Technical Assistance Reports

Cabo Verde: Technical Assistance Report-Climate Public Investment Management Assessment (C-PIMA)

April 26, 2024

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Cabo Verde: Technical Assistance Report-Climate Public Investment Management Assessment (C-PIMA), (USA: International Monetary Fund, 2024) accessed December 22, 2024

Summary

This technical report discusses the findings and recommendations of the Climate Public Investment Management Assessment (PIMA) of Cabo Verde (CPV) undertaken in March 2023. Progress has been made in the development of a comprehensive climate change policy framework, spatial planning, coordination with municipalities and in planning for disaster risk financing. But coordination across the central government is weak with no institution positioned strategically to lead either adaptation or mitigation related investments. The regulatory and oversight framework for public enterprise (PEs) does not promote consistency between their climate-related investments and national climate policies while PEs are the main driver of public investment in Cabo Verde. The Public-Private Partnership (PPP) framework does not define how climate risks are allocated between the government and PPP partners, while the use of PPP is increasing. Investment project appraisal and selection practices do not exist. Climate-responsive spending in infrastructure is at a concept development stage but gender budgeting is a well-recognised practice. Ex post reviews or external audits of projects on climate outcomes are not conducted and climate impact is not integrated into public asset management. On these grounds, this report makes seven high-priority recommendations which could improve climate-related public investment management in Cabo Verde and support green and sustainable economic growth. In addition, the C-PIMA report informed the design of the reform measures for a recently approved Arrangement Under the Resilience and Sustainability Facility.

Subject: Climate change, Climate finance, Environment, Expenditure, International organization, Monetary policy, Natural disasters, Public investment spending

Keywords: Cabo Verde, Cabo Verde infrastructure, Cabo Verde port authority, Capital spending, Climate change, Climate change Pima framework, Climate finance, Climate- related public sector planning and coordination, Climate sensitive infrastructure., Global, I. climate change in Cabo verde, IMF's Fiscal Affairs Department, Natural disasters, Public investment management, Public investment spending

Publication Details

  • Pages:

    36

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Technical Assistance Report No. 2024/034

  • Stock No:

    TAREA2024034

  • ISBN:

    9798400272479

  • ISSN:

    3005-4575