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International Monetary Fund

This paper discusses Cape Verde’s Fifth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). Cape Verde’s economic and policy performance is largely on track vis-à-vis the PRGF objectives. All quantitative and structural performance criteria for end-June 2004 and all indicative targets for end-September 2004 were observed, as were all but three structural benchmarks. Of these three, one has now been met and the authorities are making progress toward complying with the other two. GDP growth of 4 percent is now expected in 2004.

International Monetary Fund

This paper discusses Cape Verde’s Fourth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) and Request for Waiver of Performance Criteria. Economic performance in 2003 was better than programmed in many respects: real GDP growth was higher, inflation was lower, the fiscal and external current account deficits were smaller, and the terms of trade were stronger. Stronger economic growth reflected the continued rapid growth in tourism and a rebound in agriculture following drought conditions in 2002.