
All registries are estimated to have about 200,000 registries (162,000 property registries and 38,000
vehicle registries). The Project is targeting the digitalization of at least 65% of these records and
Comments:
their cataloging is ongoing.
IN01212000
Real Estate Registries (Number, Custom Breakdown)
Baseline Actual (Previous) Actual (Current) End Target
Value 0.00 72,000.00 87,003.00 113,000.00
Date 01-Jan-2018 31-Mar-2022 30-Sep-2022 31-Dec-2024
IN01212003
Of which are women registered (Percentage) (Number, Custom Breakdown)
Baseline Actual (Previous) Actual (Current) End Target
Value 0.00 36.80 25.00 35.00
Date 01-Jan-2018 31-Mar-2022 30-Sep-2022 31-Dec-2024
IN01212006
Vehicle Registries (Number, Custom Breakdown)
Baseline Actual (Previous) Actual (Current) End Target
Value 0.00 0.00 0.00 20,151.00
1/5/2023 Page 6 of 9
The World Bank Implementation Status & Results Report
Sao Tome and Principe: Institutional Capacity Building Project (P162129)
Date 01-Jan-2018 31-Mar-2022 30-Sep-2022 31-Dec-2024
IN01212007
►Number of new household surveys/census micro-datasets available (Number, Custom)
Baseline Actual (Previous) Actual (Current) End Target
Value 0.00 3.00 3.00 3.00
Date 01-Jan-2018 28-Apr-2022 30-Sep-2022 31-Dec-2024
This update reflects the publication of the Enterprise Census. Microdata for the census cannot be
published in order to protect privacy and confidentiality. Instead, INE published detailed tabulations as is
Comments:
standard practice in such cases.
IN01212009
►Number of participants in short term statistics/demography training for whom scholarships may be awarded (Number, Custom)
Baseline Actual (Previous) Actual (Current) End Target
Value 0.00 43.00 78.00 25.00
Date 01-Jan-2018 28-Apr-2022 31-Oct-2022 31-Dec-2024
The indicator on number of women for whom a scholarship was awarded was changed from 4 to 6 to
Comments: correct a previous mistake and does not reflect new training activities.
IN01212012
of which women participants (Number, Custom Supplement)
Baseline Actual (Previous) Actual (Current) End Target
Value 0.00 24.00 36.00 5.00
IN01212014
For whom a scholarship is awarded (Number, Custom Breakdown)
Baseline Actual (Previous) Actual (Current) End Target
Value 0.00 10.00 10.00 5.00
Date 01-Jan-2018 28-Apr-2022 31-Oct-2022 31-Dec-2024
IN01212015
For whom a scholarship is awarded (women) (Number, Custom Breakdown)
Baseline Actual (Previous) Actual (Current) End Target
Value 0.00 6.00 6.00 2.00
Date 01-Jan-2018 28-Apr-2022 31-Oct-2022 31-Dec-2024
IN01212016
►Percentage of inquiries addressed in 15 working days from the public feedback mechanism established at the Ministry of Justice for the
new property registry system (Percentage, Custom)
Baseline Actual (Previous) Actual (Current) End Target
Value 0.00 0.00 73.00 60.00
1/5/2023 Page 7 of 9
The World Bank Implementation Status & Results Report
Sao Tome and Principe: Institutional Capacity Building Project (P162129)
Date 01-Jan-2021 31-Mar-2022 31-Oct-2022 31-Dec-2024
The citizen information website http://dgrn.gov.st/ where citizens can make inquiries is already operational
Comments: and consultations via Facebook have started.
Performance-Based Conditions
Data on Financial Performance
Disbursements (by loan)
Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed
P162129 IDA-D3080 Effective USD 12.00 12.00 0.00 6.37 4.94 56%
P162129 IDA-D8180 Effective USD 7.00 7.00 0.00 1.35 5.30 20%
Key Dates (by loan)
Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date
P162129 IDA-D3080 Effective 18-May-2018 12-Jun-2018 28-Aug-2018 30-Jun-2023 30-Jun-2023
P162129 IDA-D8180 Effective 28-May-2021 08-Jun-2021 08-Jun-2021 31-Dec-2024 31-Dec-2024
Cumulative Disbursements
1/5/2023 Page 8 of 9
The World Bank Implementation Status & Results Report
Sao Tome and Principe: Institutional Capacity Building Project (P162129)
Restructuring History
There has been no restructuring to date.
Related Project(s)
P174153-Sao Tome and Principe: Institutional Capacity Building Project - AF
1/5/2023 Page 9 of 9