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Business and Economics > Public Finance

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Cover IMF Staff Country Reports
Cabo Verde: Fifth Review Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Quantitative Performance Criterion, Modification of Quantitative Performance Criteria, and Second Review Under the Resilience and Sustainability Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Cabo Verde
International Monetary Fund. African Dept.
This paper presents Cabo Verde’s Fifth Reviews under the Extended Credit Facility (ECF) Arrangement, Request for a Waiver of Nonobservance of Quantitative Performance Criterion (QPC), Modification of Quantitative Performance Criteria, and Second Review under the Resilience and Sustainability Facility (RSF) Arrangement. The ECF-supported program aims to strengthen public finances and put debt on a downward path, reduce fiscal risks from public enterprises, modernize the monetary policy framework, and raise growth potential. Cabo Verde continues to grow strongly, reflecting a rebound in tourism, robust export performance, as well as private consumption growth. Cabo Verde’s near-term economic outlook remains favorable. Growth is projected to gradually converge to its potential rate of about 4.8 percent by 2029. The RSF supports government efforts to implement macro-critical climate reforms and catalyze private climate finance. All ECF performance criteria were met except the gross international reserves (GIR) QPC, although the Bank of Cabo Verde has taken corrective actions to address the missed target. All indicative targets, except for GIR, and structural benchmarks through September 2024 were met. One RSF reform measure was completed, with three delayed to the next review.
Keywords:
RSF reform; state-owned enterprise reforms stall; climate governance; BCV reserve; RSF arrangement; import growth; Debt sustainability analysis; Debt service; Fiscal risks; Global
Cover IMF Staff Country Reports
Cabo Verde: Quarta Avaliação no âmbito da Facilidade de Crédito Alargado, do pedido de alteração de critérios de desempenho, e da primeira avaliação do acordo no âmbito da Facilidade de Resiliência e Sustentabilidade e do pedido de reescalonamento das datas de disponibilidade-Comunicado de imprensa; Relatório do Corpo Técnico
International Monetary Fund. African Dept.
Cabo Verde continua a recuperar bem dos choques recentes. As autoridades mantiveram a estabilidade macroeconómica e continuam empenhadas com os objetivos da ECF e da RSF. O desempenho macroeconómico foi forte em 2023, com um crescimento do PIB real de 5,1%, inflação baixa e um nível prudente de reservas para proteger a paridade cambial. O rácio dívida pública/PIB mantém a sua trajetória descendente, o que é um sinal indicativo do crescimento e do excedente primário recorde de 2023. O país está politicamente estável.
Keywords:
autoridades cabo-verdianas; Estratégia de resiliência climática; Recessão econômica; Riscos fiscais; Rácio global da dívida pública em relação ao PIB; Empresas públicas; Arranjo RSF; Reforma RSF.
Cover IMF Staff Country Reports
Cabo Verde: Fourth Review of the Arrangement Under the Extended Credit Facility and First Review of the Arrangement Under the Resilience and Sustainability Facility and Request of Rephasing of Availability Dates-Press Release; and Staff Report
International Monetary Fund. African Dept.
This paper discusses Cabo Verde’s Fourth Review under the Extended Credit Facility Arrangement, Request for Modifications of Performance Criteria, and First Review of the Arrangement under the Resilience and Sustainability Facility (RSF) and Request of Rephasing of Availability Dates. Macroeconomic performance in 2023 was strong, with real gross domestic product (GDP) growth of 5.1 percent, a strong primary fiscal surplus, low inflation, and a prudent level of reserves to protect the peg. The public debt-to-GDP ratio continues on a downward path, and the financial sector remains resilient. The authorities are improving the monetary and financial policy frameworks. Reforms to foster productivity and diversification underpin the authorities’ growth and climate resilience strategy. The RSF arrangement supports strong reforms in the energy-water nexus with the aim of facilitating private sector development, building the appropriate infrastructure, reducing costs, and managing the energy transition. The near-term outlook is favorable despite some downside risks. Reforms focus on climate-resilience, preserving debt sustainability, advancing strong reforms in the energy-water nexus and managing the energy transition, while targeting social spending to protect the most vulnerable from the costs of the transition. State-owned enterprises reforms are key to reducing fiscal risks, and improving inter-island connectivity is critical for competitiveness.
Keywords:
RSF arrangement; Cabo Verdean authorities; RSF reform; public debt-to-GDP ratio; climate resilience strategy; Public enterprises; Fiscal risks; Economic recession; Global
Cover Technical Assistance Reports
Cabo Verde: Technical Assistance Report-Climate Public Investment Management Assessment (C-PIMA)
International Monetary Fund. Fiscal Affairs Dept.
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.
Keywords:
Cabo Verde; Climate change; public investment management; capital spending; climate- related public sector planning and coordination; climate sensitive infrastructure.; Cabo Verde port authority; IMF's Fiscal Affairs Department; I. climate change in Cabo verde; climate change Pima framework; Cabo Verde infrastructure; Natural disasters; Public investment spending; Climate finance; Global
Cover IMF Staff Country Reports
Cabo Verde: Third Review Under the Extended Credit Facility Arrangement, Request for Modification of Performance Criteria, and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Cabo Verde
International Monetary Fund. African Dept.
This paper presents Cabo Verde’s Third Review under the Extended Credit Facility Arrangement, Request for Modification of Performance Criteria, and Request for an Arrangement under the Resilience and Sustainability Facility. Performance under the economic reform program is strong, and the authorities are taking steps to strengthen the program. Post-Covid economic activity recovered as tourism returned to the islands. The RSF will support the government’s effort to implement macro-critical climate reforms and catalyze private finance for climate adaptation and transition. Fiscal policy is anchored by an appropriate balance between fiscal consolidation to put debt on a downward path, while protecting the vulnerable and investing in key priority projects for future growth. The medium-term fiscal objectives are dependent on the progress in domestic revenue mobilization, streamlining tax exemptions, increasing the effectiveness of public investment projects, and improving debt management. The authorities are encouraged to continue with their ambitious structural reform agenda to adapt to the challenges posed by climate change, reduce the cost of doing business and accelerate public enterprise reforms.
Keywords:
RSF reform; climate change adaptation; reform measure; climate action; Cabo Verde's economy; Climate change; Fiscal risks; Global
Cover Technical Notes and Manuals
Internal Evaluation of External Sector Statistics Capacity Development in Select African Countries
Mr. Rodolfo Maino
,
Theodore Pierre Bikoi
,
Mr. Marcelo Dinenzon
,
Dilek Goncalves
, and
Nelnan Fidèle Koumtingué
This technical note provides an assessment of how external sector statistics capacity development has improved the availability of balance of payments and international investment position data in select countries of sub-Saharan Africa over the period FY2015–22. All countries assessed have made strides to sustain the benefits of capacity development despite continuing challenges.
Keywords:
external sector statistics; capacity development; OECD Development Assistance Committee criteria; balance of payments and international investment position; IMF country team; IMF surveillance; ESS CD essential; IMF capacity development; evaluation team; IMF Library; Balance of payments statistics; International investment position; Data collection; Special Data Dissemination Standard (SDDS); Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
Cabo Verde: Technical Assistance Report-Consumer Price Index
International Monetary Fund. Statistics Dept.
This Technical Assistance report on Cabo Verde explores Consumer Price Index (CPI). Current CPI weights are based on expenditure data collected during the 2015 household income and expenditure survey. These data are out of date and there is urgent need to update CPI weights. Overall, the methods used to compile the CPI for Cabo Verde largely reflect international standards and best practices; however, there is scope for improvement. Index calculation methods should be based on the modified or short-term formula. This index calculation formula, recommended in the 2020 CPI Manual, is more flexible and allows the outlet and variety samples to remain representative and facilitates the introduction of new items. Instituto Nacional de Estatística Cabo Verde (INECV) has defined the rolling 12-month average as the headline or official index. The 12-month rolling average smooths the data. The headline index (official inflation rate) should not be adjusted or smoothed. It was recommended that INECV begin using the annual (12-month) change as the headline or official inflation rate for Cabo Verde.
Keywords:
CPI; consumer price index; consumer prices; Cabo Verde CPI; INECV CPI; headline inflation inflation rate; reference period; IMF executive directors; staff team of the International Monetary Fund; annex II; Consumer price indexes; Inflation; Europe
Cover IMF Staff Country Reports
Cabo Verde: 2023 Article IV Consultation, Second Review Under the Extended Credit Facility Arrangement, and Request for Modification of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Cabo Verde
International Monetary Fund. African Dept.
This paper presents Cabo Verde’s 2023 Article IV Consultation, Second Review under the Extended Credit Facility Arrangement, and Request for Modification of a Performance Criterion. Cabo Verde remains vulnerable to external shocks and climate related disruptions and the significant gains achieved so far need to be sustained over the medium term to safeguard economic stability, build resilience, and promote inclusive growth. Fiscal policy aims at ensuring an appropriate balance between credible growth-friendly fiscal consolidations, preserving debt sustainability, protecting the vulnerable, and investing in future growth. It will be important to keep progress in domestic revenue mobilization, streamlining tax exemptions, increasing the effectiveness of public investment projects, and continue improving debt management. Reform of the public enterprises is also critical to reduce fiscal risks. The authorities are encouraged to continue with their ambitious structural reform agenda to adapt to the challenges posed by climate change, reduce the cost of doing business, strengthen social safety nets, and accelerate public enterprise reforms.
Keywords:
central bank of Cabo Verde; Cabo Verde economy; IMF presence; climate resilience; IMF Article IV mission; IMF work program; Debt sustainability; Debt sustainability analysis; Global
Cover IMF Staff Country Reports
Cabo Verde: Relatório Do Corpo Técnico Sobre As Consultas De 2023 Ao Abrigo Do Artigo IV; Segunda Avaliação Da Facilidade De Crédito Alargado E Pedido De Alteração De Um Critério De Desempenho-Comunicado De Imprensa; Relatório Técnico; Anexo Informativo; Análise De Sustentabilidade Da Dívida; Declaração Do Administrador Para Cabo Verde
International Monetary Fund. African Dept.
As perspetivas a médio prazo de Cabo Verde são positivas, apoiadas pelo pacote de políticas adotado pelas autoridades para dar resposta à evolução dos impactos da guerra na Ucrânia e aos seus compromissos para com o processo de recuperação e a ECF num contexto difícil. A economia recuperou fortemente em 2022, com um crescimento do PIB de 17,7%, embora a inflação média tenha aumentado para 7,9% no final de dezembro de 2022, impulsionada pelo aumento dos custos dos produtos alimentares, da eletricidade, do gás e dos transportes. O novo Plano Estratégico para o Desenvolvimento Sustentável 2022-2026 (PEDS II) define a agenda de reformas com vista a superar os desafios que se colocam ao desenvolvimento sustentável. A economia continua vulnerável a riscos internos e externos. Neste contexto, a ECF apoiará os planos das autoridades no sentido do progresso económico e social, bem como os desafios ambientais que o país enfrenta no seu processo de desenvolvimento, procurando simultaneamente reduzir os níveis da dívida e mitigar os riscos.
Keywords:
central bank of Cabo Verde; Cabo Verde economy; IMF presence; climate resilience; IMF Article IV mission; IMF work program; Debt sustainability; Debt sustainability analysis; Global
Cover IMF Staff Country Reports
Cabo Verde: First Review Under the Extended Credit Facility Arrangement-Press Release; and Staff Report
International Monetary Fund. African Dept.
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.
Keywords:
Cabo Verde economy; Cabo Verdean authorities; transparency policy; debt reduction objective; Extended Credit Facility arrangement; Fiscal stance; Fiscal risks; Global