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Sao Tome and Principe

1997 Sao Tome and Principe Business

In late 1989, the MLSTP leadership initiated a discussion on reforming the party's statutes and the country's constitution. In March 1990, the National Assembly adopted a number of additions to the Constitution to be confirmed by a referendum. The changes enabled the transition to a political system with the participation of several different political parties and independent candidates in the parliamentary elections. At the same time, presidents were limited to a maximum of 2 terms of 5 years.

The first parliamentary elections after independence were held in January 1991. The opposition party Democratic Convergence led by Leonel d'Alva won the election. In March, former Prime Minister Miguel Trovoada returned from his exile and met no opposition at the subsequent presidential election.

The heads of state of the former Portuguese colonies in Africa - Sao Tomé & Príncipe, Cape Verde, Guinea-Bissau, Mozambique and Angola - met in March 1992. Having been organized as one-party states since independence, they have now undergone all rapid political change and liberalization of the economy.

According to Countryaah, the country's economic and social situation has subsequently deteriorated as a result of the economic crisis program that the IMF and the World Bank have forced it to implement. Public sector wages were frozen, a third of 5,000 public servants were fired and the currency devalued by 80%. Inflation fell, but at the same time, 4 times the prices of basic consumer goods and unemployment reached 30%.

The island of Príncipe gained self-government on April 29, 1995 and formed a local government with 5 members.

In August, a group of officers took power in a bloodless coup. Immediate negotiations were initiated with regard to. the reinstatement of the legal government.

In September 1996, the National Assembly gave Prime Minister Armindo Vaz D'Almeida a vote of no confidence for "poor leadership, inefficiency, irresponsibility and corruption". He had held the post since December 31 of the year in advance.

Miguel Trovoada was re-elected President in July 1996, and in November he proposed Raul Bragança Neto appointed new Prime Minister.

Sao Tome's economy was doing well in 1997 thanks to international aid: 60% of the state budget came from aid, especially from Europe. The European Development Fund financed a program for job creation and the creation of health clinics.

 

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