Africa Development Economy Sao Tome and Principe

São Tomé and Príncipe to become a middle-income country

São Tomé and Príncipe will transition from being a least developed country (LDC) to a middle-income country, President Evaristo de Carvalho said in New York, speaking at the 74th United Nations General Assembly, recalling that continued support from the international community “is indispensable.”

The President said that even after this transition São Tomé and Príncipe will continue to face huge challenges as it is a “small developing island state (…) without mineral resources and with an economy that is very vulnerable to external shocks,” according to Portuguese news agency Lusa.

Evaristo de Carvalho pointed out that, despite having “faced challenges” in meeting the Sustainable Development Goals (SDGs), the country “has made efforts to achieve the targets set,” but external support is needed for this.

“For such a goal to be effective, competition from the international community, through financing and development mechanisms announced in some international forums, proves to be indispensable,” said the president of São Tomé and Príncipe.

Evaristo de Carvalho has been the President of São Tomé and Príncipe since 2016.

Source: Macauhub

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