São Tomé and Príncipe to request further financial aid from the IMF

1 February 2019

São Tomé and Príncipe has asked the International Monetary Fund (IMF) to send a new mission to the country to discuss a financial assistance programme, the IMF said in a statement released on Thursday in Washington.

The statement, following the mission led by Xiangming Li to Sao Tome from 23 to 31 January, reports that the São Tomé and Príncipe authorities are seeking the return of a mission from the Fund to negotiate the a possible programme under the Extended Credit Facility.

“The team discussed with the new government the respective priorities and vision for economic development as well as economic performance and plans for 2019,” said Xiangming Li.

The statement also mentioned government plans to introduce fiscal reforms to broaden the taxpayer base as a way of distributing this burden in an equitable manner and to provide revenue that can help finance public services, such as health and education and investment in infrastructure.

São Tomé and Príncipe benefited from another assistance programme up until the end of 2018, through which the International Monetary Fund provided funding of US$6.2 million, or 60% of the country’s share of the institution. (macauhub)