Cabo Verde:First Review Under the Extended Credit Facility Arrangement-Press Release; and Staff Report

Author: International Monetary Fund. African Dept.

Cabo Verde: First Review Under the Extended Credit Facility Arrangement-Press Release; and Staff Report

Volume/Issue: Volume 2023 Issue 044

Publication date: January 2023

ISBN: 9798400232022

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Topics covered in this book

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Exports and Imports , Finance , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , Cabo Verde economy , Cabo Verdean authorities , transparency policy , debt reduction objective , Extended Credit Facility arrangement , Fiscal stance , Fiscal risks , Global

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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.