ACP, AfDB, AU, CPLP, FAO, G-77, IBRD, ICAO, ICCt (signatory), ICRM,
IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO, Interpol, IOC, IOM (observer),
IPU, ITU, ITUC, NAM, OIF, OPCW, UN, UNCTAD, UNESCO, UNIDO, Union
Latina, UNWTO, UPU, WCL, WFTU, WHO, WIPO, WMO, WTO (observer)
Diplomatic representation in the US:
chief of mission: First Secretary Domingos Augusto FERREIRA chancery: 400 Park Avenue, 7th Floor, New York, NY 10022 telephone: [1] (212) 317-0580 FAX: [1] (212) 935-7348 consulate(s): Atlanta
Diplomatic representation from the US:
the US does not have an embassy in Sao Tome and Principe; the Ambassador to Gabon is accredited to Sao Tome and Principe on a nonresident basis and makes periodic visits to the islands
Flag description:
three horizontal bands of green (top), yellow (double width), and green with two black five-pointed stars placed side by side in the center of the yellow band and a red isosceles triangle based on the hoist side; uses the popular pan-African colors of Ethiopia
Economy
Sao Tome and Principe
Economy - overview:
This small, poor island economy has become increasingly dependent on cocoa since independence in 1975. Cocoa production has substantially declined in recent years because of drought and mismanagement. Sao Tome has to import all fuels, most manufactured goods, consumer goods, and a substantial amount of food. Over the years, it has had difficulty servicing its external debt and has relied heavily on concessional aid and debt rescheduling. Sao Tome benefited from $200 million in debt relief in December 2000 under the Highly Indebted Poor Countries (HIPC) program, which helped bring down the country's $300 million debt burden. In August 2005, Sao Tome signed on to a new 3-year IMF Poverty Reduction and Growth Facility (PRGF) program worth $4.3 million. Considerable potential exists for development of a tourist industry, and the government has taken steps to expand facilities in recent years. The government also has attempted to reduce price controls and subsidies. Sao Tome is optimistic about the development of petroleum resources in its territorial waters in the oil-rich Gulf of Guinea, which are being jointly developed in a 60-40 split with Nigeria. The first production licenses were sold in 2004, though a dispute over licensing with Nigeria delayed Sao Tome's receipt of more than $20 million in signing bonuses for almost a year. Real GDP growth exceeded 6% in 2007, as a result of increases in public expenditures and oil-related capital investment.