Positive economic results in São Tomé and Principe

12 November 2013

The macroeconomic results achieved by São Tomé and Principe are positive, indicates an evaluation made during the 10th meeting of the committee accompanying the economic cooperation agreement between Portugal and São Tomé and Principe.

São Tomé and Principe’s inflation rate has reached historic lows, moderate economic growth is still high compared to what is currently posted in Europe and the island country has a positive foreign reserves balance, said the director of the Office of Strategic Planning, Assessment and International Relations of Portugal’s Finance Ministry, Vanda Cunha.

The economic cooperation agreement implemented for the past three years is helping to ensure price stability and consequently reduce inflation, which in September was down to around 4 percent for the first time in more than 20 years, said Cunha, cited by the Portuguese News Network.

She reiterated that Portuguese authorities are “satisfied with the results achieved”, adding that the financial crisis in Portugal does not jeopardise stability of the euro and therefore does not affect the exchange rate parity agreement.

The economic cooperation agreement, which sustains fixed parity between the euro and the dobra, was signed in 2009 and took effect in January 2010. (macauhub)