An International Monetary Fund (IMF) staff team led by Slavi Slavov visited São Tomé and Príncipe from September 22 to 26, 2025. The purpose of the visit was to review recent economic developments and assess progress on the country's program supported by the IMF's Extended Credit Facility (ECF).
At the end of the visit, Mr. Slavov stated: “During the visit we discussed recent macroeconomic developments, with a focus on the structural challenges faced by the country, and performance under the Extended Credit Facility (ECF) arrangement. Against a complex global and domestic economic backdrop, the Santomean economy appears to have remained relatively resilient. Both supply and demand factors are pushing inflation back to double digits, while exports revenues have benefited from a recovery in tourism and elevated cocoa prices.
“We also took stock of the authorities’ efforts in meeting key commitments under the Fund-supported program. Program performance will be formally assessed in the context of the second review of the ECF arrangement, which is expected to be undertaken in October 2025. We also discussed the impact of the ongoing electricity shortages, the demographic outlook, economic growth, inflation developments, fiscal and monetary policy, and public debt issues.
“The Fund-supported program continues to play a pivotal role in restoring macroeconomic stability, fostering structural reforms, and catalyzing support from other development partners.
“The team met with Minister of State for Economy and Finance Gareth Haddad do Espírito Santo Guadalupe, Acting Governor of the Central Bank Lara Simone Beirão, other government officials, representatives of the private sector including banks, and development partners. We would like to thank the authorities for the open and collaborative discussions, and look forward to our continued close engagement.”
The formal evaluation of São Tomé and Príncipe’s progress under its ECF arrangement is scheduled for October 2025.