Africa > São Tomé and Príncipe

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International Monetary Fund. African Dept.
The COVID-19 pandemic is taking a heavy toll on São Tomé and Príncipe. Tourist arrivals came to an abrupt halt in mid-March, externally financed projects are being delayed, and international supply-chains are disrupted. The challenging circumstances are further affected by the fragility of the economy and a weak health care system.
International Monetary Fund. African Dept.
This paper presents São Tomé and Príncipe’s Request for Disbursement Under the Rapid Credit Facility (RCF). The authorities of São Tomé and Príncipe have moved swiftly to develop a plan to address the major challenges posed by the coronavirus disease 2019 pandemic. The authorities plan to increase well-targeted health and social spending to assist the most vulnerable, support the unemployed, incentivize private businesses to retain workers, and enhance fiscal transparency and good governance. These steps would help cushion the economic impact while ensuring that public funds are spent appropriately. Prudent loan restructuring while maintaining prudential standards will help alleviate liquidity pressures and safeguard financial stability. The authorities’ policies focus on immediate measures to protect against the virus, assistance to the most vulnerable, and countercyclical measures during this crisis. Public financial management will be reinforced to ensure the disbursement is used appropriately and steps will be taken to speed up the recovery next year. The IMF staff assesses that the eligibility requirements for the RCF are met and supports the authorities’ request. While the country is in debt distress due to long-standing external arrears, the debt level is deemed sustainable, and there is adequate capacity to repay the IMF. The financing would help prevent a much more severe and prolonged contraction, with a substantial social impact.
International Monetary Fund. African Dept.
This paper discusses the Democratic Republic of São Tomé and Príncipe’s First Review under the Extended Credit Facility Arrangement. The economy remains vulnerable to external and domestic shocks. Growth decelerated to 4 percent in 2012, reflecting persistent global uncertainties, particularly in Europe, which contributed to a slowdown in foreign direct investment, and in the execution of the foreign-financed public investment program. Commercial banks profitability and capital-to-risk weighted assets ratio declined in 2012, reflecting more challenging lending conditions. The central bank continues to strengthen its banking supervision function through on-site inspections and enforcement of banking regulation.
International Monetary Fund
The statistical data on gross domestic product and expenditure, land distribution, production of principal agricultural crops, energy production and consumption, imports of petroleum products, cost structure of petroleum products, consumer price index, and financial transactions of the central government of the Democratic Republic of Sao Tome have been presented. The summary accounts of banking institutions, structure of interest rates, composition of exports, import, and terms-of-trade indices, indicators of external public debt, exchange rates, and related economic indices have also been presented.
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.