WASHINGTON, August 29, 2023 — In an effort to continue supporting São Tomé and Príncipe’s recovery efforts and structural reforms, the World Bank is supporting the country with a $15 million Development Policy Operation (DPO) that will boost the government's efforts to achieve macroeconomic stability and resilient growth.
The approved DPO, the third in a series of three, will continue to help the government with the implementation of key reforms aimed to achieve a robust economic growth, job creation and human capital development through strengthening domestic revenue mobilization, financial sector stability, improving the sustainability of the power sector stability, and the strengthening the social protection system.
Despite a gradual return of the tourism sector, which constitutes one of the main anchors of the economy, the lingering effects of the COVID-19 pandemic and global shocks continue to weigh on the economy and impact people’s livelihoods.
“The approval of this DPO reaffirms the World Bank's commitment to continue supporting the government's efforts to implement important reforms that will help the country strengthen its resilience to external shocks and achieve sustainable social economic development in the medium term,” said Juan Carlos Alvarez, World Bank Country Manager for São Tomé and Príncipe.
