Public Disclosure Copy The World Bank Implementation Status & Results Report 2nd Strengthening Growth & Fiscal Policy Development Policy Financing (P161707) 2nd Strengthening Growth & Fiscal Policy Development Policy Financing (P161707) AFRICA | Sao Tome and Principe | Macroeconomics, Trade and Investment Global Practice | IBRD/IDA | Development Policy Lending | FY 2018 | Seq No: 1 | ARCHIVED on 16-Sep-2019 | ISR38387 | Implementing Agencies: EMAE, Ministry of Finance, Trade and the Blue Economy Key Dates Key Project Dates Bank Approval Date: 18-May-2018 Effectiveness Date: 09-Jul-2018 Original Closing Date: 31-Dec-2018 Revised Closing Date: 31-Dec-2018 pdoTable Project Development Objectives Program Development Objective (from Program Document) The objective of this operation is to help the government introduce growth-enabling reforms in the financial sector, business environment, and infrastructure; generate fiscal resources and savings; and improve the quality of expenditures. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO -- Moderately Unsatisfactory Overall Implementation Progress (IP) -- Moderately Unsatisfactory Overall Risk Rating -- High Implementation Status and Key Decisions As a result of the changes in government and the lapse of the IMF program, the calendar for the third operation was adjusted. The team was also authorized to streamline the third operation to focus on the most critical prior actions. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Substantial -- High Macroeconomic Substantial -- High Sector Strategies and Policies Moderate -- Moderate 9/17/2019 Page 1 of 4 Public Disclosure Copy The World Bank Implementation Status & Results Report 2nd Strengthening Growth & Fiscal Policy Development Policy Financing (P161707) Technical Design of Project or Program Moderate -- Substantial Institutional Capacity for Implementation and Sustainability Substantial -- High Fiduciary Substantial -- Substantial Environment and Social Moderate -- Moderate Stakeholders Moderate -- Moderate Other -- -- -- Overall Substantial -- High Results Results Indicators Introduce growth-enabling reforms in the financial sector, business environment, and infrastructure IN00738827 ►Number of banks below the central bank's minimum capital adequacy ratio (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 3.00 -- 0.00 0.00 Date 31-Dec-2015 -- 31-Dec-2018 31-Dec-2020 IN00738828 ►Score on Doing Business indicator "Getting Credit" (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 10.00 Date 31-Dec-2015 -- 31-Dec-2018 31-Dec-2020 The indicator ranges from a minimum of zero to 20. Comments: IN00738829 ►Share of population with access to formal financial services (e.g. bank account) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 38.70 -- 38.70 45.00 Date 31-Dec-2017 -- 31-Dec-2018 31-Dec-2020 According to the latest financial inclusion survey, 38.7% of the population have a bank account, but most of the bank account owners are men (61.2%). The survey was undertaken in 2017, which is also serving as the baseline for the indicator. The previous baseline indicator were based on administrative data that Comments: clearly overestimated access to finance. The central bank intention is to carry out a new survey circa 2020. IN00738830 ►EMAE's non-technical losses (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target 9/17/2019 Page 2 of 4 Public Disclosure Copy The World Bank Implementation Status & Results Report 2nd Strengthening Growth & Fiscal Policy Development Policy Financing (P161707) Value 26.40 -- 25.00 23.80 Date 31-Dec-2015 -- 31-Dec-2018 31-Dec-2020 IN00738981 ►amount of public sector arrears to EMAE (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 36.40 -- 167.05 12.00 Date 31-Dec-2015 -- 31-Dec-2018 31-Dec-2020 The amount is in billion of LCU Comments: IN00738982 ►Energy cost of production (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.54 -- 0.27 0.21 Date 31-Dec-2015 -- 31-Dec-2018 30-Dec-2020 The unit of measure is USD per KWh Comments: IN00738983 ►Number of complaints received by EMAE (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 6,542.00 -- 3,207.00 3,000.00 Date 31-Dec-2015 -- 31-Dec-2018 31-Dec-2020 The reduction in the name of complaints is due to an increase in the installation of meters - including pre- Comments: paid meters - which was one of the main source of complaints. Generate fiscal resources and savings and improve the quality of public expenditures IN00738984 ►Tax revenues (as a share of GDP) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 14.30 -- 12.50 15.80 Date 31-Dec-2015 -- 31-Dec-2018 31-Dec-2020 IN00738985 ►Percentage of performance targets achieved - average for SOEs (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 50.00 Date 31-Dec-2015 -- 31-Dec-2018 31-Dec-2020 IN00738991 9/17/2019 Page 3 of 4 Public Disclosure Copy The World Bank Implementation Status & Results Report 2nd Strengthening Growth & Fiscal Policy Development Policy Financing (P161707) ►Share of ongoing and finalized projects with basic information included in the National Investment Portfolio Database (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 100.00 Date 31-Dec-2015 -- 31-Dec-2018 31-Dec-2020 IN00740637 ►Number of beneficiaries enrolled in three core social protection programs and receiving regular payments as set in law (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 3,850.00 4,000.00 Date 31-Dec-2015 -- 31-Dec-2018 31-Dec-2020 There are 3,850 beneficiaries enrolled in the program but payments have not started. They should start in Comments: November 2019 for 2,500 beneficiaries Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P161707 IDA-D3050 Closed USD 6.00 6.00 0.00 5.93 0.00 100% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P161707 IDA-D3050 Closed 18-May-2018 12-Jun-2018 09-Jul-2018 31-Dec-2018 31-Dec-2018 Tranches Restructuring History There has been no restructuring to date. Related Project(s) P159010-STP Strengthening Growth and Fiscal Policy DPO ,P164321-THIRD STRENGTHENING GROWTH AND FISCAL POLICY DEVELOPMENT POLICY FINANCING 9/17/2019 Page 4 of 4