Democratic Republic of São Tomé and Príncipe: First Review Under the Extended Credit Facility Arrangement

International Monetary Fund

No 2013/208, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses the Democratic Republic of São Tomé and Príncipe’s First Review under the Extended Credit Facility Arrangement. The economy remains vulnerable to external and domestic shocks. Growth decelerated to 4 percent in 2012, reflecting persistent global uncertainties, particularly in Europe, which contributed to a slowdown in foreign direct investment, and in the execution of the foreign-financed public investment program. Commercial banks profitability and capital-to-risk weighted assets ratio declined in 2012, reflecting more challenging lending conditions. The central bank continues to strengthen its banking supervision function through on-site inspections and enforcement of banking regulation.

Keywords: ISCR; CR; SDR; government; disbursement of an amount equivalent to SDR; São Tomé and Príncipe; IMF's Executive Board; financing shortfall; rate of inflation; exchange rate peg; reference rate; Commercial banks; International reserves; Bank deposits; Imports; Europe; Africa; Global (search for similar items in EconPapers)
Pages: 61
Date: 2013-07-15
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