IMF approves US$3.9 million in funding for Sao Tome and Principe

26 July 2012

The International Monetary Fund (IMF) has approved funding for Sao Tome and Principe of US$3.9 million until 2015 when oil production is expected to begin on the West African archipelago, the IMF said in a statement issued in Washington Monday.

The funding will be provided under the terms of an Extended Credit Facility, approved by the IMF’s executive board at the end of last week, of which US$560,000 will be paid out immediately, the statement said.

Min Zhu, the deputy director of the IMF who led the meeting, praised the “prudent” budgetary management of Sao Tome and Principe, as well as its continued economic growth and falling inflation in a “global climate that is full of challenges.” (macauhub)