Democratic Republic of São Tomé and Príncipe:First Review Under the Extended Credit Facility and Request for Augmentation of Access, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Direc

First Review Under the Extended Credit Facility and Request for Augmentation of Access, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of São Tomé and Príncipe

Author: International Monetary Fund. African Dept.

First Review Under the Extended Credit Facility and Request for Augmentation of Access, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of São Tomé and Príncipe

Volume/Issue: Volume 2020 Issue 232

Publication date: August 2020

ISBN: 9781513552118

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Topics covered in this book

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Business and Economics , Business and Economics - Statistics , Banks and Banking , Exports and Imports , Economics- Macroeconomics , Public Finance , ISCR , CR , IMF lending tracker , ECF arrangement , emergency financing request , São Tomean authorities , authorities of São Tomé and Príncipe , Arrears , Government finance statistics , Global , Central Africa , West Africa , COVID-19 , International reserves

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Summary

The pandemic is taking a heavy toll on the fragile island nation of São Tomé and Príncipe. Tourist arrivals came to an abrupt halt in mid-March, externally financed projects are being delayed, and supply shipments are disrupted. In response to the local outbreak, emergency confinement measures have been in place since March to contain infection. The authorities began phasing out these measures in late June, aiming for a full reopening of the economy by end-July. A disbursement supported by the Rapid Credit Facility (SDR 9.028 million) was approved in April 2020. The authorities request an augmentation of the ECF program by 10 percent of quota (SDR 1.48 million).