圣多美和普林西比民主共和国：扩大信贷安排下的第二次审查、豁免不遵守履约标准的请求、修改履约标准、延长和加强该安排以及融资保证审查——新闻稿；工作人员报告；工作人员声明；圣多美和普林西比民主共和国执行董事声明

SECONDREVIEW UNDER THE EXTENDED CREDITFACILITY ARRANGEMENT, REQUESTS FOR WAIVERS OFNONOBSERVANCE OF PERFORMANCE CRITERIA,MODIFICATION OF PERFORMANCE CRITERIA,EXTENSION AND AUGMENTATION OF THEARRANGEMENT, AND FINANCING ASSURANCESREVIEW—PRESS RELEASE; STAFF REPORT; STAFFSTATEMENT; AND STATEMENT BY THE EXECUTIVEDIRECTOR FOR THEDEMOCRATIC REPUBLIC OFSÃOTOMÉ AND PRÍNCIPE December2025 In the context of theSecondReview Under the Extended Credit Facility Arrangement,Requestsfor Waiversof Nonobservanceof Performance Criteria, ModificationofPerformance Criteria,ExtensionandAugmentation of the Arrangement, andFinancingAssurances Review, the following documents have been released and are included in thispackage: •APress Releaseincluding a statement by the Chair of the Executive Board. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onDecember 19, 2025, following discussions that ended onNovember5, 2025, with the officials ofthe Democratic Republic ofSãoToméandPríncipeon economic developments and policies underpinning the IMFArrangementunder theExtended Credit Facility. Based on information available at the time of thesediscussions, the staff report was completed onDecember5, 2025. •ADebt Sustainability Analysisprepared by the staffsof the IMF and the World Bank. •AStaffStatementupdating information on recent developments. •AStatement by the Executive Directorforthe Democratic Republic ofSão ToméandPríncipe. Copies of this report are available to the public from International 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: $18.00per printed copy International Monetary FundWashington, D.C. IMF Executive Board Completes the Second Review Under theExtended Credit Facility Arrangement for the DemocraticRepublic of São Tomé and Príncipe and Approves theRequests for Extension and Augmentation of the Arrangement FOR IMMEDIATE RELEASE The IMF Executive Board completed the second review under the Extended CreditFacility (ECF) arrangement for São Tomé and Príncipe, enabling an immediatedisbursement of about US$ 2.9 million, bringing total disbursements to about US$13.7 million.São Tomé and Príncipe’s structural challenges—remoteness, small size, climate riskexposure, weak institutions, narrow exports, and labor losses from emigration—hinderjob-rich, inclusive, and blue growth.The Executive Board approved a 12-month extension of the ECF arrangement and anincrease in access by about US$ 6.1 million (30 percent of quota), raising total accessto 155 percent of quota, to address economic challenges and a balance of paymentsgap. Washington, DC–December 19, 2025:The IMF Executive Board completed the secondreview under theExtended Credit Facility(ECF) Arrangement with São Tomé and Príncipe.The completion of the second review allows for an immediate disbursement of an amountequivalent to about SDR 2.1 million (about US$ 2.9 million), bringing São Tomé and Príncipe’stotal disbursements under the ECF Arrangement to about US$ 13.7 million. The authorities’ commitments under the ECF Arrangementapprovedon December 19, 2024,with total access of the equivalent of SDR 18.5 million (about US$ 25.3 million, or 125 percentof quota), are expected to support economic rebalancing and bolster medium-term growth.São Tomé and Príncipe’s structural impediments—including remoteness, small size, highexposure to climate risks, weak institutional capacity, narrow export base, and steady laborforce losses from emigration—all pose challenges to achieving job-rich, inclusive, and bluegrowth. In addition, São Tomé and Príncipe is facing unfavorable demographics, a shock to electricitysupply, and delays in the energy transition. As a result, GDP growth forecasts have beenrevised downward from 2.9 to 2.1 percent, inflation is expected to decline at a slower pace,and an additional balance of payments gap is projected. In this context, the authoritiesrequested a 12-month extension of the ECF Arrangement, along with an augmentation by theequivalent of SDR 4.44 million (about US$ 6.1 million, or 30 percent of quota), bringing totalaccess to 155 percent of quota, combined with a more gradual and less front-loaded path forfiscal adjustment. Performance under the ECF Arrangement has been broadly satisfactory, with four of the sixend-June 2025 quantitative performance criteria being met. The Executive Board approvedthe authorities’ request for waivers of nonobservance of the two missed performance criteriaat end-June 2025 on the basis of the minor and temporary nature of the deviation with respect to the domestic primary balance which was impacted by a shock to the energy sector, and onthe basis of corrective actions with respect to the ceiling on the accumulation of centralgovernment's new external payment arrears. On the structural side, out of a total of fifteenstructural benchmarks asse