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Africa > Cabo Verde

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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.
Cabo Verde has weathered the recent shocks well, and the authorities have been successful in maintaining macro-financial stability, supported by international partners. Despite a challenging global environment, Cabo Verde’s economy rebounded strongly in 2021 and 2022 and continues its strong macroeconomic performance in 2023.The near-term growth outlook is favorable despite some downside risks. Inflation is decelerating. The country is politically stable. However, Cabo Verde still faces substantial vulnerabilities. The public debt-to-GDP ratio though declining is still above pre-pandemic levels. Climate change poses a major threat, as Cabo Verde is one of the most water-scarce countries in the world.
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 Policy Papers
Interim Review of Access Limits Under the Poverty Reduction and Growth Trust and Initial Considerations for Access Limits under the General Resource Account
International Monetary Fund. Strategy, Policy, & Review Department
The interim review on PRGT access limits follows the call from the Executive Board in March 2023 and confirmed by the IMFC in October 2023. Low-income countries (LICs) face high economic uncertainty and pressures, while grappling with limited policy space and a funding squeeze. In March 2023, access limits under the General Resources Account (GRA) were temporarily increased for 12 months to give space for countries to face such economic pressures. The IMF Executive Board emphasized the importance of the alignment of the Poverty Reduction and Growth Trust (PRGT) access limits with those of the GRA that was achieved in 2021. The Board also agreed that, once substantial progress with PRGT fundraising toward the SDR 2.3 billion first-stage target for subsidy resources agreed in 2021 has been made—with total pledges of SDR 2 billion or more—access limits under the PRGT would be reviewed at an ad hoc interim review. This target has now been reached, paving the way for the review, also called for by the IMFC during the Annual Meetings in October 2023, in a context where the LICs’ economic challenges have further increased, including due to the risk of additional negative spillovers on the global economy stemming from the current geopolitical tensions and conflicts.
Keywords:
Poverty Reduction and Growth Trust; PRGT; low-income countries; LICs; General Resources Account (GRA); PRGT resource; PRGT financing strategy; PRGT lending; PRGT access norm; PRGT commitment; Concessional external borrowing; Debt sustainability; Poverty reduction strategy; Balance of payments need; Credit risk; Global
Cover IMF Staff Country Reports
Cabo Verde: Technical Assistance Report-Consumer Price Index
International Monetary Fund. Statistics Dept.
At the request of the National Institute of Statistics Cabo Verde (INECV), a technical assistance mission provided guidance on improving and updating consumer price index (CPI) weights and assessed CPI compilation methods. This mission was conducted under the auspices of AFRITAC West 2.
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: Relatório de Assistência Técnica-Índice de Preços no Consumidor
International Monetary Fund. Statistics Dept.
No âmbito do programa de trabalho do Centro Regional de Assistência Técnica para a África Ocidental 2 (AFW2), e em resposta a uma solicitação do Instituto Nacional de Estatística de Cabo Verde (INECV), uma missão de assistência técnica (AT) do FMI, dedicada ao Índice de Preços no Consumidor (IPC), visitou a cidade da Praia, de 17 a 21 de julho de 2023.
Keywords:
IPC; índice de preços no consumidor; preços no consumidor; IPC de Cabo Verde; IPC de INECV
Cover Policy Papers
Review of the Policy Coordination Instrument and Proposal to Eliminate the Policy Support Instrument
International Monetary Fund. Strategy, Policy, & Review Department
The Policy Coordination Instrument (PCI) is a non-financial instrument, designed to help countries demonstrate their commitment to a reform agenda and unlock financing from other sources. It supports countries in designing and implementing a full-fledged macroeconomic program of policies that meet upper credit tranche standards and address imbalances, prevent crises, build buffers, and enhance stability. The PCI is available to all member countries, follows a fixed review schedule, and uses a review-based approach to monitoring conditionality. Based on a stock taking of the experience with the PCI, this review proposed reforms to ensure that the PCI remains fit-for-purpose in today’s complex global economic environment while maintaining its strong signaling function. The review also made the case for eliminating the Policy Support Instrument (PSI), which has been replaced by the PCI as the signaling instrument of choice.
Keywords:
Policy Coordination Instrument (PCI); Policy Support Instrument (PSI); Stand-by Arrangement; Stand-by Credit Facility; PCI user; PCI program; SCF arrangement; PCI review schedule; PCI review; Balance of payments need; Capital inflows; Emergency assistance; Multilateral development institutions; Poverty reduction strategy; Global
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.
This paper presents Cabo Verde’s First Review under the Extended Credit Facility (ECF) Arrangement. The strong and broad-based recovery of the Cabo Verde economy continued in 2022. The economy has now recorded five consecutive quarters of positive growth, supported by a rebound in the tourism sector. This helped improve the fiscal position and place the debt-to-gross domestic product ratio on a downward path. International reserves are adequate, and the financial sector remains resilient. It is important to continue efforts to preserve fiscal and debt sustainability and accelerate economic reforms while aiding the vulnerable and supporting the economic recovery. The authorities are focused on preserving fiscal and debt sustainability, providing support to the vulnerable and supporting the economic recovery. Over the medium term, fiscal consolidation would be supported by advances in revenue mobilization particularly through the digitalization of services and reforms to reduce risk from state-owned-enterprises. Monetary and financial policy remains focused on protecting the peg and safeguarding financial sector stability.
Keywords:
Cabo Verde economy; Cabo Verdean authorities; transparency policy; debt reduction objective; Extended Credit Facility arrangement; Fiscal stance; Fiscal risks; 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