IMF urges São Tomé and Príncipe central bank to support recovery
Lack of tourism and drop in remittances has caused recession, fund says
The Covid-19 pandemic has caused a “deep recession” in São Tomé and Príncipe, according to a statement from the International Monetary Fund.
As part of its latest assessment of the small African nation, the IMF urged the central bank to actively manage liquidity and continue to support the exchange rate peg through the recovery.
“Though the outbreak has been broadly brought under control, containment measures and weak external demand have prompted a deep recession and raised fiscal financing
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