Region:
Middle Africa
Capital:
São
Tomé
Population:
181,565 (July
2004 est.)
Surface
area:
964 sq km
Currency:
dobra
GDP
per capita:
purchasing power
parity - $1,200
(2003 est.)
Background:
Discovered and
claimed by Portugal
in the late 15th
century, the
islands' sugar-based
economy gave
way to coffee
and cocoa in
the 19th century
- all grown with
plantation slave
labor, a form
of which lingered
into the 20th
century. Although
independence
was achieved
in 1975, democratic
reforms were
not instituted
until the late
1980s. Though
the first free
elections were
held in 1991,
the political
environment has
been one of continued
instability with
frequent changes
in leadership
and coup attempts
in 1995 and 2003.
The recent discovery
of oil in the
Gulf of Guinea
is likely to
have a significant
impact on the
country's economy.
Economy
– Overview
This small poor
island economy
has become increasingly
dependent on
cocoa since independence
29 years ago.
Cocoa production
has substantially
declined in recent
years because
of drought and
mismanagement,
but strengthening
prices helped
boost export
earnings in 2003.
Sao Tome has
to import all
fuels, most manufactured
goods, consumer
goods, and a
substantial amount
of food. Over
the years, it
has been unable
to service its
external debt
and has had to
depend 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. Sao
Tome's success
in implementing
structural reforms
has been rewarded
by international
donors, who pledged
increased assistance
in 2001. 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; production
could begin as
early as 2004.
United
Nations Membership
Date:
16 September
1975
New
York Mission:
Permanent Mission
of Sao Tome and
Principe to the
United Nations
400 Park Avenue,
7th Floor
New York, N.Y.
10168 USA
Telephone: (212)
317-0533
Fax: (212) 317-0580
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