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

January 3, 2025

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Format: Chicago

International Monetary Fund. African Dept. "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", IMF Staff Country Reports 2025, 001 (2025), accessed January 5, 2025, https://doi.org/10.5089/9798400297373.002

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Summary

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.

Subject: Arrears, Central Banks, Debt sustainability, External debt, Fiscal consolidation, Fiscal policy, Foreign exchange, Imports, International reserves, International trade, Public debt, Revenue administration, Tariffs, Taxes

Keywords: Arrears, Debt sustainability, Fiscal consolidation, Imports, International reserves, Tariffs

Publication Details

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