Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper assesses São Tomé and Príncipe's monetary and exchange rate arrangements in light of the country's monetary history and the relevant experience of comparable countries in Africa. The study highlights several structural characteristics of São Tomé and Príncipe including its very small size, high degree of openness, extensive use of foreign currencies, and inflexible product and factor markets in the consideration of an appropriate monetary and exchange regime. Firmly anchored currency arrangements, defined in this paper to include memberships in monetary unions or hard pegs, are found to be preferable to the status quo of a managed float. The paper applies statistical methods and takes into account other factors to identify the appropriate anchor currency. It stresses that fiscal discipline and prudent debt management are the main prerequisites for a firmly anchored currency arrangement.

Sao Tome and Principe --- Democratic Republic of Sao Tome and Principe --- Province de Saint-Thomas-et-Prince (Portugal) --- Província de São Tomé e Príncipe (Portugal) --- República Democrática de São Tomé e Príncipe --- République démocratique de Sao Tomé-et-Principe --- S. Tomé e Príncipe --- Saint-Thomas-et-Prince --- San Tome i Prinsipi --- São Thomé e Príncipe --- São Tomé e Príncipe --- Sao Tomé-et-Principe --- São Tomé ja Príncipe --- São Tomé och Príncipe --- São Tomé-Príncipe --- Сан-Томе и Принсипи --- Santo Tomé y Principe --- Economic conditions. --- Exports and Imports --- Foreign Exchange --- Money and Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Financial Aspects of Economic Integration --- Currency --- Foreign exchange --- Monetary economics --- International economics --- Currencies --- Monetary unions --- Exchange rate arrangements --- Exchange rates --- Conventional peg --- Money --- São Tomé and Príncipe, Democratic Republic of

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper presents the Democratic Republic of São Tomé and Príncipe’s first review under the Three Year Arrangement under the Extended Credit Facility Arrangement. After averaging 6 percent a year over several years, real GDP growth in 2009 is estimated at 4 percent, reflecting a decline in foreign direct investment (FDI), which in part reflected the impact of the global crisis. Growth is expected to rebound in 2010, based on new FDI and increased official external financing.

Loans, Foreign --- International Monetary Fund. --- Sao Tome and Principe --- Economic conditions. --- Foreign loans --- International loans --- Loans, International --- Loans --- Conditionality (International relations) --- Foreign loan insurance --- Internationaal monetair fonds --- International monetary fund --- Democratic Republic of Sao Tome and Principe --- Province de Saint-Thomas-et-Prince (Portugal) --- Província de São Tomé e Príncipe (Portugal) --- República Democrática de São Tomé e Príncipe --- République démocratique de Sao Tomé-et-Principe --- S. Tomé e Príncipe --- Saint-Thomas-et-Prince --- San Tome i Prinsipi --- São Thomé e Príncipe --- São Tomé e Príncipe --- Sao Tomé-et-Principe --- São Tomé ja Príncipe --- São Tomé och Príncipe --- São Tomé-Príncipe --- Сан-Томе и Принсипи --- Santo Tomé y Principe --- Banks and Banking --- Exports and Imports --- Macroeconomics --- Public Finance --- Statistics --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- General Aggregative Models: General --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- International economics --- Banking --- Econometrics & economic statistics --- Public finance & taxation --- Financial services law & regulation --- National accounts --- Public debt --- International reserves --- Debt sustainability analysis --- Debt relief --- External debt --- Bank supervision --- Financial regulation and supervision --- Asset and liability management --- Debts, External --- National income --- Banks and banking --- Debts, Public --- Foreign exchange reserves --- State supervision --- São Tomé and Príncipe, Democratic Republic of

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

Sao Tome and Principe --- Democratic Republic of Sao Tome and Principe --- Province de Saint-Thomas-et-Prince (Portugal) --- Província de São Tomé e Príncipe (Portugal) --- República Democrática de São Tomé e Príncipe --- République démocratique de Sao Tomé-et-Principe --- S. Tomé e Príncipe --- Saint-Thomas-et-Prince --- San Tome i Prinsipi --- São Thomé e Príncipe --- São Tomé e Príncipe --- Sao Tomé-et-Principe --- São Tomé ja Príncipe --- São Tomé och Príncipe --- São Tomé-Príncipe --- Сан-Томе и Принсипи --- Santo Tomé y Principe --- Commerce. --- Banks and Banking --- Exports and Imports --- Macroeconomics --- Public Finance --- Statistics --- International Lending and Debt Problems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy --- General Aggregative Models: General --- Debt --- Debt Management --- Sovereign Debt --- Banking --- International economics --- Public finance & taxation --- Econometrics & economic statistics --- External debt --- International reserves --- Bank deposits --- National accounts --- Public debt --- Debts, External --- Banks and banking --- Foreign exchange reserves --- National income --- Debts, Public --- São Tomé and Príncipe, Democratic Republic of

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This Selected Issues paper focuses on the prospects of growth in São Tomé and Príncipe (STP). This case study seeks explanations for STP’s relative under-performance and draws lessons for the future. It compares past economic developments in the islands and recommends policies that could most effectively foster future growth in STP. Country-specific characteristics as well as weak institutions contributed to STP’s relative underperformance since independence. Initial conditions, particularly regarding human capital and natural resources, contributed to STP’s relative underperformance, especially in the first decade after independence. Experience in the four island-states suggests that fiscal discipline, revenue mobilization, and a more active private sector, particularly in the tourism sector, may be key to tap STP’s growth potential. Fiscal discipline is needed to contain the fiscal deficit and bring the debt to a sustainable level. Continuing to strengthen public financial management, including implementing multiannual fiscal framework as recommended by the IMF technical assistance, would help.

Sao Tome and Principe --- Economic conditions. --- Democratic Republic of Sao Tome and Principe --- Province de Saint-Thomas-et-Prince (Portugal) --- Província de São Tomé e Príncipe (Portugal) --- República Democrática de São Tomé e Príncipe --- République démocratique de Sao Tomé-et-Principe --- S. Tomé e Príncipe --- Saint-Thomas-et-Prince --- San Tome i Prinsipi --- São Thomé e Príncipe --- São Tomé e Príncipe --- Sao Tomé-et-Principe --- São Tomé ja Príncipe --- São Tomé och Príncipe --- São Tomé-Príncipe --- Сан-Томе и Принсипи --- Santo Tomé y Principe --- Banks and Banking --- Exports and Imports --- Inflation --- Public Finance --- Industries: Financial Services --- Finance: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Price Level --- Deflation --- International Lending and Debt Problems --- Sports --- Gambling --- Restaurants --- Recreation --- Tourism --- Financial Institutions and Services: Government Policy and Regulation --- Finance --- Macroeconomics --- International economics --- Banking --- Public finance & taxation --- Hospitality, leisure & tourism industries --- Loans --- Nonperforming loans --- Arrears --- Financial institutions --- Prices --- External debt --- Economic sectors --- Debts, External --- Banks and banking --- State supervision --- São Tomé and Príncipe, Democratic Republic of

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The Democratic Republic of São Tomé and Príncipe shows prudence in maintaining its fiscal stance assisted by the IMF extended credit facility (ECF). The authorities aim to concentrate on maintaining macroeconomic stability even though debt distress owing to a narrow export base and other issues loom as threats. Focus is on strengthening of existing monetary and public finances policies, banking supervision, and anti-money laundering, which will help in reducing poverty. Revenue from oil production is also expected to help achieve the target by 2015.

Fiscal policy --- Monetary policy --- Foreign exchange rates --- Structural adjustment (Economic policy) --- Economic policy --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Monetary management --- Currency boards --- Money supply --- Tax policy --- Taxation --- Finance, Public --- Rates --- Government policy --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Sao Tome and Principe --- Democratic Republic of Sao Tome and Principe --- Province de Saint-Thomas-et-Prince (Portugal) --- Província de São Tomé e Príncipe (Portugal) --- República Democrática de São Tomé e Príncipe --- République démocratique de Sao Tomé-et-Principe --- S. Tomé e Príncipe --- Saint-Thomas-et-Prince --- San Tome i Prinsipi --- São Thomé e Príncipe --- São Tomé e Príncipe --- Sao Tomé-et-Principe --- São Tomé ja Príncipe --- São Tomé och Príncipe --- São Tomé-Príncipe --- Сан-Томе и Принсипи --- Santo Tomé y Principe --- Economic conditions. --- Economic policy. --- Economic indicators --- Business indicators --- Indicators, Business --- Indicators, Economic --- Leading indicators --- Economic history --- Quality of life --- Economic forecasting --- Index numbers (Economics) --- Social indicators --- E-books --- Banks and Banking --- Exports and Imports --- Macroeconomics --- Public Finance --- Statistics --- International Lending and Debt Problems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy --- General Aggregative Models: General --- Debt --- Debt Management --- Sovereign Debt --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- Banking --- International economics --- Public finance & taxation --- Econometrics & economic statistics --- External debt --- International reserves --- Bank deposits --- National accounts --- Public debt --- Central banks --- Financial services --- Debts, External --- Banks and banking --- Foreign exchange reserves --- National income --- Debts, Public --- São Tomé and Príncipe, Democratic Republic of