São Tomé and Príncipe: Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 323

Publication date: September 2005

ISBN: 9781451925494

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Topics covered in this book

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Exports and Imports , Taxation - General , Industries - Energy , Public Policy - Social Services and Welfare , ISCR , CR , government , tax issue , STP authorities , staff appraisal , tax procedural code , PRGF arrangement , tax violation , Oil , Poverty reduction strategy , gas and mining taxes , Poverty reduction , Arrears , Africa

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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). In 2004, the economy continued to grow at a moderate pace, but inflation increased to 15 percent by year-end, as bank credit to the private sector rose sharply and the government loosened fiscal policy. The proposed program for 2005–07 aims at correcting macroeconomic imbalances and sets the conditions for sustained strong growth. Real GDP growth is envisaged to slow down in 2005 in response to tight financial policies.