In completing the review, the Executive Board granted São Tomé and PrÃncipe waivers for the non-observance of two quantitative performance criteria that were missed because of a shortfall in tax revenues in the first half of 2009, which reflected the impact of the global crisis.
The Executive Board approved the three-year ECF arrangement on March 3, 2009, for a total amount of SDR 2.59 million (about US$3.97 million) to support the government's economic program for 2009-2011.
US$570,000 Disbursement approved for São Tomé and PrÃncipe
Special Correspondent - 2010-02-27 05:56
The Executive Board of the International Monetary Fund (IMF) has completed the first review of the Democratic Republic of São Tomé and PrÃncipe's economic performance under a three-year Extended Credit Facility (ECF) arrangement. The completion of the review, which was undertaken on a lapse of time basis and effective on February 17, enabled the release of an amount equivalent to SDR 370,000 (about US$570,000), bringing total disbursements under the arrangement to SDR 740,000 (about US$1.13 million).