International Monetary Fund (IMF) / Press Release

Source: International Monetary Fund (IMF) | Jun 24, 2023

International Monetary Fund (IMF) Executive Board Concludes 2023 Article IV Consultation and Second Review Under the Extended Credit Facility Arrangement with Cabo Verde

The completion of the review allows the authorities to draw the equivalent of SDR 4.50 million (about US$ 6.00 million)

The IMF Executive Board completed the second review under the 36-month Extended Credit Facility with Cabo Verde, providing the country with access to SDR 4.50 million (about US$ 6.00 million); Cabo Verde’s performance under the program is strong. The economy rebounded strongly in 2022 growing 17.7 percent; Cabo Verde remains…

Source: International Monetary Fund (IMF) | May 09, 2023

International Monetary Fund (IMF) Staff Completes 2023 Article IV Consultation and Second Review under the Extended Credit Facility Arrangement with Cabo Verde

An International Monetary Fund (IMF) team, led by Mr. Justin Tyson, visited Praia from May 2 to 9, 2023 for discussions on the Cabo Verde economy

IMF staff and the Cabo Verdean authorities have reached a staff-level agreement on economic policies to conclude the second review of the ECF-supported program, which would allow releasing US$6.08 million in financing. The IMF Executive Board will consider the review in the coming weeks; Cabo Verde was hit hard by…

Source: International Monetary Fund (IMF) | Dec 17, 2019

International Monetary Fund (IMF) Staff Completes Review Mission to Cabo Verde

Structural reforms remain focused on domestic revenue mobilization, public enterprises reforms, and the strengthening of the financial sector

The IMF team and the Cabo Verdean authorities reached a staff-level agreement on the first review under the program supported by the Policy Coordination Instrument [1], that will be submitted for approval by IMF management and Executive Board; The medium-term fiscal framework supports the authorities’ continued efforts to anchor macroeconomic…

Source: International Monetary Fund (IMF) | Jul 16, 2019

IMF Executive Board Approves a new Policy Coordination Instrument with Cabo Verde

On July 15, 2019, the Executive Board of the International Monetary Fund (IMF) approved a new Eighteen-Month Policy Coordination Instrument (PCI) with Cabo Verde

A newly-approved eighteen-month Policy Coordination Instrument will build on Cabo Verde’s reform program under the Strategic Plan for Sustainable Development; It aims to bolster macroeconomic stability and encourage structural reforms; Cabo Verde’s macroeconomic situation has improved significantly in recent years and the medium-term outlook is positive. On July 15, 2019,…

Source: International Monetary Fund (IMF) | Mar 27, 2019

International Monetary Fund (IMF) Staff Completes 2019 Article IV Mission to Cabo Verde

Cabo Verde’s external position strengthened in 2018 with the current account deficit narrowing to 4.5 percent of GDP

Fiscal consolidation efforts should continue to preserve gains made in recent years in strengthening public finances, and to support medium-term debt sustainability; continued progress in State-owned enterprises reforms is critical to reduce fiscal risks, support medium-term debt sustainability and economic growth. In this context, the recent privatization of the national…

Source: International Monetary Fund (IMF) | Jan 29, 2018

International Monetary Fund Staff Completes 2018 Article IV Discussions with Cabo Verde

In 2017, the budget deficit is estimated to have narrowed to 3 percent of GDP and public debt to have declined to 126.5 percent of GDP, the first decline in a decade

Output growth is expected to accelerate to 4.3 percent in 2018. The IMF staff team recommends deepening the impressive fiscal consolidation efforts of recent years and completing the restructuring of state-owned enterprises. Financial stability indicators have improved, but the high level of non-performing loans and low profitability need to be addressed.…