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

International Monetary Fund

No 2016/385, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: 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 (search for similar items in EconPapers)
Pages: 74
Date: 2016-12-20
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