Press Release: IMF Executive Board Completes the First Review of São Tomé and Príncipe’s ECF Arrangement and Approves a US$570,000 Disbursement
February 26, 2010Press Release No. 10/65
February 26, 2010
The Executive Board of the International Monetary Fund (IMF) has completed the first review of the Democratic Republic of São Tomé and Príncipe's economic performance under a three-year Extended Credit Facility (ECF) arrangement. The completion of the review, which was undertaken on a lapse of time basis1 and effective on February 17, enabled the release of an amount equivalent to SDR 370,000 (about US$570,000), bringing total disbursements under the arrangement to SDR 740,000 (about US$1.13 million).
In completing the review, the Executive Board granted São Tomé and Príncipe waivers for the non-observance of two quantitative performance criteria that were missed because of a shortfall in tax revenues in the first half of 2009, which reflected the impact of the global crisis.
The Executive Board approved the three-year ECF arrangement on March 3, 2009 (see Press Release No. 09/54), for a total amount of SDR 2.59 million (about US$3.97 million) to support the government's economic program for 2009–2011.
1 The Executive Board takes decisions under its lapse of time procedure when the Board agrees that a proposal can be considered without convening formal discussions.