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Business and Economics > Banks and Banking

You are looking at 1 - 10 of 60 items for :

  • Type: Journal Issue x
  • São Tomé and Príncipe x
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Cover IMF Staff Country Reports
Democratic Republic of São Tomé and Príncipe: Request for an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Democratic Republic of São Tomé and Príncipe
International Monetary Fund. African Dept.
The people of São Tomé and Príncipe (STP), a small fragile island state, have faced extraordinary challenges. STP continues to struggle with high fuel import needs, limited export potential, and depleted international reserves, and faced a massive balance of payments (BOP) shock in early 2023, which opened a large external financing gap. Inflation was stubbornly high in 2023 and the economy barely grew, dragged down by foreign exchange and energy shortages, as well as a large fiscal adjustment. Growth is projected to remain sluggish in 2024, while inflation has started to decline.
Keywords:
tariff structure; staff appraisal; fuel price adjustment mechanism; electricity tariff; ECF arrangement; Arrears; Debt sustainability; Imports; Global; West Africa; Europe
Cover Policy Papers
2021 Special Drawing Rights Allocation—Ex-Post Assessment Report
International Monetary Fund. Strategy, Policy, & Review Department
and
International Monetary Fund. Finance Dept.
This report follows up on the impact of the historic $650 billion 2021 SDR allocation on the global economy, documenting IMF members' use of the allocation and assessing its economic effects. The report finds that the allocation was beneficial for the global economy, helping meet the long-term global need for reserves and supporting market confidence. Members used the allocation mostly to increase international reserve buffers, with some emerging market and developing countries also using it to meet fiscal and external financing needs. While SDR interest costs have increased, members’ capacity to service SDR obligations remains generally adequate. Members’ use of the allocation was mostly in line with Fund advice, and the transparency and accountability of SDR holdings and use has been broadly appropriate, although some gaps remain. Voluntary SDR channeling from economically stronger to more vulnerable members has helped amplify the benefits of the allocation.
Keywords:
SDR channeling; service SDR obligation; SDR tracker; SDR converter; SDR department obligation; SDR interest rate; Freely usable currencies; International reserves; Credit default swap; Currencies; Global
Cover IMF Staff Country Reports
Democratic Republic of São Tomé: Fifth Review Under the Extended Credit Facility Arrangement, Request for Waiver of Nonobservance of Performance Criterion and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of São Tomé
International Monetary Fund. African Dept.
The COVID-19 pandemic exacerbated long-standing socio-economic vulnerabilities, which were further compounded by persistent energy shortages, flood-related damages at end-2021, and a sharp increase in global fuel and food prices caused by the war in Ukraine. These have put pressure on domestic inflation, aggravated electricity shortages, and disrupted business activities, with negative implications for growth in 2022. Protracted negotiations with labor unions resulted in additional wage supplements for the lowest paid category of civil servants in June 2022. Parliamentary elections are scheduled to be held in September 2022.
Keywords:
IMF Extended Credit Facility; legacy government debt; authorities of Sao Tome and Principe; IMF's Extended Credit Facility arrangement; Sao Tomean authorities; Fuel prices; Price adjustments; Inflation; Global; West Africa
Cover IMF Staff Country Reports
Democratic Republic of São Tomé and Príncipe: Staff Report for 2022 Article IV Consultation; Fourth Review Under the Extended Credit Facility Arrangement, Request for Waivers for Nonobservance of Performance Criteria, Modification of Performance Criteria and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for São Tomé and Príncipe
International Monetary Fund. African Dept.
São Tomé and Príncipe has maintained macroeconomic stability, despite many challenges. The COVID-19 pandemic exacerbated long-standing socio-economic vulnerabilities, which were further compounded by persistent energy shortages and damages from the floods in end-2021. Growth declined in 2021 with power outages, while a targeted expansion of the cash transfer and food support programs provided needed relief to the most vulnerable. Strong grant financing remains critical for mitigating the impact of the pandemic. Vaccinations are proceeding, although the new COVID-19 variants pose risks for protracting the impact of the pandemic and require renewed actions to mitigate those risks. Parliamentary elections are expected in October 2022.
Keywords:
authorities of STP; organic law; legacy government debt; PPG debt; food price trend; IMF arrangement; Fuel prices; COVID-19; International reserves; Africa; Global; Sub-Saharan Africa; West Africa
Cover IMF Staff Country Reports
Democratic Republic of São Tomé and Príncipe: Staff Report for 2022 Article IV Consultation; Fourth Review Under the Extended Credit Facility Arrangement, Request for Waivers for Nonobservance of Performance Criteria, Modification of Performance Criteria and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for São Tomé and Príncipe
International Monetary Fund. African Dept.
São Tomé and Príncipe has maintained macroeconomic stability, despite many challenges. The COVID-19 pandemic exacerbated long-standing socio-economic vulnerabilities, which were further compounded by persistent energy shortages and damages from the floods in end-2021. Growth declined in 2021 with power outages, while a targeted expansion of the cash transfer and food support programs provided needed relief to the most vulnerable. Strong grant financing remains critical for mitigating the impact of the pandemic. Vaccinations are proceeding, although the new COVID-19 variants pose risks for protracting the impact of the pandemic and require renewed actions to mitigate those risks. Parliamentary elections are expected in October 2022.
Keywords:
authorities of STP; organic law; legacy government debt; PPG debt; food price trend; IMF arrangement; Fuel prices; COVID-19; International reserves; Africa; Global; Sub-Saharan Africa; West Africa
Cover IMF Staff Country Reports
Democratic Republic of São Tomé and Príncipe: Third Review Under the Extended Credit Facility Arrangement and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director
International Monetary Fund. African Dept.
São Tomé and Príncipe has maintained macroeconomic stability in the period since the previous ECF review (February 2021). International support and the authorities’ swift actions helped mitigate the impact of the pandemic so far. Growth is estimated at 3 percent in 2020, supported by externally-financed spending. Growth is projected to slow to 2 percent in 2021, reflecting delays in the return of tourists, and to strengthen to 3 percent in 2022. The economic outlook is subject to high uncertainty and downside risks, notably the evolution of the pandemic.
Keywords:
VAT collection; staff statement; staff appraisal; IT system; authorities of Sao Tome and Principe; International reserves; Debt sustainability; Global; Sub-Saharan Africa; West Africa
Cover IMF Staff Country Reports
Democratic Republic of São Tomé and Príncipe: Third Review Under the Extended Credit Facility Arrangement and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director
International Monetary Fund. African Dept.
São Tomé and Príncipe has maintained macroeconomic stability in the period since the previous ECF review (February 2021). International support and the authorities’ swift actions helped mitigate the impact of the pandemic so far. Growth is estimated at 3 percent in 2020, supported by externally-financed spending. Growth is projected to slow to 2 percent in 2021, reflecting delays in the return of tourists, and to strengthen to 3 percent in 2022. The economic outlook is subject to high uncertainty and downside risks, notably the evolution of the pandemic.
Keywords:
VAT collection; staff statement; staff appraisal; IT system; authorities of Sao Tome and Principe; International reserves; Debt sustainability; Global; Sub-Saharan Africa; West Africa
Cover Policy Papers
Fifteenth General Review of Quotas—Quota Formula and Realigning Shares
International Monetary Fund. Finance Dept.
and
International Monetary Fund. Statistics Dept.
This paper provides background for an initial discussion under the Fifteenth General Review of Quotas (15th Review) in line with the work plan agreed by the Executive Board. It discusses issues related to further reforms of the quota formula and realigning quota shares, based on updated quota data through 2015. A companion paper, to be discussed separately, will address issues related to the size of the Fund and mix of quota and borrowed resources. Both these papers seek to facilitate initial discussions on some of the key issues for the 15th Review. No proposals are made at this stage, recognizing that further deliberations will be needed before the issues under discussion can begin to be narrowed down.
Keywords:
quota share; GDP blend; distributing quota; IMF body; IFS data; Purchasing power parity; Capital flows; Capital account; Balance of payments statistics; Financial account; Africa; Global; Middle East; Western Hemisphere; Asia and Pacific; I. quota formula variable; realigning share; International reserves
Cover IMF Staff Country Reports
Democratic Republic of São Tomé: 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 São Tomé
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.
Keywords:
ISCR; CR; staff appraisal; staff statement; end-December outturn; GDP estimate; Ecf arrangement; financing needs; COVID-19; Arrears; Global; Sub-Saharan Africa; Africa; Central Africa
Cover IMF Working Papers
Predicting Macroeconomic and Macrofinancial Stress in Low-Income Countries
Hans Weisfeld
,
Mr. Irineu E de Carvalho Filho
,
Mr. Fabio Comelli
,
Rahul Giri
,
Klaus-Peter Hellwig
,
Chengyu Huang
,
Fei Liu
,
Mrs. Sandra V Lizarazo Ruiz
,
Alexis Meyer-Cirkel
, and
Mr. Andrea F Presbitero
In recent years, Fund staff has prepared cross-country analyses of macroeconomic vulnerabilities in low-income countries, focusing on the risk of sharp declines in economic growth and of debt distress. We discuss routes to broadening this focus by adding several macroeconomic and macrofinancial vulnerability concepts. The associated early warning systems draw on advances in predictive modeling.
Keywords:
Early warning systems; crisis prediction; machine learning; low-income countries; inflation crisis; stress episode; crisis concept; crisis probability; missed crisis; LIC inflation trend; Inflation; Banking crises; Commodity prices; Global