Democratic Republic of São Tomé and Príncipe: Second Review under the Extended Credit Facility, and Request for Waivers for Nonobservance of Performance Criterion and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of São Tomé and Príncipe
Growth in the first half of the year was subdued, as the stronger stimulus expected from a timely execution of public investment projects failed to materialize because of the delayed disbursements of external financing. There was also a large fiscal slippage in the first half of the year ahead of the presidential elections. Two end-June program performance criteria and a structural benchmark (SB) were missed, but the targets for the year remain attainable.
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Volume/Issue:
Volume 2016
Issue 385
Publication date: December 2016
ISBN: 9781475561722
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Business and Economics , Banks and Banking , Finance , Economics- Macroeconomics , Public Finance , Business and Economics - Statistics , ISCR , CR , Sao Tomean authorities , discussion of the review , authority , central bank , ECF arrangement , cost competitiveness , authorities of São Tomé and Príncipe , International reserves , Commercial banks , Bank deposits , Global
Summary
This paper discusses São Tomé and Príncipe’s Second Review Under the Extended Credit Facility (ECF) and Request for Waivers for Nonobservance of Performance Criteria and modification of performance criteria. The economic outlook for 2017 and the medium term is favorable, but not without risks. The main sources of short-term risks to the outlook are ongoing pressure on foreign exchange supply, liquidation of Bank Equador, and continued weakness in the banking sector. In addition, the economy will remain vulnerable to global developments, including weak demand in the key European and emerging markets. The IMF staff recommends completion of the second review and the disbursement of an amount equivalent to SDR 634,285 under the ECF arrangement.
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