Cabo Verde: First Review Under the Extended Credit Facility Arrangement-Press Release; and Staff Report
January 24, 2023
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Cabo Verde: First Review Under the Extended Credit Facility Arrangement-Press Release; and Staff Report, (USA: International Monetary Fund, 2023) accessed November 15, 2024
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Summary
The IMF Board approved a 36-month ECF arrangement for Cabo Verde in June 2022. The program aims to: strengthen public finances and put debt on a downward path; reduce fiscal risks from public enterprises and improve their financial management; modernize the monetary policy framework and improve resilience of the financial system; and raise the growth potential. Cabo Verde was hit hard by the COVID-19 pandemic. The recovery is now underway, and the economy has recorded five consecutive quarters of growth, supported by a rebound in tourism. The fiscal position has improved, the debt-to- GDP ratio is on a downward path, reserves are within the target range, and the financial sector remains resilient. However, spillovers from Russia’s invasion of Ukraine have led to double-digit increases in energy and food prices.
Publication Details
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Pages:
67
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Volume:
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DOI:
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Issue:
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Series:
Country Report No. 2023/044
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Stock No:
1CPVEA2023001
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ISBN:
9798400232022
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ISSN:
1934-7685
