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International Monetary Fund. African Dept.

First Review Under the Extended Credit Facility and Request for Augmentation of Access, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of S�o Tom� and Pr�ncipe

International Monetary Fund. African Dept.

Democratic Republic of Sao Tome and Principe: Request for a 40-month Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Democratic Republic of Sao Tome and Principe

International Monetary Fund. African Dept.

Second Review under the Extended Credit Facility, Request for Waiver for Nonobservance of Performance Criterion, Request for Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of S�o Tom�

International Monetary Fund. African Dept.

Second Review under the Extended Credit Facility, Request for Waiver for Nonobservance of Performance Criterion, Request for Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of S�o Tom�

International Monetary Fund. African Dept.

Context: S�o Tom� and Pr�ncipe's economic development is constrained by its insularity, fragility, limited resources, and low capacity as a small island state. GDP growth has averaged over 4 percent per year since 2012, faster than many small island states. Inflation has also fallen sharply from 28 percent down to about 4 percent, the lowest in the past two decades. These developments notwithstanding, growth has not been sufficiently strong and diversified to meaningfully improve economic prospects and reduce poverty significantly. The poverty rate is high at 66 percent. Focus: Discussions centered on aligning fiscal policy to bring debt to a downward trajectory toward a moderate risk of debt distress; addressing the liquidity overhang to enhance monetary management; improving competitiveness; and safeguarding financial sector stability to support growth. S�o Tom� and Pr�ncipe is participating in the second round pilot of countries to mainstream macro-financial linkages.

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. African Dept.

2018 Article IV Consultation, Fifth Review Under the Extended Credit Facility Arrangement, Request for Waivers for Nonobservance of Performance Criteria, and Financing Assurances Review

International Monetary Fund

This paper presents the Democratic Republic of São Tomé and Príncipe’s first review under the Three Year Arrangement under the Extended Credit Facility Arrangement. After averaging 6 percent a year over several years, real GDP growth in 2009 is estimated at 4 percent, reflecting a decline in foreign direct investment (FDI), which in part reflected the impact of the global crisis. Growth is expected to rebound in 2010, based on new FDI and increased official external financing.

International Monetary Fund. African Dept.

Context: S�o Tom� and Pr�ncipe's economic development is constrained by its insularity, fragility, limited resources, and low capacity as a small island state. GDP growth has averaged over 4 percent per year since 2012, faster than many small island states. Inflation has also fallen sharply from 28 percent down to about 4 percent, the lowest in the past two decades. These developments notwithstanding, growth has not been sufficiently strong and diversified to meaningfully improve economic prospects and reduce poverty significantly. The poverty rate is high at 66 percent. Focus: Discussions centered on aligning fiscal policy to bring debt to a downward trajectory toward a moderate risk of debt distress; addressing the liquidity overhang to enhance monetary management; improving competitiveness; and safeguarding financial sector stability to support growth. S�o Tom� and Pr�ncipe is participating in the second round pilot of countries to mainstream macro-financial linkages.