{
  "title": "Press Release: Director of the IMF’s African Department Concludes Visit to São Tomé and Príncipe",
  "publication": "IMF News, February 9, 2016",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr1649",
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  "summary": "Ms. Antoinette Sayeh, Director of the African Department of the International Monetary Fund (IMF), visited São Tomé and Príncipe during February 7–9, 2016.",
  "publishDate": "2016-02-09",
  "sections": [
    {
      "heading": "Mission overview and context",
      "content": "- Mission dates: February 7–9, 2016.\n- Press Release No.: 16/49.\n- Note: End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a Board discussion.\n- IMF Communications Department contact: Media Relations; E-mail: media@imf.org; Phone: 202-623-7100."
    },
    {
      "heading": "Main findings and country outlook",
      "content": "- IMF projection for full-year GDP growth: 5 percent, attributed to:\n  - higher public investments,\n  - a recovery in cocoa production,\n  - an increase in foreign investment in tourism.\n- Inflation outlook: will remain at around 4 percent, its lowest level in the last two decades.\n- Recent reforms implemented:\n  - National Assembly passed the new banking resolution law.\n  - Government has begun clearing domestic arrears to the utility company."
    },
    {
      "heading": "Policy priorities and recommendations",
      "content": "- Continue pursuing major reforms to:\n  - improve tax collection,\n  - strengthen the financial system.\n- Maintain a prudent fiscal stance to ensure public debt remains manageable.\n- Clear large domestic arrears as part of restoring fiscal stability and reducing balance-of-payments vulnerabilities."
    },
    {
      "heading": "IMF financial support and program framework",
      "content": "- In July 2015, the IMF approved a new Extended Credit Facility (ECF) program for São Tomé and Príncipe, amounting to US$6.2 million.\n- Purpose of ECF arrangement:\n  - underpins the government’s economic reform program,\n  - aims to strengthen public finances,\n  - reduce balance-of-payments vulnerabilities,\n  - clear large domestic arrears,\n  - lay the foundation for stronger, more inclusive growth,\n  - play a catalytic role for bilateral and multilateral assistance."
    },
    {
      "heading": "Engagement and acknowledgements",
      "content": "- Ms. Antoinette Sayeh, Director of the African Department, met with:\n  - Prime Minister Patrice Trovoada,\n  - President of the National Assembly José da Graça Diogo,\n  - Minister of Finance and Public Administration Americo d’Oliveira Ramos,\n  - Central Bank Governor Maria do Carmo Trovoada Silveira,\n  - other senior government officials, members of the national parliament, donors, and representatives of the private sector and civil society.\n- Ms. Sayeh’s concluding statement emphasized encouragement about economic prospects, the need for continued reforms, and gratitude for hospitality and quality of discussions.\n\nSource: Press Release No. 16/49, February 9, 2016, IMF Communications Department.\n\n---\n\n\n References\n\n- Democratic Republic of São Tomé and Príncipe and the IMF\n- Press Releases\n- PRESS CENTER\n- Press Release No. 15/336\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr1649"
    }
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    "Published: February 9, 2016",
    "Mission dates: February 7–9, 2016.",
    "Press Release No.: 16/49.",
    "Note: End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a Board discussion.",
    "IMF Communications Department contact: Media Relations; E-mail: media@imf.org; Phone: 202-623-7100.",
    "IMF projection for full-year GDP growth: 5 percent, attributed to:",
    "Inflation outlook: will remain at around 4 percent, its lowest level in the last two decades.",
    "Recent reforms implemented:",
    "Continue pursuing major reforms to:",
    "Maintain a prudent fiscal stance to ensure public debt remains manageable.",
    "Clear large domestic arrears as part of restoring fiscal stability and reducing balance-of-payments vulnerabilities.",
    "In July 2015, the IMF approved a new Extended Credit Facility (ECF) program for São Tomé and Príncipe, amounting to US$6.2 million.",
    "Purpose of ECF arrangement:",
    "Ms. Antoinette Sayeh, Director of the African Department, met with:",
    "Ms. Sayeh’s concluding statement emphasized encouragement about economic prospects, the need for continued reforms, and gratitude for hospitality and quality of discussions.",
    "[Democratic Republic of São Tomé and Príncipe and the IMF](http://www.imf.org/external/country/STP/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[Press Release No. 15/336](https://www.imf.org/external/np/sec/pr/2015/pr15336.htm)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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