圣多美和普林西比民主共和国：2025年第四条磋商、扩大信贷安排下的首次审查、豁免不遵守履约标准的请求、修改履约标准和融资保证审查新闻稿；员工报告；圣多美和普林西比民主共和国执行主任的发言

2025 ARTICLE IVCONSULTATION, FIRST REVIEWUNDER THE EXTENDED CREDIT FACILITYARRANGEMENT, REQUEST FOR WAIVERS OFNONOBSERVANCE OFPERFORMANCE CRITERIA,MODIFICATION OF PERFORMANCE CRITERIA,ANDFINANCING ASSURANCES REVIEW—PRESS RELEASE;STAFFREPORT; AND STATEMENT BY THE EXECUTIVEDIRECTOR FORTHEDEMOCRATIC REPUBLIC OFSÃOTOMÉ AND PRÍNCIPE In the context of the2025Article IVConsultation, First Review Under the Extended CreditFacility Arrangement, Requestfor Waiversof Nonobservanceof Performance Criteria,Modificationof Performance Criteria,and Financing Assurances Review, the followingdocuments have beenreleased and are included in this package: •APress Releaseincluding a statement by the Chair of the Executive Boardandsummarizing the views of the Executive Board as expressed during itsJuly 31, 2025consideration of the staff report on issues related to the Article IV Consultation andthe IMF arrangement. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onJuly31, 2025, following discussions that ended onMay21, 2025,with the officials ofthe Democratic Republic ofSãoToméandPríncipeon economicdevelopments and policies underpinning the IMFArrangement under theExtendedCredit Facility. Based on information available at the time of these discussions, thestaff report was completed onJuly16, 2025. •ADebt Sustainability Analysisprepared by the staffsof the IMF and the World Bank. •AnInformational Annexprepared by a staff team of the IMF. •AStatement by the Executive Directorforthe Democratic Republic ofSão ToméandPríncipe. Copies of this report are available to the public fromInternational Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.orgPrice: $18.00per printed copy International Monetary FundWashington, D.C. IMF Executive Board Completes the First Review Under theExtended Credit Facility Arrangement and Concludes 2025Article IV Consultation with São Tomé and Príncipe FOR IMMEDIATE RELEASE Washington, DC–July 31, 2025:The Executive Board of the International Monetary Fund(IMF) completed today the first review of the 40-month Extended Credit Facility (ECF)Arrangement and concluded the 2025 Article IV Consultation1with São Tomé and Príncipe.The completion of the first review allows for an immediate disbursement of an amountequivalent to about SDR 3.964 million (about US$ 5 million), bringing São Tomé andPríncipe’s total disbursements under the ECF Arrangement to about US$ 10 million. The authorities’ commitments under the ECF Arrangement approved on December 19, 2024,with total access of the equivalent of SDR 18.5 million (125 percent of quota) (see PressRelease 24/490), are expected to support economic rebalancing and bolster medium-termgrowth. São Tomé and Príncipe’s structural impediments—includingremoteness, small size,high exposure to climate risks, weak institutional capacity, narrow export base, and steadylabor force losses from emigration—all pose challenges toachieving job-rich, inclusive, andblue growth. Performance under the ECF Arrangement has been satisfactory with respect to thequantitative targets, with eight of the ten end-December 2024 quantitative performance criteriabeing met. The Executive Board approved the authorities’ request for waivers ofnonobservance of the two missed performance criteria at end-December 2024 on the basis ofthe minor and temporary nature of the deviation with respect to the floor on net internationalreserves of the central bank, which has since been remedied, and on the basis of correctiveactions with respect to the ceiling on the accumulation of central government's new externalpayment arrears. The implementation of key structural reforms was delayed, yet progress wasmade, including the enactment of the central bank organic law, the finalization of the draftfinancial institutions law, the alignment of domestic fuel prices with international marketbenchmarks, and the publication of key performance indicators by the electricity companyEMAE. The Executive Board also concluded the 2025 Article IV consultation with São Tomé andPríncipe. The authorities have consented to the publication of the Staff Report prepared forthis consultation.2 São Tomé and Príncipe’s economy is gradually recovering from recent shocks. GDP growthstrengthened to 1.1 percent in 2024 and is projected to accelerate to 2.9 percent in 2025 and 4.7 percent in 2026, remaining robust over the medium term. Inflation has been steadilydeclining from a peak of 25 percent in January 2023 and is expected to fall to 5 percent byend-2027. Fiscal and external current account imbalances have been narrowing since 2022, atrend that is expected to continue in the coming years. Gross international reserves areprojected to increase gradually, reaching the equivalent of 3.1 months of goods imports by2027. While the country is assessed to be in debt distress, due to prolonge