{
  "title": "São Tomé and Príncipe: Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility",
  "publication": "IMF Staff Country Reports, September 8, 2005",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/s%c3%a3o-tom%c3%a9-and-pr%c3%adncipe-request-for-a-three-year-arrangement-under-the-poverty-reduction-and-18548",
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  "summary": "This paper reviews the request from the São Tomé and Príncipe authorities for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF).",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Paper reviews the request from the São Tomé and Príncipe authorities for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF).\n- Publication details: Pages: 100; Volume: 2005; Issue: 323; Series: Country Report No. 2005/323; DOI: https://doi.org/10.5089/9781451925494.002; Stock No: 1STPEA2005001; ISBN: 9781451925494; ISSN: 1934-7685.\n- Subject tags: Arrears, Commodities, External debt, Oil, Oil, gas and mining taxes, Poverty, Poverty reduction, Poverty reduction strategy, Taxes.\n- Keywords include: Africa, Arrears, CR, gas and mining taxes, government, ISCR, Oil, Poverty reduction, Poverty reduction strategy, PRGF arrangement, staff appraisal, STP authorities, tax issue, tax procedural code, tax violation."
    },
    {
      "heading": "Macroeconomic developments (2004)",
      "content": "- Real GDP growth: economy continued to grow at a moderate pace in 2004.\n- Inflation: increased to 15 percent by year-end.\n- Banking and fiscal developments:\n  - Bank credit to the private sector rose sharply in 2004.\n  - The government loosened fiscal policy in 2004."
    },
    {
      "heading": "Proposed program objectives (2005–07)",
      "content": "- Program aim: correcting macroeconomic imbalances and setting the conditions for sustained strong growth.\n- Time frame: 2005–07 (Three-Year Arrangement under PRGF).\n- Growth projection: Real GDP growth is envisaged to slow down in 2005 in response to tight financial policies."
    },
    {
      "heading": "Key findings and implications",
      "content": "- Rising private sector credit and loosened fiscal policy in 2004 coincided with a rise in inflation to 15 percent by year-end.\n- Tightening financial policies in 2005 are expected to moderate growth in the short run (real GDP growth envisaged to slow down in 2005).\n- The 2005–07 program targets macroeconomic stabilization as a precondition for sustained strong growth."
    },
    {
      "heading": "Noted focuses for policy and reform",
      "content": "- Correct macroeconomic imbalances through the PRGF-supported program for 2005–07.\n- Implied need for tighter financial policies in 2005 to address inflationary pressures from 2004 developments.\n- Fiscal and banking sector measures implied to curb rapid credit expansion and loosened fiscal policy experienced in 2004.\n\nInternational Monetary Fund. \"São Tomé and Príncipe: Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility\", IMF Staff Country Reports 2005, 323 (2005), DOI: https://doi.org/10.5089/9781451925494.002.\n\n---\n\n Content in this bundle\n\n- cr05323\n  - cr05323 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr05323 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: September 8, 2005",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451925494.002",
    "Paper reviews the request from the São Tomé and Príncipe authorities for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF).",
    "Publication details: Pages: 100; Volume: 2005; Issue: 323; Series: Country Report No. 2005/323; DOI: https://doi.org/10.5089/9781451925494.002; Stock No: 1STPEA2005001; ISBN: 9781451925494; ISSN: 1934-7685.",
    "Subject tags: Arrears, Commodities, External debt, Oil, Oil, gas and mining taxes, Poverty, Poverty reduction, Poverty reduction strategy, Taxes.",
    "Keywords include: Africa, Arrears, CR, gas and mining taxes, government, ISCR, Oil, Poverty reduction, Poverty reduction strategy, PRGF arrangement, staff appraisal, STP authorities, tax issue, tax procedural code, tax violation.",
    "Real GDP growth: economy continued to grow at a moderate pace in 2004.",
    "Inflation: increased to 15 percent by year-end.",
    "Banking and fiscal developments:",
    "Program aim: correcting macroeconomic imbalances and setting the conditions for sustained strong growth.",
    "Time frame: 2005–07 (Three-Year Arrangement under PRGF).",
    "Growth projection: Real GDP growth is envisaged to slow down in 2005 in response to tight financial policies.",
    "Rising private sector credit and loosened fiscal policy in 2004 coincided with a rise in inflation to 15 percent by year-end.",
    "Tightening financial policies in 2005 are expected to moderate growth in the short run (real GDP growth envisaged to slow down in 2005).",
    "The 2005–07 program targets macroeconomic stabilization as a precondition for sustained strong growth.",
    "Correct macroeconomic imbalances through the PRGF-supported program for 2005–07.",
    "Implied need for tighter financial policies in 2005 to address inflationary pressures from 2004 developments.",
    "Fiscal and banking sector measures implied to curb rapid credit expansion and loosened fiscal policy experienced in 2004.",
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