Democratic Republic of São Tomé and Príncipe : request for a three-year arrangement under the extended credit facility and cancellation of the current arrangement under the extended credit facility-press release; staff report; and statement by the Executive Director for the Democratic Republic of São Tomé and Príncipe
International Monetary Fund
EXECUTIVE SUMMARY Context: São Tomé and Príncipe's economic development is constrained by its insularity, fragility, limited resources, and low capacity as a small island state. The current ECF arrangement is set to expire on July 19, 2015, with four reviews outstanding. Program performance was satisfactory during the first year and half of implementation but went off track in early 2014 upon the contracting of a loan resulting in nonobservance of the performance criterion on non-concessional debt, and expenditure slippages in the run up to national elections further delayed program resumption. In the meantime, the key assumptions of the macroeconomic framework agreed under the current program changed significantly due to a lower probability of commercial oil production. Extended Credit Facility. The São Toméan authorities have requested a three-year arrangement under the ECF in an amount equivalent to SDR 4,440,000 (60 percent of quota) to rebuild buffers and catalyze financing in support of their medium-term economic reform program. The existing program would be cancelled. Main elements of the program. The program seeks to address the high debt vulnerability while also creating the conditions for sustained growth, anchored by the PRSP II. This involves reforms to: Strengthen domestic revenue mobilization, expenditure rationalization, public debt management, and public financial management to restore fiscal discipline and reduce the risk of debt distress. Introduce a comprehensive plan to eliminate the stock of arrears and also prevent the accumulation of new arrears. Enhance the capacity of key government institutions through well-tailored technical assistance (TA). Enhance financial sector stability through strengthened supervisory, regulatory, crisis management and bank resolution frameworks
Year of publication: |
July 2015
|
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Institutions: | Internationaler Währungsfonds (issuing body) |
Publisher: |
Washington, D.C. : International Monetary Fund |
Subject: | IWF-Kredit | IMF lending | Sao Tome und Principe | Sao Tome and Principe |
Saved in:
Online Resource
Extent: | 1 Online-Ressource (circa 98 Seiten) Illustrationen |
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Series: | IMF country report. - Washington, DC : IMF, ZDB-ID 2390611-X. - Vol. no. 15/196 |
Type of publication: | Book / Working Paper |
Type of publication (narrower categories): | Graue Literatur ; Non-commercial literature |
Language: | English |
ISBN: | 978-1-4983-2552-3 |
Other identifiers: | 10.5089/9781498325523.002 [DOI] |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10011473285
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