Sao Tome and Principe: Review of Performance Under a Staff-Monitored Program
December 27, 2002
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This paper reviews performance of Sao Tome and Principe under the Staff-Monitored Program (SMP). Sao Tome and Principe's Poverty Reduction and Growth Facility-supported program went off track at end-2000 because of fiscal and structural slippages, which were compounded in 2001 by the emergence of oil-sector governance concerns. The authorities requested an SMP for the first half of 2002, but spending overruns reoccurred, and most of the SMP’s benchmarks were missed. Program implementation during the first half of 2002 was disappointing, as the key quantitative benchmarks for end-June 2002 were not observed.
Subject: Arrears, Commodities, Debt service, Expenditure, External debt, Oil
Keywords: Africa, Arrears, authorities' resolve, CR, credit to government, Debt service, government, government contract, government operation, government's contracting, HIPC Initiative, ISCR, macroeconomic objective, net, Oil, procurement contract, São Tomé and Príncipe authorities
Pages:
58
Volume:
2002
DOI:
Issue:
270
Series:
Country Report No. 2002/270
Stock No:
1STPEA0032002
ISBN:
9781451835052
ISSN:
1934-7685
