Sao Tome and Principe : economy statistics and industry reports

Over the years, it has had difficulty servicing its external debt and has relied heavily on concessional aid and debt rescheduling.

Sao Tome and Principe 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, the government 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.

Potential exists for the development of petroleum resources in Sao Tome and Principe's territorial waters in the oil-rich Gulf of Guinea, which are being jointly developed in a 60-40 split with Nigeria, but any actual production is at least several years off.

The first production licenses were sold in 2004, though a dispute over licensing with Nigeria delayed the country's receipt of more than $20 million in signing bonuses for almost a year.