## Press Release: Director of the IMF’s African Department Concludes Visit to São Tomé and Príncipe

_IMF News, February 9, 2016_

## Source details

**Canonical URL:** [Press Release: Director of the IMF’s African Department Concludes Visit to São Tomé and Príncipe](https://www.imf.org/en/news/articles/2015/09/14/01/49/pr1649)

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## Bibliographic details
- Published: February 9, 2016

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### Mission overview and context
- 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.

### Main findings and country outlook
- IMF projection for full-year GDP growth: 5 percent, attributed to:
  - higher public investments,
  - a recovery in cocoa production,
  - an increase in foreign investment in tourism.
- Inflation outlook: will remain at around 4 percent, its lowest level in the last two decades.
- Recent reforms implemented:
  - National Assembly passed the new banking resolution law.
  - Government has begun clearing domestic arrears to the utility company.

### Policy priorities and recommendations
- Continue pursuing major reforms to:
  - improve tax collection,
  - strengthen the financial system.
- 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.

### IMF financial support and program framework
- 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:
  - underpins the government’s economic reform program,
  - aims to strengthen public finances,
  - reduce balance-of-payments vulnerabilities,
  - clear large domestic arrears,
  - lay the foundation for stronger, more inclusive growth,
  - play a catalytic role for bilateral and multilateral assistance.

### Engagement and acknowledgements
- Ms. Antoinette Sayeh, Director of the African Department, met with:
  - Prime Minister Patrice Trovoada,
  - President of the National Assembly José da Graça Diogo,
  - Minister of Finance and Public Administration Americo d’Oliveira Ramos,
  - Central Bank Governor Maria do Carmo Trovoada Silveira,
  - other senior government officials, members of the national parliament, donors, and representatives of the private sector and civil society.
- Ms. Sayeh’s concluding statement emphasized encouragement about economic prospects, the need for continued reforms, and gratitude for hospitality and quality of discussions.

*Source: Press Release No. 16/49, February 9, 2016, IMF Communications Department.*

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## References

- [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)

_Source: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr1649_