Democratic Republic of São Tomé and Príncipe: 2025 Article IV Consultation, First Review Under the Extended Credit Facility Arrangement, Request for Waivers of Nonobservance of Performance Criteria, Modification of Performance Criteria, and Financing

2025 Article IV Consultation, First Review Under the Extended Credit Facility Arrangement, Request for Waivers of Nonobservance of Performance Criteria, Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of São Tomé and Príncipe

Author: International Monetary Fund. African Dept.

Democratic Republic of São Tomé and Príncipe: 2025 Article IV Consultation, First Review Under the Extended Credit Facility Arrangement, Request for Waivers of Nonobservance of Performance Criteria, Modification of Performance Criteria, and Financing Assurances Review

Volume/Issue: Volume 2025 Issue 228

Publication date: August 2025

ISBN: 9798229020152

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Banks and Banking , Exports and Imports , Public Finance , Industries - Energy , Prior actions , Expenditure , Exports , Energy sector , International reserves , Debt sustainability , Imports , Arrears

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Summary

São Tomé and Príncipe (STP) remains fragile and is grappling with structural challenges typical of small island developing states. This structural fragility is further exacerbated by the country’s narrow export base, heavy dependence on fuel imports, and steady labor force losses from emigration. The macroeconomic conditions are gradually improving, supported by the Extended Credit Facility (ECF) arrangement approved in December 2024. A new government was appointed in January 2025, and it has reiterated its commitment to the Fund-supported program.