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International Monetary Fund. African Dept.

close to 10 percent by 2023. Staff will continue to follow up on this issue during the remainder of the program. Financial Assurances 3 . Angola and Equatorial Guinea, with which São Tomé and Príncipe has external payment arrears, have provided consent to the completion of the Second ECF Review. Update on New Developments 4 . The authorities have informed staff that preliminary end-December outturns indicate that they are on track to meet key end-year program targets for the subsequent review. Specifically, they estimate the 2020 domestic primary

International Monetary Fund. African Dept.
The COVID-19 pandemic is having a severe impact on São Tomé and Príncipe’s economy, exacerbating fiscal and external imbalances. Tourism activities and external remittances dropped sharply, while lockdown measures further deepened the recession. The authorities’ swift actions and unprecedented international financial support are helping the country weather the emergency. The economy began to reopen in the fall, but the outlook for 2021 remains challenging and subject to significant uncertainty.
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.

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.

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

1. This statement provides information that has become available since the issuance of the staff report on February 13, 2012. The new information does not alter the thrust of the staff appraisal. 2. Updated preliminary information indicates that all quantitative indicative targets under the authorities’ staff-monitored program for end-December were met ( Table 1 ). Compared to the estimates for the end-December outturn included in the staff report, lower fiscal revenue was more than offset by somewhat less current spending but especially by a shortfall in

International Monetary Fund. African Dept.

money target. 3 The last column is the end-December outturn rather than a proposed revised target. 4 The nonaccumulation of new external payment arrears constitutes a continuous performance criterion. Excludes arrears for which a rescheduling agreement is sought. 5 Cumulative net flows from the beginning of the calendar year; includes external non-project loans and cash grants net of external debt service payments. 6 Program exchange rates have been set according to prevailing market rates at the last available update on