Abstract
São Tomé and Príncipe pursued economic reforms and tried to reduce poverty amidst macroeconomic imbalances under the Poverty Reduction and Growth Facility (PRGF) program. Executive Directors supported the authorities’ decision to sustain the process of fiscal consolidation, and stressed the need for implementing a good budget and public expenditure management system. They commended the monetary and financial stances and the central bank’s international reserve position; welcomed the authorities' commitment to improve coverage, timeliness, and periodicity of basic macroeconomic statistics; and emphasized to accelerate structural reforms and achieve full transparency in oil revenue management.
I. Introduction
1. Following a decade of large macroeconomic imbalances and state intervention in the economy, the Sãotomean authorities have pursued economic reforms since 1998 that have helped increase real GDP growth, lower inflation, and push forward key structural reforms. Financial aid from international donors increased substantially in support of these reforms. At the same time, a successful implementation of a staff monitored program in 1999 led to the approval of a three-year arrangement under the PRGF in April 2000. São Tomé and Príncipe reached the HIPC Decision point in late December 2000.
2. However, fiscal performance has been uneven over the years, reflecting expenditure pressures arising from the domestic political cycle and anticipated large oil signature bonuses. In 2001, as presidential elections approached, the government failed to meet a number of fiscal and monetary targets under the Fund supported program. Fiscal management improved in 2002, but it deteriorated again in 2003 as the government raised social spending significantly in the aftermath of a “coup d’état” in July 2003. In 2004, the fiscal position deteriorated even further as the government increased expenditures to unsustainable levels in anticipation of a large oil signature bonus which in the event was not received in 2004, but only in July 2005 in an amount significantly smaller than originally envisaged. Rising fiscal deficits in 2003–04 were financed mainly by short- and medium-term external borrowing, central bank financing, and an accumulation of external arrears.
Real Growth, Domestic Primary Fiscal Balance, and External Current Account Balance
Citation: IMF Staff Country Reports 2006, 349; 10.5089/9781451835106.002.A001
Real Growth, Domestic Primary Fiscal Balance, and External Current Account Balance
Citation: IMF Staff Country Reports 2006, 349; 10.5089/9781451835106.002.A001
Real Growth, Domestic Primary Fiscal Balance, and External Current Account Balance
Citation: IMF Staff Country Reports 2006, 349; 10.5089/9781451835106.002.A001
3. Political stability has remained a challenge in São Tomé and Príncipe since the 1990s, resulting at times in disagreements among senior civil servants belonging to different political parties. This has led to administrative deadlocks from time to time and to stop-and-go in economic policy implementation and reform.
4. The current PRGF arrangement, approved by the Executive Board on August 1, 2005, seeks to support the government’s efforts to address macroeconomic imbalances and set the conditions for sustained economic growth and poverty alleviation.1 The policy agenda is threefold. First, São Tomé and Príncipe needs to continue fiscal consolidation efforts, while preserving an adequate level of pro-poor spending, to sustain macroeconomic stability. Second, it needs to reach the HIPC completion point through a steady implementation of its PRGF-supported program to reduce the external debt service burden and liberate resources to increase pro-poor spending. Third, São Tomé and Príncipe needs to safeguard an effective management of the prospective vast oil revenue against the background of weak institutional and absorptive capacities (Box 1). As the oil sector is likely to be an enclave, reducing poverty and attaining the Millennium Development Goals (MDGs) would need high non-oil GDP growth supported by a thorough implementation of the government’s structural reform program included in the PRSP.
São Tomé and Príncipe: Oil Sector Prospects1/
Geological analysis in the early 1990s identified large oil and natural gas deposits off-shore from the islands on São Tomé and Príncipe. The 2001 territorial agreement with Nigeria resulted in the creation of a Joint Development Zone (JDZ) to be administered by the Joint Development Authority (JDA) headquartered in Abuja. It was agreed that São Tomé and Príncipe would receive 40 percent of all oil revenue from the JDZ. An Exclusive Development Zone (EDZ), which has been recognized internationally, will be exploited solely by São Tomé and Príncipe.
Oil revenue in the pre-production period will be in the form of oil signature bonuses paid by field operators. The tax regime, embodied in the Production Sharing Agreements (PSAs) that are being negotiated with oil companies, would determine the government’s oil receipts during the production period starting around 2012/13. The oil signature bonus on Block 1 in the JDZ, totaling US$49.2 million (equivalent to about 75 percent of GDP), was received in July 2005. Negotiations of PSAs for Blocks 2–6 are currently underway, with signature bonuses, totaling US$54.7 million, expected during the first half of 2006.
Preliminary staff estimates indicate that oil production could have a sizeable effect on São Tomé and Príncipe’s economic prospects. The country’s oil output share could be about 30 thousand barrels per day around 2013, under the rather conservative assumption that only one out of six blocks located in the JDZ is found to be commercially exploitable. Under this scenario, an assuming a constant real price of US$30 per-barrel of oil, annual budget revenue from oil could stabilize at around US$92 million over the long term (equivalent to 130 percent of 2006 GDP), with the Permanent Fund reaching a steady state level of US$3.1 billion in constant 2006 dollar terms. If São Tomé and Príncipe’s share of oil output were to reach 80,000 barrels per day, government budget receipts and the size of the Permanent Fund would roughly triple.
Detailed analysis is presented in Chapters I and II of the accompanying Selected Issues Paper.
II. Recent Economic Developments and Performance Under the Program
5. Economic performance in 2005 has been generally satisfactory, although inflation has picked up (Tables 1–7 and Figure 1). Real GDP increased to 3.8 percent, while the 12-month CPI inflation rate rose to 17 percent in December 2005. Official estimates suggest that at least 2 percentage points in the current inflation rate are explained by higher international oil prices, which were passed through to domestic consumers.2 A higher- than-programmed depreciation of the dobra also contributed to the acceleration of inflation.
Inflation Rate, January 2004-December 2005
(In percent, 12-month change)
Citation: IMF Staff Country Reports 2006, 349; 10.5089/9781451835106.002.A001
Inflation Rate, January 2004-December 2005
(In percent, 12-month change)
Citation: IMF Staff Country Reports 2006, 349; 10.5089/9781451835106.002.A001
Inflation Rate, January 2004-December 2005
(In percent, 12-month change)
Citation: IMF Staff Country Reports 2006, 349; 10.5089/9781451835106.002.A001
São Tomé and Príncipe: Key Macroeconomic Indicators, 1999-2005
In months of following year’s non-oil imports of goods and nonfactor services.
São Tomé and Príncipe: Key Macroeconomic Indicators, 1999-2005
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | |||
|---|---|---|---|---|---|---|---|---|---|
| CR//05/323 | Est. | ||||||||
| Real GDP (annual percentage change) | 3.3 | 3.0 | 4.0 | 4.1 | 4.0 | 3.8 | 3.2 | 3.8 | |
| Consumer prices (annual percentage change; end of period) | 12.6 | 9.6 | 9.4 | 8.9 | 10.2 | 15.2 | 15.0 | 17.0 | |
| Consumer prices (annual percentage change; average) | 16.3 | 10.7 | 9.5 | 9.2 | 9.6 | 12.8 | 15.1 | 16.2 | |
| Domestic primary fiscal balance (percent of GDP) | 1.3 | 2.1 | −12.9 | −4.3 | -11.7 | -20.6 | −17.5 | −14.0 | |
| Exchange rate (in dobras per U.S. dollar; end of period) | 7,250 | 8,568 | 9,020 | 9,192 | 9,456 | 10,104 | 11,396 | 11,930 | |
| External current account balance (percent of GDP) | |||||||||
| Including official transfers | −62.0 | −52.3 | −25.2 | −24.1 | −22.3 | −20.1 | −28.2 | −33.1 | |
| Excluding official transfers | −58.0 | −52.3 | −63.1 | −54.5 | −56.7 | −58.9 | −60.3 | −59.2 | |
| NPV of external debt (in percent of exports of goods and services) | 1,402.2 | 462.0 | 481.6 | 467.3 | −463.5 | −500.7 | 465.3 | 499.5 | |
| Gross international reserves 1/ | 3.1 | 3.5 | 3.9 | 3.9 | 4.8 | 3.5 | 3.4 | 3.7 | |
In months of following year’s non-oil imports of goods and nonfactor services.
São Tomé and Príncipe: Key Macroeconomic Indicators, 1999-2005
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | |||
|---|---|---|---|---|---|---|---|---|---|
| CR//05/323 | Est. | ||||||||
| Real GDP (annual percentage change) | 3.3 | 3.0 | 4.0 | 4.1 | 4.0 | 3.8 | 3.2 | 3.8 | |
| Consumer prices (annual percentage change; end of period) | 12.6 | 9.6 | 9.4 | 8.9 | 10.2 | 15.2 | 15.0 | 17.0 | |
| Consumer prices (annual percentage change; average) | 16.3 | 10.7 | 9.5 | 9.2 | 9.6 | 12.8 | 15.1 | 16.2 | |
| Domestic primary fiscal balance (percent of GDP) | 1.3 | 2.1 | −12.9 | −4.3 | -11.7 | -20.6 | −17.5 | −14.0 | |
| Exchange rate (in dobras per U.S. dollar; end of period) | 7,250 | 8,568 | 9,020 | 9,192 | 9,456 | 10,104 | 11,396 | 11,930 | |
| External current account balance (percent of GDP) | |||||||||
| Including official transfers | −62.0 | −52.3 | −25.2 | −24.1 | −22.3 | −20.1 | −28.2 | −33.1 | |
| Excluding official transfers | −58.0 | −52.3 | −63.1 | −54.5 | −56.7 | −58.9 | −60.3 | −59.2 | |
| NPV of external debt (in percent of exports of goods and services) | 1,402.2 | 462.0 | 481.6 | 467.3 | −463.5 | −500.7 | 465.3 | 499.5 | |
| Gross international reserves 1/ | 3.1 | 3.5 | 3.9 | 3.9 | 4.8 | 3.5 | 3.4 | 3.7 | |
In months of following year’s non-oil imports of goods and nonfactor services.
São Tomé and Príncipe: Real Economy
Citation: IMF Staff Country Reports 2006, 349; 10.5089/9781451835106.002.A001
Sources: São Tomé and Príncipe authorities; and WEO, World Economic Outlook.1/ Defined as export prices divided by import prices.
São Tomé and Príncipe: Real Economy
Citation: IMF Staff Country Reports 2006, 349; 10.5089/9781451835106.002.A001
Sources: São Tomé and Príncipe authorities; and WEO, World Economic Outlook.1/ Defined as export prices divided by import prices.São Tomé and Príncipe: Real Economy
Citation: IMF Staff Country Reports 2006, 349; 10.5089/9781451835106.002.A001
Sources: São Tomé and Príncipe authorities; and WEO, World Economic Outlook.1/ Defined as export prices divided by import prices.São Tomé and Príncipe: Selected Economic Indicators, 2003-10
For 2005 corresponds to end-October.
In percent of broad money at beginning of period.
In 2005 and 2006 includes government deposits in the National Oil Account at the BCSTP arising from actual and prospective oil signature bonuses. IMF Country Report No. 05/323 excluded those deposits.
Government revenue includes HIPC debt relief.
Excluding oil revenue, grants, interest earned and scheduled interest payments, foreign-financed scholarships, and foreign-financed capital outlays. For 2002–04, it also excludes transfers to the JDA, which were repaid in 2005 with proceeds from the oil signature bonus from Block 1.
Assumes that the completion point under the enhanced HIPC Initiative is in 2006.
In percent of exports of goods and nonfactor services.
In percent of government revenue including grants and excluding oil signature bonuses.
In percent of current year exports of goods and nonfactor services.
Interim debt relief from multilaterals in 2003-2005.
Excluding the National Oil Account and guarantee deposits placed at the central bank by prospective financial institutions pending operating licenses.
Includes interest income.
São Tomé and Príncipe: Selected Economic Indicators, 2003-10
| 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CR 05/323 | Est. | Prog. | Proj. | ||||||||||
| (Annual percentage changes, unless otherwise specified) | |||||||||||||
| National income and prices | |||||||||||||
| GDP at constant prices | 4.0 | 3.8 | 3.2 | 3.8 | 4.5 | 5.5 | 6.5 | 7.0 | 7.5 | ||||
| Consumer prices (percentage change; end of period) | 10.2 | 15.2 | 15.0 | 17.0 | 13.0 | 9.4 | 8.0 | 7.0 | 6.0 | ||||
| Consumer prices (percentage change; average) | 9.6 | 12.8 | 15.1 | 16.2 | 14.8 | 11.1 | 8.7 | 7.5 | 6.5 | ||||
| External trade | |||||||||||||
| Exports, f.o.b. | 29.4 | −47.0 | 6.0 | 8.6 | 5.3 | 5.0 | 2.4 | 2.3 | 6.8 | ||||
| Of which: cocoa | 34.9 | −48.8 | 7.9 | 8.7 | 2.1 | 4.7 | −1.1 | −0.8 | −0.9 | ||||
| Imports, c.i.f. | 18.1 | 7.1 | 4.6 | 17.0 | 4.5 | 12.3 | 9.5 | 8.3 | 8.5 | ||||
| Exchange rate (in dobras per U.S. dollar; end of period) | 9,456 | 10,104 | 11,396 | 11,930 | … | … | … | … | … | ||||
| Real effective exchange rate (depreciation -) 1/ | −8.7 | −2.7 | … | 4.4 | … | … | … | … | … | ||||
| Terms of trade | −10.1 | −18.8 | 0.2 | −5.2 | −4.0 | 1.7 | −0.6 | −0.8 | −1.1 | ||||
| Money and credit (end of period) | |||||||||||||
| Net foreign assets 2/3/ | 30.8 | −9.8 | 8.7 | 125.5 | 107.7 | 29.3 | 17.2 | 19.2 | 16.8 | ||||
| Net domestic assets 2/3/ | 11.0 | 17.1 | 3.6 | −99.4 | −91.6 | −13.9 | −4.0 | −4.9 | −2.4 | ||||
| Of which: credit to government (net) 2/3/ | 15.3 | 6.0 | 1.8 | −98.6 | −96.6 | −3.8 | −1.5 | −1.3 | −0.2 | ||||
| credit to the economy 2/ | 20.6 | 34.4 | 11.3 | 24.3 | 13.1 | 12.0 | 10.6 | 10.2 | 10.2 | ||||
| Broad money | 41.8 | 7.4 | 12.3 | 26.1 | 16.1 | 15.4 | 13.2 | 14.3 | 14.4 | ||||
| Velocity (ratio of non-oil GDP to average broad money) | 2.3 | 2.2 | 2.4 | 2.2 | 2.2 | 2.3 | 2.3 | 2.3 | 2.3 | ||||
| Central bank reference interest rate (in percent; end of period) | 14.5 | 14.5 | … | 18.2 | … | … | … | … | … | ||||
| Commercial bank lending rate (in percent; end of period) | 30.0 | 30.0 | … | 32.5 | … | … | … | … | … | ||||
| Commercial bank deposit rate (in percent; end of period) | 10.3 | 10.3 | … | 12.8 | … | … | … | … | … | ||||
| (In percent of GDP, unless otherwise specified) | |||||||||||||
| National accounts | |||||||||||||
| Consumption | 119.0 | 122.1 | 122.0 | 121.8 | 117.2 | 110.4 | 109.8 | 105.3 | 102.9 | ||||
| Gross investment | 36.1 | 35.2 | 37.3 | 36.0 | 42.2 | 51.4 | 55.1 | 55.7 | 53.8 | ||||
| Public investment | 20.1 | 20.1 | 16.4 | 15.2 | 17.5 | 18.4 | 17.5 | 16.4 | 15.3 | ||||
| Private investment | 16.0 | 15.1 | 21.0 | 20.8 | 24.7 | 32.9 | 37.6 | 39.4 | 38.5 | ||||
| Of which: non-oil sector (in percent of non-oil GDP) | 16.1 | 15.1 | 15.1 | 15.1 | 15.1 | 17.5 | 18.0 | 17.0 | 18.3 | ||||
| Gross domestic savings | 15.4 | 16.7 | 10.6 | 4.3 | 14.2 | 22.2 | 22.0 | 23.6 | 22.6 | ||||
| Public savings 4/ | 13.4 | 6.8 | 13.4 | 11.6 | 15.5 | 21.9 | 22.7 | 21.7 | 20.5 | ||||
| Government finance | |||||||||||||
| Total revenue, grants and oil signature bonus | 58.1 | 60.6 | 127.9 | 129.7 | 139.4 | 66.7 | 65.1 | 61.6 | 57.9 | ||||
| Of which: tax revenue | 20.7 | 23.4 | 24.1 | 24.5 | 26.7 | 25.9 | 26.5 | 26.6 | 26.7 | ||||
| grants | 32.5 | 32.2 | 28.2 | 24.6 | 29.0 | 32.9 | 32.0 | 29.0 | 25.5 | ||||
| oil proceeds (signature bonuses and interest) | 0.0 | 0.0 | 71.0 | 74.9 | 78.2 | 1.2 | 0.9 | 0.7 | 0.5 | ||||
| unidentified revenue measures | 0.0 | 0.0 | … | 0.0 | 0.0 | 1.5 | 1.3 | 1.1 | 1.1 | ||||
| Total expenditure and net lending | 75.1 | 87.2 | 76.5 | 72.8 | 79.7 | 77.7 | 72.0 | 67.4 | 63.0 | ||||
| Of which: noninterest current expenditure | 28.4 | 41.7 | 37.8 | 38.0 | 38.3 | 34.8 | 32.9 | 30.9 | 29.0 | ||||
| capital and HIPC expenditures | 41.9 | 42.1 | 29.3 | 30.0 | 36.6 | 38.3 | 36.5 | 34.1 | 31.9 | ||||
| Domestic primary balance (commitment basis; incl. HIPC Initiative spending) 5/ | −11.7 | −20.6 | −17.5 | −14.0 | −15.2 | −11.6 | −9.0 | −7.7 | −6.1 | ||||
| Overall balance (commitment basis; including grants) | −17.0 | −26.6 | 51.4 | 56.9 | 59.6 | −11.0 | −6.9 | −5.8 | −5.1 | ||||
| Overall balance (cash basis; including grants) | −11.9 | −20.1 | 27.7 | 37.5 | 54.0 | −11.0 | −6.9 | −5.8 | −5.1 | ||||
| External sector | |||||||||||||
| Current account balance (including official transfers) | −22.3 | −20.1 | −28.2 | −33.1 | −28.4 | −29.4 | −31.8 | −30.4 | −29.2 | ||||
| Current account balance (excluding official transfers) | −56.7 | −58.9 | −60.3 | −59.2 | −59.8 | −61.9 | −63.5 | −59.3 | −54.7 | ||||
| Net present value of total external debt 6/7/ | 463.5 | 500.7 | 465.3 | 499.5 | 315.5 | 301.9 | 288.7 | 282.1 | 270.8 | ||||
| Net present value of total external debt 6/8/ | 279.6 | 258.0 | 619.7 | 278.5 | 180.1 | 163.0 | 158.7 | 159.2 | 161.0 | ||||
| Scheduled external debt service before debt relief 9/ | 50.3 | 52.8 | 56.7 | 56.7 | 54.4 | 50.8 | 43.1 | 40.0 | 35.5 | ||||
| External debt service after HIPC 10/ | 10.5 | 11.6 | … | 14.5 | 19.1 | 12.4 | 11.4 | 10.6 | 9.1 | ||||
| Export earnings (in millions of U.S. dollars) | 6.6 | 3.5 | 5.9 | 3.8 | 4.0 | 4.2 | 4.3 | 4.4 | 4.7 | ||||
| Overall balance (in millions of U.S. dollars) | 1.9 | −5.0 | 19.2 | 26.6 | 21.1 | −14.2 | −11.5 | −9.9 | −7.8 | ||||
| Gross foreign reserves (in months of following year’s | |||||||||||||
| non-oil imports of goods and nonfactor services) 11/ | 4.8 | 3.5 | 3.4 | 3.7 | 3.5 | 3.5 | 3.6 | 3.6 | 3.6 | ||||
| National Oil Account (in millions of U.S. dollars) 12/ | … | … | 23.1 | 23.4 | 47.6 | 39.5 | 32.4 | 26.6 | 21.8 | ||||
For 2005 corresponds to end-October.
In percent of broad money at beginning of period.
In 2005 and 2006 includes government deposits in the National Oil Account at the BCSTP arising from actual and prospective oil signature bonuses. IMF Country Report No. 05/323 excluded those deposits.
Government revenue includes HIPC debt relief.
Excluding oil revenue, grants, interest earned and scheduled interest payments, foreign-financed scholarships, and foreign-financed capital outlays. For 2002–04, it also excludes transfers to the JDA, which were repaid in 2005 with proceeds from the oil signature bonus from Block 1.
Assumes that the completion point under the enhanced HIPC Initiative is in 2006.
In percent of exports of goods and nonfactor services.
In percent of government revenue including grants and excluding oil signature bonuses.
In percent of current year exports of goods and nonfactor services.
Interim debt relief from multilaterals in 2003-2005.
Excluding the National Oil Account and guarantee deposits placed at the central bank by prospective financial institutions pending operating licenses.
Includes interest income.
São Tomé and Príncipe: Selected Economic Indicators, 2003-10
| 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CR 05/323 | Est. | Prog. | Proj. | ||||||||||
| (Annual percentage changes, unless otherwise specified) | |||||||||||||
| National income and prices | |||||||||||||
| GDP at constant prices | 4.0 | 3.8 | 3.2 | 3.8 | 4.5 | 5.5 | 6.5 | 7.0 | 7.5 | ||||
| Consumer prices (percentage change; end of period) | 10.2 | 15.2 | 15.0 | 17.0 | 13.0 | 9.4 | 8.0 | 7.0 | 6.0 | ||||
| Consumer prices (percentage change; average) | 9.6 | 12.8 | 15.1 | 16.2 | 14.8 | 11.1 | 8.7 | 7.5 | 6.5 | ||||
| External trade | |||||||||||||
| Exports, f.o.b. | 29.4 | −47.0 | 6.0 | 8.6 | 5.3 | 5.0 | 2.4 | 2.3 | 6.8 | ||||
| Of which: cocoa | 34.9 | −48.8 | 7.9 | 8.7 | 2.1 | 4.7 | −1.1 | −0.8 | −0.9 | ||||
| Imports, c.i.f. | 18.1 | 7.1 | 4.6 | 17.0 | 4.5 | 12.3 | 9.5 | 8.3 | 8.5 | ||||
| Exchange rate (in dobras per U.S. dollar; end of period) | 9,456 | 10,104 | 11,396 | 11,930 | … | … | … | … | … | ||||
| Real effective exchange rate (depreciation -) 1/ | −8.7 | −2.7 | … | 4.4 | … | … | … | … | … | ||||
| Terms of trade | −10.1 | −18.8 | 0.2 | −5.2 | −4.0 | 1.7 | −0.6 | −0.8 | −1.1 | ||||
| Money and credit (end of period) | |||||||||||||
| Net foreign assets 2/3/ | 30.8 | −9.8 | 8.7 | 125.5 | 107.7 | 29.3 | 17.2 | 19.2 | 16.8 | ||||
| Net domestic assets 2/3/ | 11.0 | 17.1 | 3.6 | −99.4 | −91.6 | −13.9 | −4.0 | −4.9 | −2.4 | ||||
| Of which: credit to government (net) 2/3/ | 15.3 | 6.0 | 1.8 | −98.6 | −96.6 | −3.8 | −1.5 | −1.3 | −0.2 | ||||
| credit to the economy 2/ | 20.6 | 34.4 | 11.3 | 24.3 | 13.1 | 12.0 | 10.6 | 10.2 | 10.2 | ||||
| Broad money | 41.8 | 7.4 | 12.3 | 26.1 | 16.1 | 15.4 | 13.2 | 14.3 | 14.4 | ||||
| Velocity (ratio of non-oil GDP to average broad money) | 2.3 | 2.2 | 2.4 | 2.2 | 2.2 | 2.3 | 2.3 | 2.3 | 2.3 | ||||
| Central bank reference interest rate (in percent; end of period) | 14.5 | 14.5 | … | 18.2 | … | … | … | … | … | ||||
| Commercial bank lending rate (in percent; end of period) | 30.0 | 30.0 | … | 32.5 | … | … | … | … | … | ||||
| Commercial bank deposit rate (in percent; end of period) | 10.3 | 10.3 | … | 12.8 | … | … | … | … | … | ||||
| (In percent of GDP, unless otherwise specified) | |||||||||||||
| National accounts | |||||||||||||
| Consumption | 119.0 | 122.1 | 122.0 | 121.8 | 117.2 | 110.4 | 109.8 | 105.3 | 102.9 | ||||
| Gross investment | 36.1 | 35.2 | 37.3 | 36.0 | 42.2 | 51.4 | 55.1 | 55.7 | 53.8 | ||||
| Public investment | 20.1 | 20.1 | 16.4 | 15.2 | 17.5 | 18.4 | 17.5 | 16.4 | 15.3 | ||||
| Private investment | 16.0 | 15.1 | 21.0 | 20.8 | 24.7 | 32.9 | 37.6 | 39.4 | 38.5 | ||||
| Of which: non-oil sector (in percent of non-oil GDP) | 16.1 | 15.1 | 15.1 | 15.1 | 15.1 | 17.5 | 18.0 | 17.0 | 18.3 | ||||
| Gross domestic savings | 15.4 | 16.7 | 10.6 | 4.3 | 14.2 | 22.2 | 22.0 | 23.6 | 22.6 | ||||
| Public savings 4/ | 13.4 | 6.8 | 13.4 | 11.6 | 15.5 | 21.9 | 22.7 | 21.7 | 20.5 | ||||
| Government finance | |||||||||||||
| Total revenue, grants and oil signature bonus | 58.1 | 60.6 | 127.9 | 129.7 | 139.4 | 66.7 | 65.1 | 61.6 | 57.9 | ||||
| Of which: tax revenue | 20.7 | 23.4 | 24.1 | 24.5 | 26.7 | 25.9 | 26.5 | 26.6 | 26.7 | ||||
| grants | 32.5 | 32.2 | 28.2 | 24.6 | 29.0 | 32.9 | 32.0 | 29.0 | 25.5 | ||||
| oil proceeds (signature bonuses and interest) | 0.0 | 0.0 | 71.0 | 74.9 | 78.2 | 1.2 | 0.9 | 0.7 | 0.5 | ||||
| unidentified revenue measures | 0.0 | 0.0 | … | 0.0 | 0.0 | 1.5 | 1.3 | 1.1 | 1.1 | ||||
| Total expenditure and net lending | 75.1 | 87.2 | 76.5 | 72.8 | 79.7 | 77.7 | 72.0 | 67.4 | 63.0 | ||||
| Of which: noninterest current expenditure | 28.4 | 41.7 | 37.8 | 38.0 | 38.3 | 34.8 | 32.9 | 30.9 | 29.0 | ||||
| capital and HIPC expenditures | 41.9 | 42.1 | 29.3 | 30.0 | 36.6 | 38.3 | 36.5 | 34.1 | 31.9 | ||||
| Domestic primary balance (commitment basis; incl. HIPC Initiative spending) 5/ | −11.7 | −20.6 | −17.5 | −14.0 | −15.2 | −11.6 | −9.0 | −7.7 | −6.1 | ||||
| Overall balance (commitment basis; including grants) | −17.0 | −26.6 | 51.4 | 56.9 | 59.6 | −11.0 | −6.9 | −5.8 | −5.1 | ||||
| Overall balance (cash basis; including grants) | −11.9 | −20.1 | 27.7 | 37.5 | 54.0 | −11.0 | −6.9 | −5.8 | −5.1 | ||||
| External sector | |||||||||||||
| Current account balance (including official transfers) | −22.3 | −20.1 | −28.2 | −33.1 | −28.4 | −29.4 | −31.8 | −30.4 | −29.2 | ||||
| Current account balance (excluding official transfers) | −56.7 | −58.9 | −60.3 | −59.2 | −59.8 | −61.9 | −63.5 | −59.3 | −54.7 | ||||
| Net present value of total external debt 6/7/ | 463.5 | 500.7 | 465.3 | 499.5 | 315.5 | 301.9 | 288.7 | 282.1 | 270.8 | ||||
| Net present value of total external debt 6/8/ | 279.6 | 258.0 | 619.7 | 278.5 | 180.1 | 163.0 | 158.7 | 159.2 | 161.0 | ||||
| Scheduled external debt service before debt relief 9/ | 50.3 | 52.8 | 56.7 | 56.7 | 54.4 | 50.8 | 43.1 | 40.0 | 35.5 | ||||
| External debt service after HIPC 10/ | 10.5 | 11.6 | … | 14.5 | 19.1 | 12.4 | 11.4 | 10.6 | 9.1 | ||||
| Export earnings (in millions of U.S. dollars) | 6.6 | 3.5 | 5.9 | 3.8 | 4.0 | 4.2 | 4.3 | 4.4 | 4.7 | ||||
| Overall balance (in millions of U.S. dollars) | 1.9 | −5.0 | 19.2 | 26.6 | 21.1 | −14.2 | −11.5 | −9.9 | −7.8 | ||||
| Gross foreign reserves (in months of following year’s | |||||||||||||
| non-oil imports of goods and nonfactor services) 11/ | 4.8 | 3.5 | 3.4 | 3.7 | 3.5 | 3.5 | 3.6 | 3.6 | 3.6 | ||||
| National Oil Account (in millions of U.S. dollars) 12/ | … | … | 23.1 | 23.4 | 47.6 | 39.5 | 32.4 | 26.6 | 21.8 | ||||
For 2005 corresponds to end-October.
In percent of broad money at beginning of period.
In 2005 and 2006 includes government deposits in the National Oil Account at the BCSTP arising from actual and prospective oil signature bonuses. IMF Country Report No. 05/323 excluded those deposits.
Government revenue includes HIPC debt relief.
Excluding oil revenue, grants, interest earned and scheduled interest payments, foreign-financed scholarships, and foreign-financed capital outlays. For 2002–04, it also excludes transfers to the JDA, which were repaid in 2005 with proceeds from the oil signature bonus from Block 1.
Assumes that the completion point under the enhanced HIPC Initiative is in 2006.
In percent of exports of goods and nonfactor services.
In percent of government revenue including grants and excluding oil signature bonuses.
In percent of current year exports of goods and nonfactor services.
Interim debt relief from multilaterals in 2003-2005.
Excluding the National Oil Account and guarantee deposits placed at the central bank by prospective financial institutions pending operating licenses.
Includes interest income.
São Tomé and Príncipe: Financial Operations of the Central Government, 2003-10
The projections assume that São Tomé and Príncipe reaches HIPC Completion point in the first half of 2006.
In 2004, includes Db20.8 billion (i.e. 3.3 percent of GDP) for hosting the 2004 conference of the Community of Portuguese Language countries (CPLP).
For 2006 refers to a temporary accumulation of interest arrears with non-Paris Club creditors, expected to be settled in the second quarter of the year once ongoing reconciliation of debts is concluded.
For 2002-04, includes three US$5 million loans from Nigeria borrowed during 2002-04 and a US$1 million loan from Angola borrowed in 2004. Repayment of the Nigeria loans has been rescheduled until receipt of oil signature bonuses other than on Block 1. The US$1 million from Angola is under renegotiation to be repaid in 2006.
For 2005 and 2006 net amount is negative on account of the transer of oil bonuses, net of drawings, to the National Oil Account. In 2007-2010 positive amount corresponds to drawings from National Oil Account as indicated in the Oil Revenue Management
For 2005, reflects impact of Paris Club rescheduling in the last quarter of 2005. In 2006 assumes settlement with non-Paris Club creditors.
Excluding the oil revenue, grants, interest earned and scheduled interest payments, foreign-financed scholarships, and foreign-financed capital outlays. For 2002-04, it also excludes transfers to the JDA, which were repaid with proceeds from the oil signature bonus on Block 1. Includes HIPC Initiative-related social expenditure.
São Tomé and Príncipe: Financial Operations of the Central Government, 2003-10
| 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CR/05/323 | CR/05/323 | Est. | Prog. | Proj. | ||||||||||||||
| Jan.-Sep. | Jan.-Sep. | Jan-Dec. | Jan-Dec. | Jan.-Mar. | Jan.-Jun. | Jan.-Sep. | Jan-Dec. | |||||||||||
| (in billions of dobras) | ||||||||||||||||||
| Total revenue and grants | 321.0 | 381.2 | 830.7 | 802.7 | 952.8 | 972.1 | 265.6 | 926.1 | 1,070.3 | 1,239.5 | 697.9 | 791.8 | 863.5 | 929.4 | ||||
| Non-oil revenue | 141.5 | 178.7 | 150.4 | 137.1 | 213.8 | 226.5 | 53.9 | 124.7 | 199.4 | 285.6 | 324.8 | 375.7 | 432.2 | 493.9 | ||||
| Tax revenue | 114.2 | 147.3 | 121.2 | 119.9 | 179.4 | 183.9 | 46.1 | 106.9 | 165.6 | 237.6 | 271.5 | 322.1 | 373.5 | 427.6 | ||||
| of which: fuel taxes | 18.7 | 29.8 | … | 24.2 | … | 42.0 | 14.0 | 28.0 | 42.0 | 56.0 | …. | … | … | … | ||||
| Nontax revenue | 27.4 | 31.3 | 29.2 | 17.1 | 34.4 | 42.6 | 7.8 | 17.9 | 33.8 | 48.1 | 53.3 | 53.7 | 58.6 | 66.2 | ||||
| Grants 1/ | 179.4 | 202.6 | 151.4 | 129.6 | 210.1 | 184.1 | 37.7 | 111.2 | 177.9 | 258.1 | 344.0 | 388.8 | 406.5 | 409.5 | ||||
| Oil signature bonuses (including interest income) | … | … | 528.9 | 536.1 | 528.9 | 561.5 | 173.9 | 690.1 | 692.9 | 695.7 | 13.1 | 11.3 | 9.7 | 8.2 | ||||
| Unidentified revenue measures | … | … | … | … | … | … | 0.0 | 0.0 | 0.0 | 0.0 | 16.0 | 16.0 | 15.2 | 17.8 | ||||
| Total expenditure and net lending | 415.1 | 548.6 | 403.5 | 382.3 | 570.2 | 545.5 | 127.2 | 340.0 | 519.1 | 709.0 | 813.1 | 875.8 | 945.3 | 1,010.9 | ||||
| Current expenditure | 183.3 | 292.5 | 224.7 | 223.1 | 318.3 | 320.4 | 72.1 | 190.4 | 287.9 | 383.9 | 411.6 | 432.0 | 467.5 | 499.5 | ||||
| Personnel costs | 55.0 | 75.7 | 73.5 | 71.1 | 103.3 | 103.3 | 28.4 | 56.8 | 89.5 | 122.1 | 136.8 | 153.4 | 168.7 | 183.9 | ||||
| Of which: Financed by HIPC relief | … | … | 3.3 | … | 6.7 | … | 0.0 | 0.0 | 17.1 | 30.9 | 25.0 | 25.0 | 25.0 | 25.0 | ||||
| Goods and services 2/ | 43.9 | 95.8 | 43.1 | 46.3 | 58.3 | 65.5 | 11.8 | 24.9 | 49.3 | 71.3 | 77.4 | 81.6 | 87.3 | 91.7 | ||||
| Interest on external debt due | 26.1 | 30.1 | 25.2 | 25.2 | 34.0 | 33.7 | 9.7 | 19.5 | 30.8 | 41.0 | 44.4 | 29.8 | 30.9 | 31.7 | ||||
| Interest on internal debt due | 0.0 | 0.0 | 1.9 | 1.9 | 2.5 | 1.9 | 0.6 | 1.3 | 1.9 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | ||||
| Transfers | 35.9 | 65.9 | 62.9 | 57.7 | 92.6 | 89.8 | 15.1 | 71.0 | 83.9 | 106.4 | 107.6 | 117.8 | 127.5 | 136.8 | ||||
| Of which: Regular transfers | 13.4 | 39.9 | 39.2 | 33.2 | 56.0 | 56.9 | 15.1 | 32.1 | 45.1 | 67.6 | 65.9 | 71.6 | 76.9 | 81.9 | ||||
| Joint Development Agency | 22.6 | 26.0 | 23.7 | 24.5 | 36.6 | 32.9 | 0.0 | 38.8 | 38.8 | 38.8 | 41.7 | 46.2 | 50.6 | 54.8 | ||||
| Other | 22.4 | 25.0 | 18.3 | 20.9 | 27.7 | 26.2 | 6.4 | 17.0 | 32.5 | 40.6 | 42.9 | 46.8 | 50.5 | 53.0 | ||||
| Capital expenditure | 197.9 | 234.9 | 159.0 | 144.8 | 218.2 | 193.4 | 50.1 | 131.2 | 199.4 | 267.3 | 310.3 | 352.0 | 382.8 | 409.7 | ||||
| Financed by the treasury | 38.0 | 50.5 | 17.0 | 10.5 | 28.9 | 15.1 | 2.4 | 9.1 | 16.2 | 23.0 | 27.6 | 32.6 | 49.7 | 65.9 | ||||
| Financed by external sources | 160.0 | 184.4 | 142.0 | 134.3 | 189.3 | 178.3 | 47.7 | 122.2 | 183.3 | 244.3 | 282.7 | 319.5 | 333.0 | 343.8 | ||||
| HIPC Initiative-related social expenditure | 33.6 | 30.1 | 19.8 | 14.4 | 33.7 | 31.7 | 5.0 | 18.4 | 31.7 | 57.8 | 91.1 | 91.7 | 95.1 | 101.7 | ||||
| Net lending | 0.3 | −9.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Overall fiscal balance (commitment basis) | −94.1 | −167.3 | 427.2 | 420.4 | 382.7 | 426.6 | 138.4 | 586.1 | 551.2 | 530.5 | −115.2 | −83.9 | −81.8 | −81.5 | ||||
| Change in arrears (net; reduction -) | 28.3 | 41.0 | −174.8 | −79.8 | −176.0 | −145.9 | 2.3 | −50.6 | −50.6 | −50.6 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| External arrears 3/ | 9.4 | 13.8 | −78.3 | 12.6 | −78.3 | −52.2 | 2.3 | −50.6 | −50.6 | −50.6 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Domestic arrears | 18.8 | 27.2 | −96.5 | −92.4 | −97.7 | −93.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Of which: Joint Development Agency | 22.6 | 26.0 | −96.5 | −92.4 | −96.5 | −92.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Overall fiscal balance (cash basis) | −65.8 | −126.3 | 252.5 | 340.6 | 206.7 | 280.8 | 140.6 | 535.5 | 500.6 | 479.9 | −115.2 | −83.9 | −81.8 | −81.5 | ||||
| Financing | 65.8 | 126.3 | −252.5 | −340.6 | −206.7 | −280.8 | −140.6 | −535.5 | −500.6 | −479.9 | 115.2 | 83.9 | 81.8 | 81.5 | ||||
| External (net) | 24.7 | 74.2 | −43.2 | −56.5 | −43.8 | −32.1 | −17.9 | −228.4 | −231.0 | −236.7 | −50.9 | −59.5 | −47.3 | −56.1 | ||||
| Disbursements (projects) | 17.9 | 38.4 | 30.3 | 31.4 | 40.4 | 41.8 | 12.3 | 24.6 | 36.9 | 49.2 | 52.8 | 55.7 | 58.1 | 59.9 | ||||
| Program financing (loans) | 30.8 | 50.3 | 10.4 | 0.0 | 21.6 | 18.0 | 0.0 | 7.8 | 23.1 | 36.5 | 32.3 | 31.9 | 48.1 | 40.1 | ||||
| Short-term loans (net) 4/ | 46.7 | 58.7 | −10.4 | 0.0 | −10.4 | 0.0 | 0.0 | −200.4 | −200.4 | −200.4 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Scheduled amortization (medium and long-term) | −70.8 | −73.2 | −73.5 | −87.9 | −95.4 | −91.9 | −30.2 | −60.4 | −90.6 | −122.0 | −136.0 | −147.2 | −153.5 | −156.2 | ||||
| Domestic (net) | 16.0 | 17.2 | −27.3 | −41.9 | 5.2 | −16.1 | −53.9 | −40.8 | −16.0 | −6.5 | −15.7 | −7.4 | −7.3 | −1.4 | ||||
| Bank credit (net) | 29.7 | 16.6 | −27.3 | −29.9 | 5.2 | −16.1 | −53.9 | −40.8 | −16.0 | −6.5 | −15.7 | −7.4 | −7.3 | −1.4 | ||||
| Nonbank financing | −13.7 | 0.7 | 0.0 | −12.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Oil reserve fund flows (net) 5/ | 0.0 | 0.0 | −245.0 | −280.1 | −245.0 | −276.7 | −80.9 | −307.1 | −309.8 | −312.6 | 116.8 | 101.0 | 86.3 | 73.1 | ||||
| Change in arrears (principal) | 25.1 | 34.9 | −145.6 | 38.0 | −145.6 | −100.0 | 7.3 | −105.4 | −105.4 | −105.4 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Paris Club rescheduling and debt relief 6/ | 0.0 | 0.0 | 208.6 | 0.0 | 222.4 | 144.1 | 4.8 | 146.2 | 161.7 | 181.3 | 28.4 | 13.8 | 14.4 | 12.0 | ||||
| Financing gap | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 36.7 | 36.0 | 35.7 | 53.9 | ||||
| Memorandum items: | ||||||||||||||||||
| Domestic primary balance (commitment basis) 7/ | −64.9 | −129.3 | −84.4 | −83.9 | −130.6 | −105.1 | −15.2 | −72.4 | −103.7 | −135.6 | −142.6 | −129.9 | −129.3 | −119.1 | ||||
| Overall balance (commitment basis, excluding Oil Signature Bonuses) | −94.1 | −167.3 | −101.7 | −115.7 | −146.2 | −134.9 | −35.5 | −104.1 | −141.7 | −165.3 | −128.3 | −95.2 | −91.4 | −89.7 | ||||
| Domestic primary spending | 205.3 | 294.3 | 223.9 | 215.1 | 329.4 | 314.6 | 65.1 | 189.1 | 291.1 | 401.2 | 461.9 | 501.8 | 556.0 | 609.4 | ||||
The projections assume that São Tomé and Príncipe reaches HIPC Completion point in the first half of 2006.
In 2004, includes Db20.8 billion (i.e. 3.3 percent of GDP) for hosting the 2004 conference of the Community of Portuguese Language countries (CPLP).
For 2006 refers to a temporary accumulation of interest arrears with non-Paris Club creditors, expected to be settled in the second quarter of the year once ongoing reconciliation of debts is concluded.
For 2002-04, includes three US$5 million loans from Nigeria borrowed during 2002-04 and a US$1 million loan from Angola borrowed in 2004. Repayment of the Nigeria loans has been rescheduled until receipt of oil signature bonuses other than on Block 1. The US$1 million from Angola is under renegotiation to be repaid in 2006.
For 2005 and 2006 net amount is negative on account of the transer of oil bonuses, net of drawings, to the National Oil Account. In 2007-2010 positive amount corresponds to drawings from National Oil Account as indicated in the Oil Revenue Management
For 2005, reflects impact of Paris Club rescheduling in the last quarter of 2005. In 2006 assumes settlement with non-Paris Club creditors.
Excluding the oil revenue, grants, interest earned and scheduled interest payments, foreign-financed scholarships, and foreign-financed capital outlays. For 2002-04, it also excludes transfers to the JDA, which were repaid with proceeds from the oil signature bonus on Block 1. Includes HIPC Initiative-related social expenditure.
São Tomé and Príncipe: Financial Operations of the Central Government, 2003-10
| 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CR/05/323 | CR/05/323 | Est. | Prog. | Proj. | ||||||||||||||
| Jan.-Sep. | Jan.-Sep. | Jan-Dec. | Jan-Dec. | Jan.-Mar. | Jan.-Jun. | Jan.-Sep. | Jan-Dec. | |||||||||||
| (in billions of dobras) | ||||||||||||||||||
| Total revenue and grants | 321.0 | 381.2 | 830.7 | 802.7 | 952.8 | 972.1 | 265.6 | 926.1 | 1,070.3 | 1,239.5 | 697.9 | 791.8 | 863.5 | 929.4 | ||||
| Non-oil revenue | 141.5 | 178.7 | 150.4 | 137.1 | 213.8 | 226.5 | 53.9 | 124.7 | 199.4 | 285.6 | 324.8 | 375.7 | 432.2 | 493.9 | ||||
| Tax revenue | 114.2 | 147.3 | 121.2 | 119.9 | 179.4 | 183.9 | 46.1 | 106.9 | 165.6 | 237.6 | 271.5 | 322.1 | 373.5 | 427.6 | ||||
| of which: fuel taxes | 18.7 | 29.8 | … | 24.2 | … | 42.0 | 14.0 | 28.0 | 42.0 | 56.0 | …. | … | … | … | ||||
| Nontax revenue | 27.4 | 31.3 | 29.2 | 17.1 | 34.4 | 42.6 | 7.8 | 17.9 | 33.8 | 48.1 | 53.3 | 53.7 | 58.6 | 66.2 | ||||
| Grants 1/ | 179.4 | 202.6 | 151.4 | 129.6 | 210.1 | 184.1 | 37.7 | 111.2 | 177.9 | 258.1 | 344.0 | 388.8 | 406.5 | 409.5 | ||||
| Oil signature bonuses (including interest income) | … | … | 528.9 | 536.1 | 528.9 | 561.5 | 173.9 | 690.1 | 692.9 | 695.7 | 13.1 | 11.3 | 9.7 | 8.2 | ||||
| Unidentified revenue measures | … | … | … | … | … | … | 0.0 | 0.0 | 0.0 | 0.0 | 16.0 | 16.0 | 15.2 | 17.8 | ||||
| Total expenditure and net lending | 415.1 | 548.6 | 403.5 | 382.3 | 570.2 | 545.5 | 127.2 | 340.0 | 519.1 | 709.0 | 813.1 | 875.8 | 945.3 | 1,010.9 | ||||
| Current expenditure | 183.3 | 292.5 | 224.7 | 223.1 | 318.3 | 320.4 | 72.1 | 190.4 | 287.9 | 383.9 | 411.6 | 432.0 | 467.5 | 499.5 | ||||
| Personnel costs | 55.0 | 75.7 | 73.5 | 71.1 | 103.3 | 103.3 | 28.4 | 56.8 | 89.5 | 122.1 | 136.8 | 153.4 | 168.7 | 183.9 | ||||
| Of which: Financed by HIPC relief | … | … | 3.3 | … | 6.7 | … | 0.0 | 0.0 | 17.1 | 30.9 | 25.0 | 25.0 | 25.0 | 25.0 | ||||
| Goods and services 2/ | 43.9 | 95.8 | 43.1 | 46.3 | 58.3 | 65.5 | 11.8 | 24.9 | 49.3 | 71.3 | 77.4 | 81.6 | 87.3 | 91.7 | ||||
| Interest on external debt due | 26.1 | 30.1 | 25.2 | 25.2 | 34.0 | 33.7 | 9.7 | 19.5 | 30.8 | 41.0 | 44.4 | 29.8 | 30.9 | 31.7 | ||||
| Interest on internal debt due | 0.0 | 0.0 | 1.9 | 1.9 | 2.5 | 1.9 | 0.6 | 1.3 | 1.9 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | ||||
| Transfers | 35.9 | 65.9 | 62.9 | 57.7 | 92.6 | 89.8 | 15.1 | 71.0 | 83.9 | 106.4 | 107.6 | 117.8 | 127.5 | 136.8 | ||||
| Of which: Regular transfers | 13.4 | 39.9 | 39.2 | 33.2 | 56.0 | 56.9 | 15.1 | 32.1 | 45.1 | 67.6 | 65.9 | 71.6 | 76.9 | 81.9 | ||||
| Joint Development Agency | 22.6 | 26.0 | 23.7 | 24.5 | 36.6 | 32.9 | 0.0 | 38.8 | 38.8 | 38.8 | 41.7 | 46.2 | 50.6 | 54.8 | ||||
| Other | 22.4 | 25.0 | 18.3 | 20.9 | 27.7 | 26.2 | 6.4 | 17.0 | 32.5 | 40.6 | 42.9 | 46.8 | 50.5 | 53.0 | ||||
| Capital expenditure | 197.9 | 234.9 | 159.0 | 144.8 | 218.2 | 193.4 | 50.1 | 131.2 | 199.4 | 267.3 | 310.3 | 352.0 | 382.8 | 409.7 | ||||
| Financed by the treasury | 38.0 | 50.5 | 17.0 | 10.5 | 28.9 | 15.1 | 2.4 | 9.1 | 16.2 | 23.0 | 27.6 | 32.6 | 49.7 | 65.9 | ||||
| Financed by external sources | 160.0 | 184.4 | 142.0 | 134.3 | 189.3 | 178.3 | 47.7 | 122.2 | 183.3 | 244.3 | 282.7 | 319.5 | 333.0 | 343.8 | ||||
| HIPC Initiative-related social expenditure | 33.6 | 30.1 | 19.8 | 14.4 | 33.7 | 31.7 | 5.0 | 18.4 | 31.7 | 57.8 | 91.1 | 91.7 | 95.1 | 101.7 | ||||
| Net lending | 0.3 | −9.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Overall fiscal balance (commitment basis) | −94.1 | −167.3 | 427.2 | 420.4 | 382.7 | 426.6 | 138.4 | 586.1 | 551.2 | 530.5 | −115.2 | −83.9 | −81.8 | −81.5 | ||||
| Change in arrears (net; reduction -) | 28.3 | 41.0 | −174.8 | −79.8 | −176.0 | −145.9 | 2.3 | −50.6 | −50.6 | −50.6 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| External arrears 3/ | 9.4 | 13.8 | −78.3 | 12.6 | −78.3 | −52.2 | 2.3 | −50.6 | −50.6 | −50.6 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Domestic arrears | 18.8 | 27.2 | −96.5 | −92.4 | −97.7 | −93.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Of which: Joint Development Agency | 22.6 | 26.0 | −96.5 | −92.4 | −96.5 | −92.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Overall fiscal balance (cash basis) | −65.8 | −126.3 | 252.5 | 340.6 | 206.7 | 280.8 | 140.6 | 535.5 | 500.6 | 479.9 | −115.2 | −83.9 | −81.8 | −81.5 | ||||
| Financing | 65.8 | 126.3 | −252.5 | −340.6 | −206.7 | −280.8 | −140.6 | −535.5 | −500.6 | −479.9 | 115.2 | 83.9 | 81.8 | 81.5 | ||||
| External (net) | 24.7 | 74.2 | −43.2 | −56.5 | −43.8 | −32.1 | −17.9 | −228.4 | −231.0 | −236.7 | −50.9 | −59.5 | −47.3 | −56.1 | ||||
| Disbursements (projects) | 17.9 | 38.4 | 30.3 | 31.4 | 40.4 | 41.8 | 12.3 | 24.6 | 36.9 | 49.2 | 52.8 | 55.7 | 58.1 | 59.9 | ||||
| Program financing (loans) | 30.8 | 50.3 | 10.4 | 0.0 | 21.6 | 18.0 | 0.0 | 7.8 | 23.1 | 36.5 | 32.3 | 31.9 | 48.1 | 40.1 | ||||
| Short-term loans (net) 4/ | 46.7 | 58.7 | −10.4 | 0.0 | −10.4 | 0.0 | 0.0 | −200.4 | −200.4 | −200.4 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Scheduled amortization (medium and long-term) | −70.8 | −73.2 | −73.5 | −87.9 | −95.4 | −91.9 | −30.2 | −60.4 | −90.6 | −122.0 | −136.0 | −147.2 | −153.5 | −156.2 | ||||
| Domestic (net) | 16.0 | 17.2 | −27.3 | −41.9 | 5.2 | −16.1 | −53.9 | −40.8 | −16.0 | −6.5 | −15.7 | −7.4 | −7.3 | −1.4 | ||||
| Bank credit (net) | 29.7 | 16.6 | −27.3 | −29.9 | 5.2 | −16.1 | −53.9 | −40.8 | −16.0 | −6.5 | −15.7 | −7.4 | −7.3 | −1.4 | ||||
| Nonbank financing | −13.7 | 0.7 | 0.0 | −12.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Oil reserve fund flows (net) 5/ | 0.0 | 0.0 | −245.0 | −280.1 | −245.0 | −276.7 | −80.9 | −307.1 | −309.8 | −312.6 | 116.8 | 101.0 | 86.3 | 73.1 | ||||
| Change in arrears (principal) | 25.1 | 34.9 | −145.6 | 38.0 | −145.6 | −100.0 | 7.3 | −105.4 | −105.4 | −105.4 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Paris Club rescheduling and debt relief 6/ | 0.0 | 0.0 | 208.6 | 0.0 | 222.4 | 144.1 | 4.8 | 146.2 | 161.7 | 181.3 | 28.4 | 13.8 | 14.4 | 12.0 | ||||
| Financing gap | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 36.7 | 36.0 | 35.7 | 53.9 | ||||
| Memorandum items: | ||||||||||||||||||
| Domestic primary balance (commitment basis) 7/ | −64.9 | −129.3 | −84.4 | −83.9 | −130.6 | −105.1 | −15.2 | −72.4 | −103.7 | −135.6 | −142.6 | −129.9 | −129.3 | −119.1 | ||||
| Overall balance (commitment basis, excluding Oil Signature Bonuses) | −94.1 | −167.3 | −101.7 | −115.7 | −146.2 | −134.9 | −35.5 | −104.1 | −141.7 | −165.3 | −128.3 | −95.2 | −91.4 | −89.7 | ||||
| Domestic primary spending | 205.3 | 294.3 | 223.9 | 215.1 | 329.4 | 314.6 | 65.1 | 189.1 | 291.1 | 401.2 | 461.9 | 501.8 | 556.0 | 609.4 | ||||
The projections assume that São Tomé and Príncipe reaches HIPC Completion point in the first half of 2006.
In 2004, includes Db20.8 billion (i.e. 3.3 percent of GDP) for hosting the 2004 conference of the Community of Portuguese Language countries (CPLP).
For 2006 refers to a temporary accumulation of interest arrears with non-Paris Club creditors, expected to be settled in the second quarter of the year once ongoing reconciliation of debts is concluded.
For 2002-04, includes three US$5 million loans from Nigeria borrowed during 2002-04 and a US$1 million loan from Angola borrowed in 2004. Repayment of the Nigeria loans has been rescheduled until receipt of oil signature bonuses other than on Block 1. The US$1 million from Angola is under renegotiation to be repaid in 2006.
For 2005 and 2006 net amount is negative on account of the transer of oil bonuses, net of drawings, to the National Oil Account. In 2007-2010 positive amount corresponds to drawings from National Oil Account as indicated in the Oil Revenue Management
For 2005, reflects impact of Paris Club rescheduling in the last quarter of 2005. In 2006 assumes settlement with non-Paris Club creditors.
Excluding the oil revenue, grants, interest earned and scheduled interest payments, foreign-financed scholarships, and foreign-financed capital outlays. For 2002-04, it also excludes transfers to the JDA, which were repaid with proceeds from the oil signature bonus on Block 1. Includes HIPC Initiative-related social expenditure.
São Tomé and Príncipe: Financial Operations of the Central Government, 2003-10
The projections assume that São Tomé and Príncipe reaches HIPC Completion point in the first half of 2006.
In 2004, includes Db20.8 billion (i.e. 3.3 percent of GDP) for hosting the 2004 conference of the Community of Portuguese Language countries (CPLP).
For 2006 refers to a temporary accumulation of interest arrears with non-Paris Club creditors, expected to be settled in the second quarter of the year once ongoing reconciliation of debts is concluded.
For 2002-04, includes three US$5 million loans from Nigeria borrowed during 2002-04 and a US$1 million loan from Angola borrowed in 2004. Repayment of the Nigeria loans has been rescheduled until receipt of oil signature bonuses other than on Block 1. The US$1 million from Angola is under renegotiation to be repaid in 2006.
For 2005 and 2006 net amount is negative on account of the transer of oil bonuses, net of drawings, to the National Oil Account. In 2007-2010 positive amount corresponds to drawings from National Oil Account as indicated in the Oil Revenue Management
For 2005, reflects impact of Paris Club rescheduling in the last quarter of 2005. In 2006 assumes settlement with non-Paris Club creditors.
Excluding the oil revenue, grants, interest earned and scheduled interest payments, foreign-financed scholarships, and foreign-financed capital outlays. For 2002-04, it also excludes transfers to the JDA, which were repaid with proceeds from the oil s on Block 1. Includes HIPC Initiative-related social expenditure.
São Tomé and Príncipe: Financial Operations of the Central Government, 2003-10
| 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CR/05/323 | CR/05/323 | Est. | Prog. | Proj. | ||||||||||||||
| Jan.-Sep. | Jan.-Sep. | Jan-Dec. | Jan-Dec. | Jan.-Mar. | Jan.-Jun. | Jan.-Sep. | Jan-Dec. | |||||||||||
| (as a percentage of GDP) | ||||||||||||||||||
| Total revenue and grants | 58.1 | 60.6 | 111.5 | 107.1 | 127.9 | 129.7 | 29.9 | 104.1 | 120.3 | 139.4 | 66.7 | 65.1 | 61.6 | 57.9 | ||||
| Non-oil revenue | 25.6 | 28.4 | 18.7 | 18.3 | 26.7 | 30.2 | 6.1 | 14.0 | 22.4 | 32.1 | 31.0 | 30.9 | 30.8 | 30.8 | ||||
| Tax revenue | 20.7 | 23.4 | 16.3 | 16.0 | 24.1 | 24.5 | 5.2 | 12.0 | 18.6 | 26.7 | 25.9 | 26.5 | 26.6 | 26.7 | ||||
| of which: fuel taxes | 3.4 | 4.7 | … | 3.2 | … | 5.6 | 1.6 | 3.1 | 4.7 | 6.3 | … | … | … | … | ||||
| Nontax revenue | 5.0 | 5.0 | 4.0 | 2.3 | 2.6 | 5.7 | 0.9 | 2.0 | 3.8 | 5.4 | 5.1 | 4.4 | 4.2 | 4.1 | ||||
| Grants 1/ | 32.5 | 32.2 | 20.3 | 17.3 | 28.2 | 24.6 | 4.2 | 12.5 | 20.0 | 29.0 | 32.9 | 32.0 | 29.0 | 25.5 | ||||
| Oil signature bonuses (including interest income) | … | … | 71.0 | 71.5 | 71.0 | 74.9 | 19.6 | 77.6 | 77.9 | 78.2 | 1.2 | 0.9 | 0.7 | 0.5 | ||||
| Unidentified revenue measures | … | … | … | … | … | … | 0.0 | 0.0 | 0.0 | 0.0 | 1.5 | 1.3 | 1.1 | 1.1 | ||||
| Total expenditure and net lending | 75.1 | 87.2 | 54.2 | 51.0 | 76.5 | 72.8 | 14.3 | 38.2 | 58.4 | 79.7 | 77.7 | 72.0 | 67.4 | 63.0 | ||||
| Current expenditure | 33.2 | 46.5 | 30.2 | 29.8 | 42.7 | 42.8 | 8.1 | 21.4 | 32.4 | 43.2 | 39.3 | 35.5 | 33.3 | 31.1 | ||||
| Personnel costs | 9.9 | 12.0 | 9.9 | 9.5 | 13.9 | 13.8 | 3.2 | 6.4 | 10.1 | 13.7 | 13.1 | 12.6 | 12.0 | 11.5 | ||||
| Of which: Financed by HIPC relief | … | … | 0.4 | … | 0.9 | … | 0.0 | 0.0 | 1.9 | 3.5 | 2.4 | 2.1 | 1.8 | 1.6 | ||||
| Goods and services 2/ | 7.9 | 15.2 | 5.8 | 6.2 | 7.8 | 8.7 | 1.3 | 2.8 | 5.5 | 8.0 | 7.4 | 6.7 | 6.2 | 5.7 | ||||
| Interest on external debt due | 4.7 | 4.8 | 3.4 | 3.4 | 4.6 | 4.5 | 1.1 | 2.2 | 3.5 | 4.6 | 4.2 | 2.5 | 2.2 | 2.0 | ||||
| Interest on internal debt due | 0.0 | 0.0 | 0.3 | 0.3 | 0.3 | 0.3 | 0.1 | 0.1 | 0.2 | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 | ||||
| Transfers | 6.5 | 10.5 | 8.4 | 7.7 | 12.4 | 12.0 | 1.7 | 8.0 | 9.4 | 12.0 | 10.3 | 9.7 | 9.1 | 8.5 | ||||
| Of which: Regular transfers | 2.4 | 6.3 | 5.3 | 4.4 | 7.5 | 7.6 | 1.7 | 3.6 | 5.1 | 7.6 | 6.3 | 5.9 | 5.5 | 5.1 | ||||
| Joint Development Agency | 4.1 | 4.1 | 3.2 | 3.3 | 4.9 | 4.4 | 0.0 | 4.4 | 4.4 | 4.4 | 4.0 | 3.8 | 3.6 | 3.4 | ||||
| Other | 4.0 | 4.0 | 2.5 | 2.8 | 3.7 | 3.5 | 0.7 | 1.9 | 3.7 | 4.6 | 4.1 | 3.8 | 3.6 | 3.3 | ||||
| Capital expenditure | 35.8 | 37.3 | 21.3 | 19.3 | 29.3 | 25.8 | 5.6 | 14.8 | 22.4 | 30.1 | 29.6 | 28.9 | 27.3 | 25.5 | ||||
| Financed by the treasury | 6.9 | 8.0 | 2.3 | 1.4 | 3.9 | 2.0 | 0.3 | 1.0 | 1.8 | 2.6 | 2.6 | 2.7 | 3.5 | 4.1 | ||||
| Financed by external sources | 28.9 | 29.3 | 19.1 | 17.9 | 25.4 | 23.8 | 5.4 | 13.7 | 20.6 | 27.5 | 27.0 | 26.3 | 23.7 | 21.4 | ||||
| HIPC Initiative-related social expenditure | 6.1 | 4.8 | 2.7 | 1.9 | 4.5 | 4.2 | 0.6 | 2.1 | 3.6 | 6.5 | 8.7 | 7.5 | 6.8 | 6.3 | ||||
| Net lending | 0.1 | −1.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Overall fiscal balance (commitment basis) | −17.0 | −26.6 | 57.3 | 56.1 | 51.4 | 56.9 | 15.6 | 65.9 | 62.0 | 59.6 | −11.0 | −6.9 | −5.8 | −5.1 | ||||
| Change in arrears (net; reduction -) | 5.1 | 6.5 | −23.5 | −10.6 | −23.6 | −19.5 | 0.3 | −5.7 | −5.7 | −5.7 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| External arrears 3/ | 1.7 | 2.2 | −10.5 | 1.7 | −10.5 | −7.0 | 0.3 | −5.7 | −5.7 | −5.7 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Domestic arrears | 3.4 | 4.3 | −13.0 | −12.3 | −13.1 | −12.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Of which: Joint Development Agency | 4.1 | 4.1 | −13.0 | −12.3 | −13.0 | −12.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Overall fiscal balance (cash basis) | −11.9 | −20.1 | 33.9 | 45.5 | 27.7 | 37.5 | 15.8 | 60.2 | 56.3 | 54.0 | −11.0 | −6.9 | −5.8 | −5.1 | ||||
| Financing | 11.9 | 20.1 | −33.9 | −45.5 | −27.7 | −37.5 | −15.8 | −60.2 | −56.3 | −54.0 | 11.0 | 6.9 | 5.8 | 5.1 | ||||
| External (net) | 4.5 | 11.8 | −5.8 | −7.5 | −5.9 | −4.3 | −2.0 | −25.7 | −26.0 | −26.6 | −4.9 | −4.9 | −3.4 | −3.5 | ||||
| Disbursements (projects) | 3.2 | 6.1 | 4.1 | 4.2 | 5.4 | 5.6 | 1.4 | 2.8 | 4.1 | 5.5 | 5.0 | 4.6 | 4.1 | 3.7 | ||||
| Program financing (loans) | 5.6 | 8.0 | 1.4 | 0.0 | 2.9 | 2.4 | 0.0 | 0.9 | 2.6 | 4.1 | 3.1 | 2.6 | 3.4 | 2.5 | ||||
| Short-term loans (net) 4/ | 8.5 | 9.3 | −1.4 | 0.0 | −1.4 | 0.0 | 0.0 | −22.5 | −22.5 | −22.5 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Scheduled amortization (medium and long-term) | −12.8 | −11.6 | −9.9 | −11.7 | −12.8 | −12.3 | −3.4 | −6.8 | −10.2 | −13.7 | −13.0 | −12.1 | −10.9 | −9.7 | ||||
| Domestic (net) | 2.9 | 2.7 | −3.7 | −5.6 | 0.7 | −2.1 | −6.1 | −4.6 | −1.8 | −0.7 | −1.5 | −0.6 | −0.5 | −0.1 | ||||
| Bank credit (net) | 5.4 | 2.6 | −3.7 | −4.0 | 0.7 | −2.1 | −6.1 | −4.6 | −1.8 | −0.7 | −1.5 | −0.6 | −0.5 | −0.1 | ||||
| Nonbank financing | −2.5 | 0.1 | 0.0 | −1.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Oil reserve fund flows (net) 5/ | 0.0 | 0.0 | −32.9 | −37.4 | −32.9 | −36.9 | −9.1 | −34.5 | −34.8 | −35.2 | 11.2 | 8.3 | 6.2 | 4.6 | ||||
| Change in arrears (principal) | 4.5 | 5.6 | −19.5 | 5.1 | −19.5 | −13.3 | 0.8 | −11.8 | −11.8 | −11.8 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Paris Club rescheduling 6/ | 0.0 | 0.0 | 28.0 | 0.0 | 29.9 | 19.2 | 0.5 | 16.4 | 18.2 | 20.4 | 2.7 | 1.1 | 1.0 | 0.7 | ||||
| Financing gap | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.5 | 3.0 | 2.5 | 3.4 | ||||
| Memorandum items: | ||||||||||||||||||
| Domestic primary balance (commitment basis) 7/ | −11.7 | −20.6 | −11.3 | −11.2 | −17.5 | −14.0 | −1.7 | −8.1 | −11.7 | −15.2 | −11.6 | −9.0 | −7.7 | −6.1 | ||||
| Overall balance (commitment basis, excluding Oil Signature Bonuses) | −17.0 | −26.6 | −13.6 | −15.4 | −19.6 | −18.0 | −4.0 | −11.7 | −15.9 | −18.6 | −12.3 | −7.8 | −6.5 | −5.6 | ||||
| Domestic primary spending | 37.1 | 46.8 | 29.9 | 28.7 | 44.2 | 42.0 | 7.3 | 21.3 | 32.7 | 45.1 | 44.1 | 41.3 | 39.6 | 38.0 | ||||
The projections assume that São Tomé and Príncipe reaches HIPC Completion point in the first half of 2006.
In 2004, includes Db20.8 billion (i.e. 3.3 percent of GDP) for hosting the 2004 conference of the Community of Portuguese Language countries (CPLP).
For 2006 refers to a temporary accumulation of interest arrears with non-Paris Club creditors, expected to be settled in the second quarter of the year once ongoing reconciliation of debts is concluded.
For 2002-04, includes three US$5 million loans from Nigeria borrowed during 2002-04 and a US$1 million loan from Angola borrowed in 2004. Repayment of the Nigeria loans has been rescheduled until receipt of oil signature bonuses other than on Block 1. The US$1 million from Angola is under renegotiation to be repaid in 2006.
For 2005 and 2006 net amount is negative on account of the transer of oil bonuses, net of drawings, to the National Oil Account. In 2007-2010 positive amount corresponds to drawings from National Oil Account as indicated in the Oil Revenue Management
For 2005, reflects impact of Paris Club rescheduling in the last quarter of 2005. In 2006 assumes settlement with non-Paris Club creditors.
Excluding the oil revenue, grants, interest earned and scheduled interest payments, foreign-financed scholarships, and foreign-financed capital outlays. For 2002-04, it also excludes transfers to the JDA, which were repaid with proceeds from the oil s on Block 1. Includes HIPC Initiative-related social expenditure.
São Tomé and Príncipe: Financial Operations of the Central Government, 2003-10
| 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CR/05/323 | CR/05/323 | Est. | Prog. | Proj. | ||||||||||||||
| Jan.-Sep. | Jan.-Sep. | Jan-Dec. | Jan-Dec. | Jan.-Mar. | Jan.-Jun. | Jan.-Sep. | Jan-Dec. | |||||||||||
| (as a percentage of GDP) | ||||||||||||||||||
| Total revenue and grants | 58.1 | 60.6 | 111.5 | 107.1 | 127.9 | 129.7 | 29.9 | 104.1 | 120.3 | 139.4 | 66.7 | 65.1 | 61.6 | 57.9 | ||||
| Non-oil revenue | 25.6 | 28.4 | 18.7 | 18.3 | 26.7 | 30.2 | 6.1 | 14.0 | 22.4 | 32.1 | 31.0 | 30.9 | 30.8 | 30.8 | ||||
| Tax revenue | 20.7 | 23.4 | 16.3 | 16.0 | 24.1 | 24.5 | 5.2 | 12.0 | 18.6 | 26.7 | 25.9 | 26.5 | 26.6 | 26.7 | ||||
| of which: fuel taxes | 3.4 | 4.7 | … | 3.2 | … | 5.6 | 1.6 | 3.1 | 4.7 | 6.3 | … | … | … | … | ||||
| Nontax revenue | 5.0 | 5.0 | 4.0 | 2.3 | 2.6 | 5.7 | 0.9 | 2.0 | 3.8 | 5.4 | 5.1 | 4.4 | 4.2 | 4.1 | ||||
| Grants 1/ | 32.5 | 32.2 | 20.3 | 17.3 | 28.2 | 24.6 | 4.2 | 12.5 | 20.0 | 29.0 | 32.9 | 32.0 | 29.0 | 25.5 | ||||
| Oil signature bonuses (including interest income) | … | … | 71.0 | 71.5 | 71.0 | 74.9 | 19.6 | 77.6 | 77.9 | 78.2 | 1.2 | 0.9 | 0.7 | 0.5 | ||||
| Unidentified revenue measures | … | … | … | … | … | … | 0.0 | 0.0 | 0.0 | 0.0 | 1.5 | 1.3 | 1.1 | 1.1 | ||||
| Total expenditure and net lending | 75.1 | 87.2 | 54.2 | 51.0 | 76.5 | 72.8 | 14.3 | 38.2 | 58.4 | 79.7 | 77.7 | 72.0 | 67.4 | 63.0 | ||||
| Current expenditure | 33.2 | 46.5 | 30.2 | 29.8 | 42.7 | 42.8 | 8.1 | 21.4 | 32.4 | 43.2 | 39.3 | 35.5 | 33.3 | 31.1 | ||||
| Personnel costs | 9.9 | 12.0 | 9.9 | 9.5 | 13.9 | 13.8 | 3.2 | 6.4 | 10.1 | 13.7 | 13.1 | 12.6 | 12.0 | 11.5 | ||||
| Of which: Financed by HIPC relief | … | … | 0.4 | … | 0.9 | … | 0.0 | 0.0 | 1.9 | 3.5 | 2.4 | 2.1 | 1.8 | 1.6 | ||||
| Goods and services 2/ | 7.9 | 15.2 | 5.8 | 6.2 | 7.8 | 8.7 | 1.3 | 2.8 | 5.5 | 8.0 | 7.4 | 6.7 | 6.2 | 5.7 | ||||
| Interest on external debt due | 4.7 | 4.8 | 3.4 | 3.4 | 4.6 | 4.5 | 1.1 | 2.2 | 3.5 | 4.6 | 4.2 | 2.5 | 2.2 | 2.0 | ||||
| Interest on internal debt due | 0.0 | 0.0 | 0.3 | 0.3 | 0.3 | 0.3 | 0.1 | 0.1 | 0.2 | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 | ||||
| Transfers | 6.5 | 10.5 | 8.4 | 7.7 | 12.4 | 12.0 | 1.7 | 8.0 | 9.4 | 12.0 | 10.3 | 9.7 | 9.1 | 8.5 | ||||
| Of which: Regular transfers | 2.4 | 6.3 | 5.3 | 4.4 | 7.5 | 7.6 | 1.7 | 3.6 | 5.1 | 7.6 | 6.3 | 5.9 | 5.5 | 5.1 | ||||
| Joint Development Agency | 4.1 | 4.1 | 3.2 | 3.3 | 4.9 | 4.4 | 0.0 | 4.4 | 4.4 | 4.4 | 4.0 | 3.8 | 3.6 | 3.4 | ||||
| Other | 4.0 | 4.0 | 2.5 | 2.8 | 3.7 | 3.5 | 0.7 | 1.9 | 3.7 | 4.6 | 4.1 | 3.8 | 3.6 | 3.3 | ||||
| Capital expenditure | 35.8 | 37.3 | 21.3 | 19.3 | 29.3 | 25.8 | 5.6 | 14.8 | 22.4 | 30.1 | 29.6 | 28.9 | 27.3 | 25.5 | ||||
| Financed by the treasury | 6.9 | 8.0 | 2.3 | 1.4 | 3.9 | 2.0 | 0.3 | 1.0 | 1.8 | 2.6 | 2.6 | 2.7 | 3.5 | 4.1 | ||||
| Financed by external sources | 28.9 | 29.3 | 19.1 | 17.9 | 25.4 | 23.8 | 5.4 | 13.7 | 20.6 | 27.5 | 27.0 | 26.3 | 23.7 | 21.4 | ||||
| HIPC Initiative-related social expenditure | 6.1 | 4.8 | 2.7 | 1.9 | 4.5 | 4.2 | 0.6 | 2.1 | 3.6 | 6.5 | 8.7 | 7.5 | 6.8 | 6.3 | ||||
| Net lending | 0.1 | −1.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Overall fiscal balance (commitment basis) | −17.0 | −26.6 | 57.3 | 56.1 | 51.4 | 56.9 | 15.6 | 65.9 | 62.0 | 59.6 | −11.0 | −6.9 | −5.8 | −5.1 | ||||
| Change in arrears (net; reduction -) | 5.1 | 6.5 | −23.5 | −10.6 | −23.6 | −19.5 | 0.3 | −5.7 | −5.7 | −5.7 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| External arrears 3/ | 1.7 | 2.2 | −10.5 | 1.7 | −10.5 | −7.0 | 0.3 | −5.7 | −5.7 | −5.7 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Domestic arrears | 3.4 | 4.3 | −13.0 | −12.3 | −13.1 | −12.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Of which: Joint Development Agency | 4.1 | 4.1 | −13.0 | −12.3 | −13.0 | −12.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Overall fiscal balance (cash basis) | −11.9 | −20.1 | 33.9 | 45.5 | 27.7 | 37.5 | 15.8 | 60.2 | 56.3 | 54.0 | −11.0 | −6.9 | −5.8 | −5.1 | ||||
| Financing | 11.9 | 20.1 | −33.9 | −45.5 | −27.7 | −37.5 | −15.8 | −60.2 | −56.3 | −54.0 | 11.0 | 6.9 | 5.8 | 5.1 | ||||
| External (net) | 4.5 | 11.8 | −5.8 | −7.5 | −5.9 | −4.3 | −2.0 | −25.7 | −26.0 | −26.6 | −4.9 | −4.9 | −3.4 | −3.5 | ||||
| Disbursements (projects) | 3.2 | 6.1 | 4.1 | 4.2 | 5.4 | 5.6 | 1.4 | 2.8 | 4.1 | 5.5 | 5.0 | 4.6 | 4.1 | 3.7 | ||||
| Program financing (loans) | 5.6 | 8.0 | 1.4 | 0.0 | 2.9 | 2.4 | 0.0 | 0.9 | 2.6 | 4.1 | 3.1 | 2.6 | 3.4 | 2.5 | ||||
| Short-term loans (net) 4/ | 8.5 | 9.3 | −1.4 | 0.0 | −1.4 | 0.0 | 0.0 | −22.5 | −22.5 | −22.5 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Scheduled amortization (medium and long-term) | −12.8 | −11.6 | −9.9 | −11.7 | −12.8 | −12.3 | −3.4 | −6.8 | −10.2 | −13.7 | −13.0 | −12.1 | −10.9 | −9.7 | ||||
| Domestic (net) | 2.9 | 2.7 | −3.7 | −5.6 | 0.7 | −2.1 | −6.1 | −4.6 | −1.8 | −0.7 | −1.5 | −0.6 | −0.5 | −0.1 | ||||
| Bank credit (net) | 5.4 | 2.6 | −3.7 | −4.0 | 0.7 | −2.1 | −6.1 | −4.6 | −1.8 | −0.7 | −1.5 | −0.6 | −0.5 | −0.1 | ||||
| Nonbank financing | −2.5 | 0.1 | 0.0 | −1.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Oil reserve fund flows (net) 5/ | 0.0 | 0.0 | −32.9 | −37.4 | −32.9 | −36.9 | −9.1 | −34.5 | −34.8 | −35.2 | 11.2 | 8.3 | 6.2 | 4.6 | ||||
| Change in arrears (principal) | 4.5 | 5.6 | −19.5 | 5.1 | −19.5 | −13.3 | 0.8 | −11.8 | −11.8 | −11.8 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Paris Club rescheduling 6/ | 0.0 | 0.0 | 28.0 | 0.0 | 29.9 | 19.2 | 0.5 | 16.4 | 18.2 | 20.4 | 2.7 | 1.1 | 1.0 | 0.7 | ||||
| Financing gap | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.5 | 3.0 | 2.5 | 3.4 | ||||
| Memorandum items: | ||||||||||||||||||
| Domestic primary balance (commitment basis) 7/ | −11.7 | −20.6 | −11.3 | −11.2 | −17.5 | −14.0 | −1.7 | −8.1 | −11.7 | −15.2 | −11.6 | −9.0 | −7.7 | −6.1 | ||||
| Overall balance (commitment basis, excluding Oil Signature Bonuses) | −17.0 | −26.6 | −13.6 | −15.4 | −19.6 | −18.0 | −4.0 | −11.7 | −15.9 | −18.6 | −12.3 | −7.8 | −6.5 | −5.6 | ||||
| Domestic primary spending | 37.1 | 46.8 | 29.9 | 28.7 | 44.2 | 42.0 | 7.3 | 21.3 | 32.7 | 45.1 | 44.1 | 41.3 | 39.6 | 38.0 | ||||
The projections assume that São Tomé and Príncipe reaches HIPC Completion point in the first half of 2006.
In 2004, includes Db20.8 billion (i.e. 3.3 percent of GDP) for hosting the 2004 conference of the Community of Portuguese Language countries (CPLP).
For 2006 refers to a temporary accumulation of interest arrears with non-Paris Club creditors, expected to be settled in the second quarter of the year once ongoing reconciliation of debts is concluded.
For 2002-04, includes three US$5 million loans from Nigeria borrowed during 2002-04 and a US$1 million loan from Angola borrowed in 2004. Repayment of the Nigeria loans has been rescheduled until receipt of oil signature bonuses other than on Block 1. The US$1 million from Angola is under renegotiation to be repaid in 2006.
For 2005 and 2006 net amount is negative on account of the transer of oil bonuses, net of drawings, to the National Oil Account. In 2007-2010 positive amount corresponds to drawings from National Oil Account as indicated in the Oil Revenue Management
For 2005, reflects impact of Paris Club rescheduling in the last quarter of 2005. In 2006 assumes settlement with non-Paris Club creditors.
Excluding the oil revenue, grants, interest earned and scheduled interest payments, foreign-financed scholarships, and foreign-financed capital outlays. For 2002-04, it also excludes transfers to the JDA, which were repaid with proceeds from the oil s on Block 1. Includes HIPC Initiative-related social expenditure.
São Tomé and Príncipe: Monetary Survey, 2003-06
For comparison purposes with the program’s monetary numbers (Country Report No. 05/323) balance sheet data for end-September and end-December 2005 have been adjusted by removing the government’s National Oil Account (Conta Nacional de Petroleo, CNP) from the definition of central bank net international reserves and net domestic assets. Originally, the CNP was supposed to be held directly by the government in an account with the Federal Reserve, not with the central bank.
São Tomé and Príncipe: Monetary Survey, 2003-06
| 2003 | 2004 | 2005 | 2006 | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. | Mar. | June | Sep. | Dec. | Mar. | June | September | December | Mar. | June | Sep. | Dec. | ||||||||||
| CR/05/323 | Actual | Actual 1/ | CR/05/323 | Est. | Est. 1/ | Prog. | ||||||||||||||||
| (In billions of dobras; end of period) | ||||||||||||||||||||||
| Net foreign assets | 324.7 | 278.6 | 289.6 | 309.6 | 297.7 | 249.5 | 240.3 | 348.7 | 671.8 | 405.9 | 323.4 | 669.8 | 393.4 | 822.3 | 1,076.5 | 1,075.1 | 1,072.4 | |||||
| Central bank | 235.1 | 202.3 | 207.0 | 214.2 | 189.3 | 171.0 | 157.8 | 260.7 | 544.0 | 278.1 | 226.8 | 529.1 | 252.7 | 677.9 | 928.4 | 923.4 | 917.0 | |||||
| Commercial banks | 89.6 | 76.2 | 82.6 | 95.4 | 108.5 | 78.5 | 82.5 | 88.0 | 127.9 | 127.9 | 96.6 | 140.7 | 140.7 | 144.4 | 148.1 | 151.8 | 155.5 | |||||
| Net domestic assets | −48.6 | −28.7 | −20.5 | −29.3 | −1.2 | 44.9 | 47.0 | −19.0 | −300.8 | −34.9 | 9.6 | −295.8 | −19.5 | −435.9 | −658.7 | −654.3 | −638.3 | |||||
| Net domestic credit | 101.0 | 124.8 | 162.5 | 164.4 | 212.6 | 249.1 | 250.2 | 210.2 | −36.0 | 229.9 | 251.4 | −7.9 | 268.4 | −139.8 | −355.8 | −343.7 | −320.1 | |||||
| Net credit to government | 19.2 | 32.9 | 26.3 | 13.2 | 35.8 | 63.3 | 45.7 | 8.4 | −260.0 | 5.9 | 41.0 | −256.6 | 19.7 | −396.1 | −616.7 | −609.6 | −617.9 | |||||
| Claims | 63.1 | 63.7 | 71.1 | 81.8 | 83.6 | 91.6 | 90.4 | 85.5 | 83.7 | 83.7 | 94.7 | 87.5 | 87.5 | 96.2 | 92.8 | 94.4 | 104.2 | |||||
| Deposits | −43.9 | −30.8 | −44.8 | −68.6 | −47.8 | −28.4 | −44.7 | −77.0 | −343.7 | −77.8 | −53.7 | −344.1 | −67.7 | −492.2 | −709.5 | −704.0 | −722.1 | |||||
| Budgetary deposits | −18.5 | −15.7 | −26.7 | −25.5 | −19.2 | −11.6 | −21.7 | −25.3 | −22.3 | −22.3 | −29.4 | −15.5 | −15.5 | −17.6 | −21.4 | −22.0 | −28.3 | |||||
| Counterpart funds | −13.6 | −13.5 | −16.2 | −18.4 | −18.4 | −16.5 | −20.5 | −11.5 | −22.6 | −22.6 | −9.0 | −22.6 | −22.6 | −22.6 | −22.6 | −22.6 | −22.6 | |||||
| Foreign currency deposits | −11.8 | −1.5 | −1.9 | −24.8 | −10.3 | −0.3 | −2.5 | −40.3 | −298.7 | −32.9 | −15.4 | −305.9 | −29.6 | −452.0 | −665.4 | −659.4 | −671.2 | |||||
| Credit to the economy | 81.8 | 91.8 | 136.1 | 151.2 | 176.8 | 185.8 | 204.4 | 201.8 | 224.0 | 224.0 | 210.4 | 248.7 | 248.7 | 256.2 | 260.8 | 265.9 | 297.9 | |||||
| Other items (net) | −149.6 | −153.4 | −183.0 | −193.7 | −213.8 | −204.2 | −203.2 | −229.2 | −264.8 | −264.8 | −241.8 | −287.9 | −287.9 | −296.1 | −302.8 | −310.6 | −318.2 | |||||
| Broad money (M3) | 276.2 | 249.9 | 269.1 | 280.3 | 296.5 | 294.4 | 287.3 | 329.7 | 371.0 | 371.0 | 333.0 | 373.9 | 373.9 | 386.4 | 417.8 | 420.9 | 434.1 | |||||
| Local currency | 158.3 | 138.9 | 143.2 | 159.8 | 175.8 | 171.2 | 160.8 | 190.3 | 208.9 | 208.9 | 187.0 | 210.2 | 210.2 | 210.4 | 224.4 | 222.2 | 229.2 | |||||
| Money | 147.1 | 126.6 | 128.7 | 144.1 | 159.3 | 154.2 | 143.6 | 171.3 | 191.4 | 191.4 | 168.0 | 193.7 | 193.7 | 193.1 | 205.9 | 203.7 | 210.7 | |||||
| Currency outside banks | 56.4 | 44.9 | 43.3 | 52.7 | 60.0 | 50.3 | 47.4 | 55.4 | 52.8 | 52.8 | 51.9 | 63.6 | 63.6 | 56.7 | 59.5 | 57.2 | 63.7 | |||||
| Demand deposits | 90.7 | 81.7 | 85.3 | 91.4 | 99.3 | 103.9 | 96.2 | 115.9 | 138.6 | 138.6 | 116.2 | 130.1 | 130.1 | 136.4 | 146.4 | 146.5 | 147.0 | |||||
| Time deposits | 11.2 | 12.3 | 14.6 | 15.6 | 16.5 | 17.0 | 17.2 | 19.0 | 17.5 | 17.5 | 19.0 | 16.5 | 16.5 | 17.3 | 18.5 | 18.5 | 18.6 | |||||
| Foreign currency deposits | 117.9 | 111.0 | 125.8 | 120.6 | 120.7 | 123.1 | 126.5 | 139.5 | 162.1 | 162.1 | 145.9 | 163.8 | 163.8 | 176.0 | 193.4 | 198.6 | 204.9 | |||||
| (Changes from the beginning of the year; in billions of dobras) | ||||||||||||||||||||||
| Net foreign assets | 60.0 | −46.2 | −35.1 | −15.2 | −27.0 | −48.2 | −57.5 | 51.0 | 374.1 | 108.2 | 25.7 | 372.1 | 95.7 | 152.5 | 406.7 | 405.4 | 402.7 | |||||
| Net domestic assets | 21.4 | 19.9 | 28.0 | 19.3 | 47.4 | 46.1 | 48.2 | −17.7 | −299.6 | −33.7 | 10.8 | −294.6 | −18.3 | −140.1 | −362.9 | −358.5 | −342.5 | |||||
| Net domestic credit | 69.9 | 23.7 | 61.4 | 63.4 | 111.5 | 36.5 | 37.6 | −2.3 | −248.5 | 17.3 | 38.9 | −220.5 | 55.9 | −131.9 | −347.9 | −335.8 | −312.1 | |||||
| Net credit to government | 29.7 | 13.7 | 7.1 | −6.0 | 16.6 | 27.5 | 10.0 | −27.3 | −295.8 | −29.9 | 5.2 | −292.4 | −16.1 | −139.5 | −360.1 | −353.0 | −361.3 | |||||
| Credit to the economy | 40.2 | 10.0 | 54.3 | 69.4 | 95.0 | 9.0 | 27.7 | 25.0 | 47.2 | 47.2 | 33.6 | 71.9 | 71.9 | 7.5 | 12.1 | 17.2 | 49.2 | |||||
| Other items (net) | −48.6 | −3.8 | −33.4 | −44.1 | −64.2 | 9.6 | 10.6 | −15.4 | −51.0 | −51.0 | −28.1 | −74.1 | −74.1 | −8.1 | −14.9 | −22.6 | −30.3 | |||||
| Broad money (M3) | 81.4 | −26.3 | −7.1 | 4.2 | 20.3 | −2.1 | −9.2 | 33.2 | 74.5 | 74.5 | 36.5 | 77.4 | 77.4 | 12.4 | 43.9 | 46.9 | 60.2 | |||||
| (Changes in percent of beginning-of-period money stock; unless otherwise specified) | ||||||||||||||||||||||
| Net foreign assets | 30.8 | −16.7 | −12.7 | −5.5 | −9.8 | −16.3 | −19.4 | 17.2 | 126.2 | 36.5 | 8.7 | 125.5 | 32.3 | 40.8 | 108.8 | 108.4 | 107.7 | |||||
| Net domestic assets | 11.0 | 7.2 | 10.2 | 7.0 | 17.1 | 15.5 | 16.3 | −6.0 | −101.0 | −11.4 | 3.6 | −99.4 | −6.2 | −37.5 | −97.0 | −95.9 | −91.6 | |||||
| Of which: net credit to government | 15.3 | 5.0 | 2.6 | −2.2 | 6.0 | 9.3 | 3.4 | −9.2 | −99.8 | −13.4 | 1.8 | −98.6 | −5.4 | −37.3 | −96.3 | −94.4 | −96.6 | |||||
| credit to the economy | 20.6 | 3.6 | 19.7 | 25.1 | 34.4 | 3.0 | 9.3 | 8.4 | 15.9 | 15.9 | 11.3 | 24.3 | 24.3 | 2.0 | 3.2 | 4.6 | 13.1 | |||||
| credit to the economy (percentage change from | 96.6 | 12.3 | 66.4 | 84.8 | 116.1 | 5.1 | 15.6 | 14.1 | 26.7 | 26.7 | 19.0 | 40.7 | 40.7 | 3.0 | 4.9 | 6.9 | 19.8 | |||||
| beginning of the year) | ||||||||||||||||||||||
| Broad money (M3) | 41.8 | −9.5 | −2.6 | 1.5 | 7.4 | −0.7 | −3.1 | 11.2 | 25.1 | 25.1 | 12.3 | 26.1 | 26.1 | 3.3 | 11.7 | 12.5 | 16.1 | |||||
| Memorandum items: | ||||||||||||||||||||||
| Velocity (ratio of GDP to average broad money) | 2.3 | … | … | … | 2.2 | … | … | … | … | … | 2.4 | 2.2 | 2.2 | … | … | … | 2.2 | |||||
| Money Multiplier (M3/M0) | 1.7 | 1.8 | 2.0 | 2.2 | 2.5 | 2.1 | 2.4 | 2.1 | 2.3 | 2.3 | 2.3 | 2.4 | 2.4 | 2.5 | 2.3 | 2.3 | 2.7 | |||||
| Base Money (12-month growth rate) | 41.8 | 11.9 | 6.1 | −11.7 | −24.9 | −2.6 | −11.2 | 24.7 | 45.5 | 45.5 | 28.8 | 28.5 | 28.5 | 14.2 | 53.6 | 9.3 | 6.1 | |||||
For comparison purposes with the program’s monetary numbers (Country Report No. 05/323) balance sheet data for end-September and end-December 2005 have been adjusted by removing the government’s National Oil Account (Conta Nacional de Petroleo, CNP) from the definition of central bank net international reserves and net domestic assets. Originally, the CNP was supposed to be held directly by the government in an account with the Federal Reserve, not with the central bank.
São Tomé and Príncipe: Monetary Survey, 2003-06
| 2003 | 2004 | 2005 | 2006 | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. | Mar. | June | Sep. | Dec. | Mar. | June | September | December | Mar. | June | Sep. | Dec. | ||||||||||
| CR/05/323 | Actual | Actual 1/ | CR/05/323 | Est. | Est. 1/ | Prog. | ||||||||||||||||
| (In billions of dobras; end of period) | ||||||||||||||||||||||
| Net foreign assets | 324.7 | 278.6 | 289.6 | 309.6 | 297.7 | 249.5 | 240.3 | 348.7 | 671.8 | 405.9 | 323.4 | 669.8 | 393.4 | 822.3 | 1,076.5 | 1,075.1 | 1,072.4 | |||||
| Central bank | 235.1 | 202.3 | 207.0 | 214.2 | 189.3 | 171.0 | 157.8 | 260.7 | 544.0 | 278.1 | 226.8 | 529.1 | 252.7 | 677.9 | 928.4 | 923.4 | 917.0 | |||||
| Commercial banks | 89.6 | 76.2 | 82.6 | 95.4 | 108.5 | 78.5 | 82.5 | 88.0 | 127.9 | 127.9 | 96.6 | 140.7 | 140.7 | 144.4 | 148.1 | 151.8 | 155.5 | |||||
| Net domestic assets | −48.6 | −28.7 | −20.5 | −29.3 | −1.2 | 44.9 | 47.0 | −19.0 | −300.8 | −34.9 | 9.6 | −295.8 | −19.5 | −435.9 | −658.7 | −654.3 | −638.3 | |||||
| Net domestic credit | 101.0 | 124.8 | 162.5 | 164.4 | 212.6 | 249.1 | 250.2 | 210.2 | −36.0 | 229.9 | 251.4 | −7.9 | 268.4 | −139.8 | −355.8 | −343.7 | −320.1 | |||||
| Net credit to government | 19.2 | 32.9 | 26.3 | 13.2 | 35.8 | 63.3 | 45.7 | 8.4 | −260.0 | 5.9 | 41.0 | −256.6 | 19.7 | −396.1 | −616.7 | −609.6 | −617.9 | |||||
| Claims | 63.1 | 63.7 | 71.1 | 81.8 | 83.6 | 91.6 | 90.4 | 85.5 | 83.7 | 83.7 | 94.7 | 87.5 | 87.5 | 96.2 | 92.8 | 94.4 | 104.2 | |||||
| Deposits | −43.9 | −30.8 | −44.8 | −68.6 | −47.8 | −28.4 | −44.7 | −77.0 | −343.7 | −77.8 | −53.7 | −344.1 | −67.7 | −492.2 | −709.5 | −704.0 | −722.1 | |||||
| Budgetary deposits | −18.5 | −15.7 | −26.7 | −25.5 | −19.2 | −11.6 | −21.7 | −25.3 | −22.3 | −22.3 | −29.4 | −15.5 | −15.5 | −17.6 | −21.4 | −22.0 | −28.3 | |||||
| Counterpart funds | −13.6 | −13.5 | −16.2 | −18.4 | −18.4 | −16.5 | −20.5 | −11.5 | −22.6 | −22.6 | −9.0 | −22.6 | −22.6 | −22.6 | −22.6 | −22.6 | −22.6 | |||||
| Foreign currency deposits | −11.8 | −1.5 | −1.9 | −24.8 | −10.3 | −0.3 | −2.5 | −40.3 | −298.7 | −32.9 | −15.4 | −305.9 | −29.6 | −452.0 | −665.4 | −659.4 | −671.2 | |||||
| Credit to the economy | 81.8 | 91.8 | 136.1 | 151.2 | 176.8 | 185.8 | 204.4 | 201.8 | 224.0 | 224.0 | 210.4 | 248.7 | 248.7 | 256.2 | 260.8 | 265.9 | 297.9 | |||||
| Other items (net) | −149.6 | −153.4 | −183.0 | −193.7 | −213.8 | −204.2 | −203.2 | −229.2 | −264.8 | −264.8 | −241.8 | −287.9 | −287.9 | −296.1 | −302.8 | −310.6 | −318.2 | |||||
| Broad money (M3) | 276.2 | 249.9 | 269.1 | 280.3 | 296.5 | 294.4 | ||||||||||||||||