IMF visits São Tomé and Príncipe for another macroeconomic assessment of the country

7 November 2019

An International Monetary Fund (IMF) mission on Wednesday in São Tomé began another round of macroeconomic assessment of São Tomé and Príncipe with a meeting with Finance Minister Osvaldo Vaz.

IMF mission chief Xiangming Li stressed once again that it is crucial for the archipelago’s government to strike a balance between resources, revenues and expenditure so that the country can develop economically and socially.

Li also said members of the mission would review the state’s general budget bill for 2020, in conjunction with members of the São Tomé government taking into account the support programme being implemented.

The IMF mission will also analyse monetary and exchange rate evolution and outlook including the state of play of companies selling and producing fuels, electricity, water and communications, such as Empresa Nacional de Combustíveis e Óleos and Empresa de Água e Electricidade and Companhia Santomense de Telecomunicações, among other evaluations included in this visit’s schedule.

This new assessment round comes five weeks after the IMF approved a new 40-month deal with São Tomé and Príncipe under the US$18.2 million Extended Credit Facility to support economic and structural reforms in the country.

In compliance with one of the IMF’s requirements, just under two weeks ago the São Tomé parliament approved the Value Added Tax (VAT) code to be applied from 1 March 2020 in the archipelago. (Macauhub)