Democratic Republic of SÃ£o TomÃ© and PrÃncipe: First Review Under the Extended Credit Facility Arrangement
This paper discusses the Democratic Republic of SÃ£o TomÃ© and PrÃncipeâ€™s First Review under the Extended Credit Facility Arrangement. The economy remains vulnerable to external and domestic shocks. Growth decelerated to 4 percent in 2012, reflecting persistent global uncertainties, particularly in Europe, which contributed to a slowdown in foreign direct investment, and in the execution of the foreign-financed public investment program. Commercial banks profitability and capital-to-risk weighted assets ratio declined in 2012, reflecting more challenging lending conditions. The central bank continues to strengthen its banking supervision function through on-site inspections and enforcement of banking regulation.
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