A. Coordination of the GFS and PSDS Compilation Process

13. The mission made a general assessment of the GFS and PSDS compilation process and finds it to be well structured, despite being done manually. The main challenge is data collection from entities outside the budget system. Since the GFS Compilation Committee (GFSCC) has not yet been constituted, as recommended by the previous mission, this mission reiterates the need to organize the compilation process among the different stakeholders through a GFSCC led by the SPAME. The structure of such a committee, the entities that will participate in it, along with their respective responsibilities and the data to be shared, should be set out in a Memorandum of Understanding signed by the committee members.

14. The fact that GFS are compiled by two SPAME technical staff creates a risk if there is turnover among technical staff. The PSDS are compiled by the General Treasury Directorates (DGT). Strict coordination between the teams that compile the GFS and PSDS is recommended to ensure the data are always aligned.

15. The MF has a compilation manual (a guide) which represents an up-to-date set of working instructions for the GFS compilation process. This is very useful for understanding the compilation process in Cabo Verde and for ensuring its sustainability and consistency. The manual should be updated to incorporate the process of compiling quarterly statistics and the procedures and methods for compiling PSDS. This should serve as an instruction manual that accumulates knowledge and passes on experiences to new compilers.

16. Transforming the MF/DNP into a delegated body of the INE (ODINE) could make it easier for the CGO to collect data from the autonomous units. The transformation of DNP into ODINE was suggested by the Cabo Verdean authorities, to make the DNP officially responsible for collecting fiscal data from all public sector units in Cabo Verde; consolidate the sector’s data, to be firstly used in the compilation of the GFS and PSDS; and finally, pass the statistics on to the INE for the purpose of compiling national accounts and ensuring proper disaggregation. This solution gives more legal powers to the MF to collect data mainly in autonomous entities such as municipalities, and to disseminate consolidated data from public sector.

Deadline	Recommendations	Responsible Institution
Immediately	GFSCC: Establish a committee whose members’ objectives and responsibilities as well as the data to be shared (securely, periodically, and on a timely manner) will be set out in a Memorandum of Understanding signed by the members.	DNP, DNOCP, DGT, BCV, IN PS, INE, ANMCV
Continuous	Cabo Verde GFS and PSDS Manual: Update the manual in order to document all steps in the process of compiling annual and quarterly GFS and PSDS.	SPAME
June 2020	Transform the MF/DNP into ODINE, responsible for officially obtaining fiscal data from all public sector units in Cabo Verde, consolidating the sector data, and passing it on to INE for the purpose of compiling the national accounts and ensuring proper disaggregation.	MF/DNP and INE

View Table

Deadline	Recommendations	Responsible Institution
Immediately	GFSCC: Establish a committee whose members’ objectives and responsibilities as well as the data to be shared (securely, periodically, and on a timely manner) will be set out in a Memorandum of Understanding signed by the members.	DNP, DNOCP, DGT, BCV, IN PS, INE, ANMCV
Continuous	Cabo Verde GFS and PSDS Manual: Update the manual in order to document all steps in the process of compiling annual and quarterly GFS and PSDS.	SPAME
June 2020	Transform the MF/DNP into ODINE, responsible for officially obtaining fiscal data from all public sector units in Cabo Verde, consolidating the sector data, and passing it on to INE for the purpose of compiling the national accounts and ensuring proper disaggregation.	MF/DNP and INE

B. Institutional Coverage

17. Coverage is always the starting point when compiling any type of statistics.

Cabo Verde’s GFS and PSDS, as currently compiled and reported, have BCG institutional coverage. The structure of this sector, for the purposes of compilation of macroeconomic statistics, based on the criteria established by GFSM 2014, is shown in Figure 1 below. Additional information on this structure can be found in Appendix I.

Public Sector of Cabo Verde

Citation: IMF Staff Country Reports 2021, 238; 10.5089/9781557758866.002.A001

Source: Cabo Verdean Authorities.

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Public Sector of Cabo Verde

Citation: IMF Staff Country Reports 2021, 238; 10.5089/9781557758866.002.A001

Source: Cabo Verdean Authorities.

• Download Figure
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Public Sector of Cabo Verde

Citation: IMF Staff Country Reports 2021, 238; 10.5089/9781557758866.002.A001

Source: Cabo Verdean Authorities.

• Download Figure
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18. The authorities have an inventory of public entities, created about 10 years ago in the context of an IMF technical assistance mission, which lists all public sector entities, except those recently created, and their respective classifications according to GFSM 2014. The mission updated this inventory to align with the current reality of the public sector in Cabo Verde: this is available in Appendix II.

19. The BCG consists of the central units (sovereign entities, ministries, and commissions). Public institutes and funds are part of the budget system, along with nonprofit institutions. The authorities claim to have no extrabudgetary units. However, the mission noted four public institutes: (i) Civil Aviation Agency; (ii) National Communications Agency; (iii) Multisectoral Economic Regulatory Agency, and (iv) Independent Health Regulatory Agency, which, according to international standards, can be classified as extrabudgetary units.

20. Social security is managed by the National Social Security Institute (INPS). Under Cabo Verde’s constitution, local government (LG) consists of 22 municipalities. At the LG level, one local public service and three nonprofit institutions serving LG were also identified.

21. A reform of Cabo Verde’s public enterprise sector is currently ongoing. The mission identified a total of 23 wholly State-owned nonfinancial corporations, 11 nonfinancial corporations mainly owned by the state, and seven exclusively State-owned financial corporations, including the BCV. Most of these entities have been generating losses for the Government.

22. The structure of the public sector, as well as the inventory and classification of sector units, should be well defined and known to the different public bodies and institutions tasked with compiling macroeconomic statistics.

Deadline	Recommendations	Responsible Institution
Immediately	2.1 Structure of the public sector and inventory of entities belonging to this sector: Ratify for the purpose of compiling macroeconomic statistics (fiscal, monetary, and financial, external, and real statistics).	MF, BCV and INE

View Table

Deadline	Recommendations	Responsible Institution
Immediately	2.1 Structure of the public sector and inventory of entities belonging to this sector: Ratify for the purpose of compiling macroeconomic statistics (fiscal, monetary, and financial, external, and real statistics).	MF, BCV and INE

C. Data and the Respective Sources

23. The mission conducted a survey of data and possible sources needed to compile GFS and PSDS in Cabo Verde, the result of which is presented in Appendix III of this report.

24. At the level of the central government and autonomous institutes and funds that are part of the Government budget system.

• (i) Revenue and expenditure data for budget units are available in SIGOF. Revenue is recorded in SIGOF on a cash basis by the National Directorate of State Revenue (DNRE). Expenditure data become available as the budget units execute their respective budgets in SIGOF; and the amount authorized (not the amount paid) is recorded in the system² and reported at annual financial statement level, which assumes that account keeping is not purely cash based.

• (ii) Nonfinancial asset data: The MF does not currently have a balance sheet, although there is an inventory of government property. Even though there is no stock of nonfinancial assets, the corresponding flows have been captured to some extent in the fiscal and financial balance sheets.

• (iii) Financial assets data: The positions of government deposits as reported by the BCV and MF/DGT differ significantly. Possible reasons for this are: (i) differences in the approaches used; (ii) difference in the coverage of the bank accounts used by the two public institutions. Although transactions in other assets have been captured, the mission did not have access to the inventories of these assets.

• (iv) Liabilities data: Domestic financing includes loans extended to the government by financial institutions in Cabo Verde, including the BCV, and the issuance of Treasury bonds, as well as all bilateral and multilateral debt with international partners. The mission identified substantial differences in the positions reported by the BCV and DGT, although the DGT is the primary data source. The MF has a publication containing information on domestic and external debt by maturity, instrument, counterparty, and sector, as well as details on amortization and disbursements, which were very useful for the PSDS compilation exercise.

• (v) Data on other economic flows: The Cabo Verdean authorities report several changes in the stocks of financial assets (other than government deposits) and liabilities arising from other economic flows apart from transactions. It is essential that analysis be performed to separate transactions and other financial flows from all assets and liabilities.

25. Extrabudgetary units: To complete the compilation of General government (GG) GFS, data are missing for the four (4) public institutes identified as possible extrabudgetary units, which have financial autonomy and are not part of the central budgetary system. The MF should endeavor to obtain the report and accounts of these four public institutes.

26. Social security fund: INPS data are submitted in trial balance format extracted from the Integrated Social Security System (SIPS) with full coding, which facilitates the compilation of GFS and helps to keep the classification consistent over the years.

27. Local governments: Pursuant to the Law establishing the financial regime of local governments (Law No. 79/VI/2005, of September 5), municipalities participate in the collection of direct and indirect taxes; and they have a share in sales and rents, profits and returns, other fees, fines, and penalties. Transfers from the central government to the municipalities are made through the Municipalities Financing Fund (FFM). In addition, the law also provides for the Common Municipal Fund (FMC), on which all municipalities and the Municipal Solidarity Fund (FSM) can draw to strengthen municipal cohesion, with a view to correcting asymmetries and benefiting the poorest municipalities.

28. The municipalities have autonomy to contract domestic and foreign loans, in any form, with any institution authorized by law to grant credit. The Municipal Assembly is tasked with authorizing municipal borrowing, following a proposal by the Office of the Mayor. External loans require MF approval (Article 8, Section III of Law 79/VI/2005 paragraphs 1 and 7), among other things. Although Chapter XII of Law 79 requires local governments to submit statistical, budgetary, and financial information of the municipalities to the MF, in practice this has not been done.

29. The mission found it particularly difficult to gain access to data from the municipalities; and, as these are organized through the National Association of Cabo Verdean Municipalities (ANMCV). The mission met with ANMCV to assess the possibility of it taking responsibility for gathering data from all municipalities in the GFS compilation process, but without great success. The Association confirmed that most, if not all, municipalities use the Integrated Municipal System (SIM); so, the most feasible and quickest solution to the data access problem would be to synchronize the SIM with SIGOF.

30. In the case of primary fiscal data, the mission found that public institutions in Cabo Verde all produce financial data in the same format, which facilitates the compilation of statistics. Central and local government adhere to the National Chart of Public Accounts (CoA) and are governed by the principles and rules of public accounting defined by law. Accordingly, the main challenge now is the collection of data in Excel format from all financial reports, particularly from autonomous units outside the central budget system (four extrabudgetary units, local governments, the INPS and SOEs).

31. A law has been passed recently to facilitate the data collection from all public sector entities. The mission had the privilege of holding a brief meeting with the Deputy Prime Minister and Minister of Finance, Dr. Olavo Avelino Garcia Correia, for the purpose of informing him about the mission’s objectives and main results; and to obtain his full support for the ministry team involved in the compilation and dissemination of GFS and PSDS. During the meeting, the Deputy Prime Minister mentioned the recently passed Budget Law (Law No. 55 / IX / 2019, July 1), which establishes budgetary consolidation. Regardless of the autonomy of certain public units, under this new law the State budget will integrate the budgets of all public sector entities (including CG, LG, INPS and SOEs). He stated that the law will make it easier to obtain data from public entities in Cabo Verde that are not included in the budget. As a result, the country should be better able to produce comprehensive, accurate and timely GFS and PSDS to support decision making.

Deadline	Recommendations	Responsible Institution
August 2020	Financial assets: Create data series with stocks and flows of public sector financial assets (cash and deposits, on lending, shares and other equity, insurance, pensions, and standardized guarantee systems, and other receivables) by sub-sector of the public sector (CG, LG, INPS, and SOEs). Deposits of all public sector units: Implement a formal process for the regular collection and reconciliation of flows and stocks (by currency and by public sector beneficiary), including explanations of all differences identified between BCV and MF.	BCV and MF (DGT and SPAME)
Immediately	Liabilities: Create data series on the stocks and flows of public sector liabilities (cash and deposits, debt securities, loans, and other accounts payable) by subsector of the public sector (CG, LG, INPS, and SOEs). Domestic and external public debt: Implement a formal process for the regular reconciliation of flows and stocks (by instrument and by creditor) including explanations of all differences identified. Weigh the possibility of compiling and publishing public debt at nominal and market value.	BCV and MF (DGT and SPAME)
December 2020	Nonfinancial assets: Speed up reforms in respect of asset management and ensure that the MF starts producing a properly detailed asset inventory, including information on changes in State assets from one year to the next.	DGPCP and DNP
August 2020	Municipalities: Obtain quarterly and annual data on revenues, expenditures, assets, and liabilities for all municipalities in Cabo Verde, starting from the first quarter of 2014 at latest.	SPAME, ANMCV
August 2020	Public enterprises: Transform account data held in pdf format into long series in Excel for the following accounts: (i) income statements; and (ii) balance sheet. In both cases provide as much detail as possible on all public enterprises under CG control and municipalities in the notes to the reports and accounts, starting in 2014 at latest.	UASE and SPAME
August 2020	Extrabudgetary units: Obtain the following accounts in Excel: (i) income statements and (ii) balance sheet. In both cases, provide as much detail as possible on the four regulatory agencies that are outside the budget system, in the notes to the reports and accounts.	SPAME

View Table

Deadline	Recommendations	Responsible Institution
August 2020	Financial assets: Create data series with stocks and flows of public sector financial assets (cash and deposits, on lending, shares and other equity, insurance, pensions, and standardized guarantee systems, and other receivables) by sub-sector of the public sector (CG, LG, INPS, and SOEs). Deposits of all public sector units: Implement a formal process for the regular collection and reconciliation of flows and stocks (by currency and by public sector beneficiary), including explanations of all differences identified between BCV and MF.	BCV and MF (DGT and SPAME)
Immediately	Liabilities: Create data series on the stocks and flows of public sector liabilities (cash and deposits, debt securities, loans, and other accounts payable) by subsector of the public sector (CG, LG, INPS, and SOEs). Domestic and external public debt: Implement a formal process for the regular reconciliation of flows and stocks (by instrument and by creditor) including explanations of all differences identified. Weigh the possibility of compiling and publishing public debt at nominal and market value.	BCV and MF (DGT and SPAME)
December 2020	Nonfinancial assets: Speed up reforms in respect of asset management and ensure that the MF starts producing a properly detailed asset inventory, including information on changes in State assets from one year to the next.	DGPCP and DNP
August 2020	Municipalities: Obtain quarterly and annual data on revenues, expenditures, assets, and liabilities for all municipalities in Cabo Verde, starting from the first quarter of 2014 at latest.	SPAME, ANMCV
August 2020	Public enterprises: Transform account data held in pdf format into long series in Excel for the following accounts: (i) income statements; and (ii) balance sheet. In both cases provide as much detail as possible on all public enterprises under CG control and municipalities in the notes to the reports and accounts, starting in 2014 at latest.	UASE and SPAME
August 2020	Extrabudgetary units: Obtain the following accounts in Excel: (i) income statements and (ii) balance sheet. In both cases, provide as much detail as possible on the four regulatory agencies that are outside the budget system, in the notes to the reports and accounts.	SPAME

D. Compilation of Government Finance Statistics

32. Result of the compilation of annual GFS in 2015–2018. Based on a detailed analysis of the accounts, the mission reviewed the accounts for 2015–2018 and the results are summarized in Table 3 below. More detailed information on the compilation exercise is provided in Appendices V-VII of this report.

^{Table 3.}

BCG Statement of Sources and Uses of Cash

Unit: CVE million

Source: MF and author’s calculations.

^{Table 3.}

BCG Statement of Sources and Uses of Cash

Unit: CVE million

		2015	2016	2017	2018p
1	Government revenue	41,961.9	42,674.3	48,433.1	50,328.4
2	Public expense	40,315.6	42,113.8	43,638.2	45,822.6
NOB	Net operating balance (1–2)	1,646.2	560.5	4,794.9	4,505.8
31	Nonfinancial assets (NFAs)	8,837.5	5,571.8	9,890.1	6,968.1
2M	Public expenditure (2+31)	49,153.1	47,685.6	53,528.3	52,790.7
NLB	Net lending (+) / Net borrowing (-) (NOB-31)	-7,191.2	-5,011.3	-5,095.3	-2,462.3
32	Acquisition of financial assets	5,901.6	5,645.7	682.9	3,917.4
33	Net incurrence of liabilities	12,450.9	9,224.43	7,197.39	6,286.52
NLBz	Statistical discrepancy (32–33-NLB)	641.9	1,432.5	-1,419.3	93.2
	GDP (Data source: Article IV report)	158,700.0	165,800.0	173,400.0	185,600.0
NLBz	Statistical discrepancy (% of GDP)	0.4%	0.9%	-0.8%	0.1%

Source: MF and author’s calculations.

View Table

^{Table 3.}

BCG Statement of Sources and Uses of Cash

Unit: CVE million

		2015	2016	2017	2018p
1	Government revenue	41,961.9	42,674.3	48,433.1	50,328.4
2	Public expense	40,315.6	42,113.8	43,638.2	45,822.6
NOB	Net operating balance (1–2)	1,646.2	560.5	4,794.9	4,505.8
31	Nonfinancial assets (NFAs)	8,837.5	5,571.8	9,890.1	6,968.1
2M	Public expenditure (2+31)	49,153.1	47,685.6	53,528.3	52,790.7
NLB	Net lending (+) / Net borrowing (-) (NOB-31)	-7,191.2	-5,011.3	-5,095.3	-2,462.3
32	Acquisition of financial assets	5,901.6	5,645.7	682.9	3,917.4
33	Net incurrence of liabilities	12,450.9	9,224.43	7,197.39	6,286.52
NLBz	Statistical discrepancy (32–33-NLB)	641.9	1,432.5	-1,419.3	93.2
	GDP (Data source: Article IV report)	158,700.0	165,800.0	173,400.0	185,600.0
NLBz	Statistical discrepancy (% of GDP)	0.4%	0.9%	-0.8%	0.1%

Source: MF and author’s calculations.

33. Review of the bridge table between the national classification and the GFSM 2014 classification. At the request of the Cabo Verdean authorities, the mission reviewed the account classifications, particularly on issues related to the recording of refunds in respect of Value Added Tax (VAT) and the Single Income Tax (IUR), as well as the INPS and COFOG classifications. The mission reviewed and suggested changes in the classifications of provisions, intangible assets, exchange rate gains and losses, and social security benefits. The version of that table that was left with the authorities can be found in Appendix IV.

34. The GFS compilation is done in a well structure Excel file, which currently produces high quality results that are not very different from the national presentation. At present, the main challenge is to expand the institutional scope to cover the whole of public administration. The authorities were able to collect GFS data for public administration up to fiscal 2016 (with some public institutions missing but not representing a significant part of the public sector), with local government data pending for the end of fiscal 2017.

35. The BCG operations of the last four years reviewed during the mission are reported in the following table. The mission used the official data reported in the CGE as its basis.

36. Public revenue transactions 2015–2018. In general, revenue is recorded consistently, with average revenue over the last four years at around 27percent of gross domestic product (GDP). At the authorities’ request, the mission clarified doubts surrounding the recording of VAT refunds/reimbursements. With reference to GFSM 2014, the mission clarified that from a cash perspective, income and expenditure should be presented in terms of net associated inflows, i.e., net of refunds paid. Accordingly, refunds should be considered as adjustments to be deducted from revenue, as a corresponding reduction in the level of financial assets or increase in debt. In the case of VAT, refunds are recorded as a reduction from revenue in this tax category.

37. Public expenditure transactions 2015–2018. As was the case with revenue, public expenditure in the last four years has been stable around 25 percent of GDP. The mission suggested reviewing the items of social security benefits relative to social contributions. Transactions in nonfinancial assets are aligned with GFSM 2014 and are reported above the line.

38. Financial assets mostly represent the repayment and granting of on lending, as well as shares and other equity holdings. The mission did not make an in-depth review of the recording of on lending agreements; however, it noted that the recording of these assets usually depends on the realistic expectation of return on investment. Capital injections (own funds and loans granted) are recorded above the line when there is no realistic expectation of a return on investment (the probability of the loan being repaid is low), or when the investment does not generate any financial credit. In contrast, capital injections with a realistic expectation of return on investment are recorded below the line as net acquisition of financial assets. There are significant differences between the deposit positions reported by the MF and BCV, which should be reviewed.

39. In the case of transactions in liabilities, consistency between the GFS and PSDS is critical. The mission noted significant differences in the flows associated with debt disbursements and amortizations, as reported in the Map of Government Financial Operations relative to the debt position reported by the National Treasury. The mission used below the line debt flows as reported by the Treasury.

40. Discrepancies in BCG operations for the last four years average around 0.5 percent of GDP. These demonstrate the quality of BCG fiscal data. However, the verification of discrepancies only shows that the fiscal data used are properly classified according to GFSM 2014. The authorities need to ensure the integrity of the accounts, to enable the Fiscal Map to capture all BCG transactions, which must be incorporated into the referred Fiscal Map under the double-entry accounting principle. The mission believes that regular reconciliation work is critical for ensuring that the Fiscal Map is capturing most BCG transactions, if not all of them.

41. IMF Article IV surveillance can be based on the GFSM 2014 presentation. Under Article IV consultations, the AFR uses exactly the same official data as the authorities to perform the country financial assessment, which has been done according to the 1986 GFSM methodology. The mission was able to map the (minimal) differences in the authorities’, AFR, and GSF presentations based on GFSM 2001/2014 (see table below), and therefore believes that IMF surveillance under Article IV can be done on the basis of the methodology proposed in the most up-to-date GFS manual.

42. Public expense by functions of the government – COFOG. The national classification by functions is fully aligned with international standards; and the data compiled during the mission are presented in the table below. The mission recommends that efforts be made to complete all subcategories of the 10 COFOG categories.

Table 4.

BCG Public Expenditure by Functions – COFOG

Unit: CVE million

Source: MF and author’s calculations.

Table 4.

BCG Public Expenditure by Functions – COFOG

Unit: CVE million

		2015	2016	2017	2018p
7	GRAND TOTAL	49,153.11	47,685.56	53,528.33	52,790.66
701	General public services	13,666.81	13,405.25	13,659.63	13,838.72
702	Defense	856.41	993.11	884.61	1,001.83
703	Public order and safety	3,532.94	3,615.14	4,231.82	4,601.26
704	Economic affairs	8,449.81	5,547.41	5,313.38	5,806.59
705	Environmental protection	2,130.86	1,914.99	2,691.79	862.97
706	Housing and community amenities	899.93	1,181.08	1,148.20	583.25
707	Health	4,046.90	4,196.38	4,241.39	5,056.97
708	Recreation, culture, and religion	438.80	486.44	504.87	725.43
709	Education	8,942.73	9,425.65	9,737.60	9,727.54
710	Social protection	6,187.93	6,920.12	11,115.03	10,586.10

Source: MF and author’s calculations.

View Table

Table 4.

BCG Public Expenditure by Functions – COFOG

Unit: CVE million

		2015	2016	2017	2018p
7	GRAND TOTAL	49,153.11	47,685.56	53,528.33	52,790.66
701	General public services	13,666.81	13,405.25	13,659.63	13,838.72
702	Defense	856.41	993.11	884.61	1,001.83
703	Public order and safety	3,532.94	3,615.14	4,231.82	4,601.26
704	Economic affairs	8,449.81	5,547.41	5,313.38	5,806.59
705	Environmental protection	2,130.86	1,914.99	2,691.79	862.97
706	Housing and community amenities	899.93	1,181.08	1,148.20	583.25
707	Health	4,046.90	4,196.38	4,241.39	5,056.97
708	Recreation, culture, and religion	438.80	486.44	504.87	725.43
709	Education	8,942.73	9,425.65	9,737.60	9,727.54
710	Social protection	6,187.93	6,920.12	11,115.03	10,586.10

Source: MF and author’s calculations.

43. Integrated financial balance sheet. One of the mission’s initial objectives was to work on the financial balance sheet. While the stock of liabilities was made available, the work was left pending due to lack of data on financial assets, to compose the balance sheet. As reported above, the MF does not currently official methods for compiling stock data, so the potential work of compiling a balance sheet is awaiting this step by the authorities.

Table 5.

Differences in the GCV-GFSM 2014-AFR Fiscal Maps

Table 5.

Differences in the GCV-GFSM 2014-AFR Fiscal Maps

View Table

Table 5.

Differences in the GCV-GFSM 2014-AFR Fiscal Maps

View Expanded

Deadline	Recommendations	Responsible Institution
December 2019	Cabo Verde’s GFS for the years 2015–2017 reviewed during the mission, add final 2018 data: Validate and submit to IMF/STA.	SPAME and SOF
Immediately	Annual and quarterly series of GFS 2002–2018: Compile tables 1, 2, 3 and 7 of GFSM 2014, and submit to IMF/STA	SPAME and SOF
Immediately	Reconciliation of revenues, expenses, financial assets, and liabilities: Implement routine reconciliation of data reported in accordance with GFSM 2014, regarding presentation in the public annual financial statements.	SPAME
August 2020	Other economic flows of financial assets and liabilities: Establish compilation processes (impact of exchange rate devaluation, depreciation of assets and others).	SPAME

View Table

Deadline	Recommendations	Responsible Institution
December 2019	Cabo Verde’s GFS for the years 2015–2017 reviewed during the mission, add final 2018 data: Validate and submit to IMF/STA.	SPAME and SOF
Immediately	Annual and quarterly series of GFS 2002–2018: Compile tables 1, 2, 3 and 7 of GFSM 2014, and submit to IMF/STA	SPAME and SOF
Immediately	Reconciliation of revenues, expenses, financial assets, and liabilities: Implement routine reconciliation of data reported in accordance with GFSM 2014, regarding presentation in the public annual financial statements.	SPAME
August 2020	Other economic flows of financial assets and liabilities: Establish compilation processes (impact of exchange rate devaluation, depreciation of assets and others).	SPAME

A. Compilation of Public Sector Debt Statistics

44. According to GFSM 2014, a debt instrument is defined as a financial claim that requires payment(s) of interest and/or principal. The work of PSDS compilation conducted during the mission, excluded liabilities such as equity and investment fund shares, along with financial derivatives, which do not involve the payment of interest or principal.

45. The preliminary exercise to compile the PSDS could cover more than 90 percent of total public sector debt in Cabo Verde. The work done to compile the PSDS during the mission took account of data on the domestic and external debt of the BCG, liabilities reported by SOEs, including those of the BCV, and data on municipal loans, which according to the authorities, may account for more than 90 percent of the total public sector debt.

46. In terms of the evolution of public debt in Cabo Verde in the last four years, the PSDS compiled during the mission suggests that the total gross debt of the Cabo Verdean public sector averaged around 205 percent of GDP in the last four years, as shown in the following table.

47. Having information on all six debt instruments enables the government to clearly identify fiscal risks. Table 6 above presents the detail of the debt by instrument. This is completed by Table 7 below, which reports not only the instruments but also the debt of each subsector of Cabo Verde’s public sector.

^{Table 6.}

Stock of Gross Public Debt by Instrument 2015–2018 – Preliminary

Source: MF and author’s calculations.

^{Table 6.}

Stock of Gross Public Debt by Instrument 2015–2018 – Preliminary

			2015	2016	2017	2018
By debt instrument
	Total:		325,805.03	355,960.34	372,734.96	346,272.59
		SDRs	-	-	-	-
		Cash and deposits	24,554.27	29,057.88	29,573.00	31,904.02
		Debt securities	46,699.41	53,226.45	57,493.93	63,609.06
		Loans	218,862.34	232,978.31	246,855.37	220,729.57
		Insurance, pension, and standardized guarantee systems	3,083.28	3,062.19	3,177.88	3,487.83
		Other accounts payable	32,605.74	37,635.51	35,634.78	26,542.11
	By residency of creditor:
	Total:		325,805.03	356,009.02	372,783.64	346,331.43
		Domestic creditors	279,806.95	303,388.36	317,038.45	285,173.28
		External creditors	45,998.08	52,620.66	55,745.18	61,158.15
	GDP		158,700.00	165,800.00	173,400.00	185,600.00
	Public debt/GDP		205%	215%	215%	187%

Source: MF and author’s calculations.

View Table

^{Table 6.}

Stock of Gross Public Debt by Instrument 2015–2018 – Preliminary

			2015	2016	2017	2018
By debt instrument
	Total:		325,805.03	355,960.34	372,734.96	346,272.59
		SDRs	-	-	-	-
		Cash and deposits	24,554.27	29,057.88	29,573.00	31,904.02
		Debt securities	46,699.41	53,226.45	57,493.93	63,609.06
		Loans	218,862.34	232,978.31	246,855.37	220,729.57
		Insurance, pension, and standardized guarantee systems	3,083.28	3,062.19	3,177.88	3,487.83
		Other accounts payable	32,605.74	37,635.51	35,634.78	26,542.11
	By residency of creditor:
	Total:		325,805.03	356,009.02	372,783.64	346,331.43
		Domestic creditors	279,806.95	303,388.36	317,038.45	285,173.28
		External creditors	45,998.08	52,620.66	55,745.18	61,158.15
	GDP		158,700.00	165,800.00	173,400.00	185,600.00
	Public debt/GDP		205%	215%	215%	187%

Source: MF and author’s calculations.

^{Table 7.}

Stock of Gross Public Debt by Instrument and Subsector – Preliminary

Source: MF and authors calculations

^{Table 7.}

Stock of Gross Public Debt by Instrument and Subsector – Preliminary

				SDR	Cash and deposits	Debt securities	Loans	Insurance, pension, and standardized guarantee systems	Other accounts payable	Total	% Total 2018	% GDP 2018
			TOTAL 2017	0.0	29,573.0	57,493.9	246,855.4	3,177.9	35,634.8	372,735.0	100%	215%
			TOTAL 2018	0.0	31,904.0	63,609.1	220,729.6	3,487.8	26,542.1	346,272.6	100%	187%
DOMESTIC 2018				0.0	31,904.0	63,609.1	52,802.1	3,487.8	26,542.1	178,345.1	52%	96%
		Budgetary Central government		0.0	0.0	60,015.6	0.0	0.0	1,083.7	61,099.3	18%	33%
		Local government		0.0	0.0	0.0	396.1	0.0	N/A	396.1	0%	0%
		INPS		0.0	N/A	N/A	N/A	N/A	N/A	0.0	0%	0%
	Central bank			0.0	31,904.0	3,593.5	25,400.0	3,487.8	918.2	65,303.5	19%	35%
	Other financial corporations			0.0	0.0	0.0	345.1	0.0	170.8	515.9	0%	0%
	Nonfinancial corporations			0.0	0.0	0.0	26,660.8	0.0	24,369.4	51,030.2	15%	27%
EXTERNAL 2018				0.0	0.0	0.0	167,927.5	0.0	0.0	167,927.5	48%	90%
		Budgetary Central government		0.0	0.0	0.0	167,927.5	0.0	0.0	167,927.5	48%	90%
		Central bank		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0%	0%
% Total 201				0.0%	9.2%	18.4%	63.7%	1.0%	7.7%
Total variation 2018/2017				0.0%	7.9%	10.6%	-10.6%	9.8%	-25.5%

Source: MF and authors calculations

View Table

^{Table 7.}

Stock of Gross Public Debt by Instrument and Subsector – Preliminary

				SDR	Cash and deposits	Debt securities	Loans	Insurance, pension, and standardized guarantee systems	Other accounts payable	Total	% Total 2018	% GDP 2018
			TOTAL 2017	0.0	29,573.0	57,493.9	246,855.4	3,177.9	35,634.8	372,735.0	100%	215%
			TOTAL 2018	0.0	31,904.0	63,609.1	220,729.6	3,487.8	26,542.1	346,272.6	100%	187%
DOMESTIC 2018				0.0	31,904.0	63,609.1	52,802.1	3,487.8	26,542.1	178,345.1	52%	96%
		Budgetary Central government		0.0	0.0	60,015.6	0.0	0.0	1,083.7	61,099.3	18%	33%
		Local government		0.0	0.0	0.0	396.1	0.0	N/A	396.1	0%	0%
		INPS		0.0	N/A	N/A	N/A	N/A	N/A	0.0	0%	0%
	Central bank			0.0	31,904.0	3,593.5	25,400.0	3,487.8	918.2	65,303.5	19%	35%
	Other financial corporations			0.0	0.0	0.0	345.1	0.0	170.8	515.9	0%	0%
	Nonfinancial corporations			0.0	0.0	0.0	26,660.8	0.0	24,369.4	51,030.2	15%	27%
EXTERNAL 2018				0.0	0.0	0.0	167,927.5	0.0	0.0	167,927.5	48%	90%
		Budgetary Central government		0.0	0.0	0.0	167,927.5	0.0	0.0	167,927.5	48%	90%
		Central bank		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0%	0%
% Total 201				0.0%	9.2%	18.4%	63.7%	1.0%	7.7%
Total variation 2018/2017				0.0%	7.9%	10.6%	-10.6%	9.8%	-25.5%

Source: MF and authors calculations

48. According to the data reported in Table 7, the BCG accounted for more than 66% of the total gross debt in 2018. Local government debt only considers loans obtained with a BCG guarantee, which according to the DGT, normally represent the largest share of the debt of this subsector of the public sector. Since the mission did not obtain data on municipal debt, it used the values of guarantees reported by the MF as a proxy for this subsector. In addition, financial and nonfinancial corporations hold a significant amount in loans and other accounts payable. Data on the debt liability of the INPS were not available; and Special Drawing Rights (SDR) with the IMF were not included, since they represent both an asset and a liability for the country, which is eliminated as a result of the consolidation process. Therefore, this ends up having zero effect in the presentation of the public sector debt.

49. The Debt Matrix of Cabo Verde’s gross public sector debt below, illustrates more clearly the two important dimensions of the PSDS—instruments and institutional coverage. The horizontal axis represents the addition of debt instruments (D1 – D4); and the vertical axis presents the subsectors of the public sector (G1 – G5).

50. Many countries only report enough information to calculate D1. This makes the comparison of debt at the D1 level of limited value; and a large amount of information on total debt, from a comprehensive GFSM 2014 perspective, is lost.

51. The debt instrument most widely used by the public sector in Cabo Verde is the loan. Basically, all subsectors of the public sector use loans to meet their financing needs. Another instrument that is also commonly used is accounts payable. Although the mission did not have access to complete data from INPS and local governments, it is safe to assume that these subsectors have some liabilities in the form of accounts payable.

Public debt instruments and institutional coverage

Citation: IMF Staff Country Reports 2021, 238; 10.5089/9781557758866.002.A001

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Public debt instruments and institutional coverage

Citation: IMF Staff Country Reports 2021, 238; 10.5089/9781557758866.002.A001

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Public debt instruments and institutional coverage

Citation: IMF Staff Country Reports 2021, 238; 10.5089/9781557758866.002.A001

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52. Debt securities reflect by issuance of debt by the Treasury for budgetary support, as well as the BCV’s issuance of Monetary Intervention Securities (TIMs), with a maturity of up to one year, and very short-term Monetary Adjustment Securities (TRMs) (up to 14 days). Both are BCV instruments that are used to absorb surplus liquidity and smooth interest rate volatility in the interbank money market.

53. Cash and deposits are BCV liabilities. They represent the difference between the value of banknotes and coins issued and the value of banknotes and coins held at the Treasury and in transit, plus liabilities to financial institutions. Another liability reported only by the BCV is insurance, pension, and standardized guarantee systems which represents the liability in respect of BCV employee pensions and other benefits.

54. Stock of central government contingent liabilities. The stock of guarantees has averaged around 7 percent of GDP in the last four years, as shown in Table 8 below. State guarantees are mostly used by SOEs and municipalities. These liabilities are considered contingent; and, as recommended by GFSM 2014, they should not be recorded as liabilities in the macroeconomic statistics unless and until certain specified conditions prevail (e.g., the loan guarantee is called). Nonetheless, they should be recorded as memorandum items of the balance sheet. Given the lack of information from local governments, the mission used the number of guarantees issued to the municipalities as a proxy for the debt of this subsector.

^{Table 8.}

BCG Stock of Guarantees

^*IMF, Article IV Report

Source: MF/DGT

^{Table 8.}

BCG Stock of Guarantees

Institution			2015	2016	2017	2018
		1. Public enterprises	10,072,001.78	10,861,282.86	13,202,897.94	11,140,756.13
	Electra		5,012,114.73	5,002,807.00	5,078,429.00	2,751,193.00
	Enapor		241,075.10	170,560.22	112,007.17	49,495.06
	IFH		2,050,000.00	2,334,000.00	2,926,586.58	2,980,850.51
	TACV		2,529,290.78	3,026,814.67	4,651,347.54	5,053,737.73
	CVFF		239,521.16	199,600.96	159,680.77	0.00
	Águas de Santiago		0.00	127,500.00	267,532.89	285,647.50
	CERMI		0.00	0,00	7,314.00	19,832.33
3. Municipalities			279,969.34	253,191.58	409,117.80	396,144.28
	Mayoralty of Porto Novo		70,486.50	68,858.02	67,076.78	65,128.44
	Mayoralty of Santa Catarina		87,233.97	74,550.69	64,894.95	57,455.75
	Mayoralty of São Vicente		0.00	0.00	142,087.00	191,550,30
	Mayoralty of Paul		101,666.84	95,863.31	89,322.53	82,009.79
	Mayoralty of São Nicolau		20,582.03	13,919.56	6,853.19	0.00
	Mayoralty of Sal		0.00	0.00	38,883.35	0.00
3. Other initiatives			338,536.13	283,380.26	283,380.26	7,622.64
	Banco Novo		338,536.13	283,380.26	283,380.26	0.00
	Star up jovem		0.00	0.00	0.00	7,622.64
Total			10,690,507.24	11,397,854,70	13,895,396,00	11,544,523,06
Nominal GDP*			158,700,000.00	165,800,000.00	173,400,000.00	185,600,000.00
Endorsements and guarantees/GDP			6.7%	6.9%	8.0%	6.2%

^*IMF, Article IV Report

Source: MF/DGT

View Table

^{Table 8.}

BCG Stock of Guarantees

Institution			2015	2016	2017	2018
		1. Public enterprises	10,072,001.78	10,861,282.86	13,202,897.94	11,140,756.13
	Electra		5,012,114.73	5,002,807.00	5,078,429.00	2,751,193.00
	Enapor		241,075.10	170,560.22	112,007.17	49,495.06
	IFH		2,050,000.00	2,334,000.00	2,926,586.58	2,980,850.51
	TACV		2,529,290.78	3,026,814.67	4,651,347.54	5,053,737.73
	CVFF		239,521.16	199,600.96	159,680.77	0.00
	Águas de Santiago		0.00	127,500.00	267,532.89	285,647.50
	CERMI		0.00	0,00	7,314.00	19,832.33
3. Municipalities			279,969.34	253,191.58	409,117.80	396,144.28
	Mayoralty of Porto Novo		70,486.50	68,858.02	67,076.78	65,128.44
	Mayoralty of Santa Catarina		87,233.97	74,550.69	64,894.95	57,455.75
	Mayoralty of São Vicente		0.00	0.00	142,087.00	191,550,30
	Mayoralty of Paul		101,666.84	95,863.31	89,322.53	82,009.79
	Mayoralty of São Nicolau		20,582.03	13,919.56	6,853.19	0.00
	Mayoralty of Sal		0.00	0.00	38,883.35	0.00
3. Other initiatives			338,536.13	283,380.26	283,380.26	7,622.64
	Banco Novo		338,536.13	283,380.26	283,380.26	0.00
	Star up jovem		0.00	0.00	0.00	7,622.64
Total			10,690,507.24	11,397,854,70	13,895,396,00	11,544,523,06
Nominal GDP*			158,700,000.00	165,800,000.00	173,400,000.00	185,600,000.00
Endorsements and guarantees/GDP			6.7%	6.9%	8.0%	6.2%

^*IMF, Article IV Report

Source: MF/DGT

55. Net public sector debt. In addition to gross debt, another PSDS indicator that is commonly reported is the net debt calculation, which was not covered by the mission owing to lack of data on financial assets. The mission recommends efforts be made to obtain this aggregate, since net debt may be a more accurate indicator of solvency/sustainability, especially in circumstances where the government’s financial assets are highly liquid and can easily be sold in sufficiently short time periods to pay off debts as they fall due; or else when, for economic/political reasons, it is realistic to assume that the government will sell financial assets to pay off unsustainable debts.

56. Complete the consolidated PSDS exercise. In view of the PSDS compilation exercise carried out during the mission, it is recommended to complete the missing information and to revise the figures to ensure that the consolidated PSDS work reflects the reality of the public sector. Submission of the quarterly data to the joint World Bank/IMF database is highly recommended, to promote fiscal transparency.

Deadline	Recommendations	Responsible Institution
December 2019	Cabo Verde’s 2015–2017 PSDS reviewed during the mission, add 2018 data: Validate and submit to IMF/STA.	SPAME and SOF
Immediately	Annual and quarterly series of PSDS from 2002–2018: Compile the PSDS tables (according to GFSM 2011 guidelines) and submit to the joint World Bank/IMF database.	SPAME and SOF
Immediately	GFS and PSDS: Publish on the MF website.	DNP and UTIC
Immediately	PSDS: Disseminate in the joint World Bank/IMF database, by maturity, residual value, currency, and creditor.	SPAME and SOF

View Table

Deadline	Recommendations	Responsible Institution
December 2019	Cabo Verde’s 2015–2017 PSDS reviewed during the mission, add 2018 data: Validate and submit to IMF/STA.	SPAME and SOF
Immediately	Annual and quarterly series of PSDS from 2002–2018: Compile the PSDS tables (according to GFSM 2011 guidelines) and submit to the joint World Bank/IMF database.	SPAME and SOF
Immediately	GFS and PSDS: Publish on the MF website.	DNP and UTIC
Immediately	PSDS: Disseminate in the joint World Bank/IMF database, by maturity, residual value, currency, and creditor.	SPAME and SOF

A. Consistency of the Data with other Macroeconomic Statistics

57. Consistency between the different sets of macroeconomic statistics is of paramount importance. The GFS and PSDS must be consistent, both mutually and with relevant data from other macroeconomic statistics, e.g. national accounts (GDP), monetary and financial accounts, and external sector accounts.

58. Consistency between GFS and the national accounts is guaranteed. The INE director informed the mission that consistency between the GFS and the national accounts is guaranteed, since the INE receives BCG consumption data from the MF on a regular basis. However, the latter identified local government data as one of the main concerns when preparing the national accounts and said it would be preferable to receive fiscal data that consolidate the whole of general government in Cabo Verde.

59. Ensure consistency across the GFS compilation committee (GFSCC). For this purpose, it is important that the MF meet regularly with the other compilers of relevant macroeconomic statistics, to discuss and resolve any fiscal data compilation and consistency problems. In this context, we reiterate the idea of organizing the coordination of the GFS and PSDS compilation process by creating a GFSCC.

Deadline	Recommendations	Responsible Institution
Immediately	GFSCC: Establish a committee whose members’ objectives and responsibilities, as well as the data to be shared (securely, periodically, and on a timely basis), will be set out in a Memorandum of Understanding signed by the members.	DNP, DNOCP, DGT, BCV, IN PS, INE, ANMCV

View Table

Deadline	Recommendations	Responsible Institution
Immediately	GFSCC: Establish a committee whose members’ objectives and responsibilities, as well as the data to be shared (securely, periodically, and on a timely basis), will be set out in a Memorandum of Understanding signed by the members.	DNP, DNOCP, DGT, BCV, IN PS, INE, ANMCV

B. Resources, Training, and Technical Assistance

60. In terms of human resources, two SPAME technicians are directly tasked with compiling GFS and PSDS. Although these officials have good general knowledge of GFSM 2014, they need to expand their knowledge, particularly regarding the methodological requirements of GFSM 2014 (coverage, data content, stock-flow relationships, etc.) to better apply these to the reality of Cabo Verde. Instructions for performing existing tasks that should be maintained in the manual/guidebook mentioned in the coordination section of the GFS and PSDS compilation, to ensure consistency in the process.

61. The mission held a knowledge sharing session on GFS and PSDS. Several public officials from different departments of the MF were invited and attended, along with officials from BCV and INPS. The mission took the opportunity to raise awareness of the need for the different areas to work together in the process of compiling statistics.

62. SIGOF has capacity to synchronize with other systems and generate automatic tables through business intelligence. From the meeting with the Technology, Innovation and Communication Unit (UTIC), the mission took cognizance of the capabilities of SIGOF and its modules. There are several projects to improve the systems, including the interconnection of the various systems integrated with SIGOF —in particular the SIM to facilitate data collection from the municipalities, SIPS for INPS data, the new public debt system (under development), and other systems. The synchronization of integrated systems is the most viable, rapid, and efficient solution for collecting, compiling, and disseminating data from all public sector units in Cabo Verde, in a timely manner and fewer constraints.

63. Access for the GFS and PSDS compilers to consult and extract primary fiscal data from the various integrated systems is desirable to facilitate the GFS compilation process until the systems are interconnected. Municipal data collection relies on the goodwill of municipal staff. According to the UTIC, all municipalities have the SIM, although implementation has not been uniformed across all municipalities owing to a funding issue. Accordingly, the mission suggests that the MF be given rights of access to consult, and extract data from municipalities registered in the SIM. The INE also raised difficulties in accessing municipal data and reported that it relies on MF emails to obtain BCG data. The mission also recommends that the INE be given access not only to the SIM but also to SIGOF and other integrated systems, to make sure it has real time fiscal data available for compiling the national accounts.

64. Automatic generation of GFS tables from SIGOF through business intelligence. The mission questioned the UTIC about the development of a module that would make it possible to automatically generate the GFSM 2014 tables, among other items, having obtained confirmation that this would be feasible. Automatic table generation would ensure efficiency and effectiveness in the GFS compilation process and allow the teams to focus on the analysis of fiscal data.

65. New debt management system on the horizon. One of the authorities’ major concerns in relation to debt is the system. The mission learned that the rollout of a new debt management system is planned. This will be financed by the European Union and the process is in the public tender phase to contract a firm to develop the system, within eight months.

66. The provision of technical assistance for the ongoing implementation of GFSM 2014 is highly recommended. The IMF/STA Public Finance Division is always available to support the authorities in the compilation of GFS. SPAME should indicate the date of the next mission and the main areas of technical support desired.

Deadline	Recommendations	Responsible Institution
Immediately	SIGOF statistics module: Develop a module that makes it possible to generate the GFSM 2014 tables automatically.	DNP and UTIC
December 2020	Interconnection of SIGOF with other systems: Implement projects to interconnect the various systems with SIGOF, especially the SIM to facilitate the collection of municipal data, the SIPS for INPS data, the new public debt system (under development), and other systems that facilitate the collection, compilation, and dissemination of public sector data in Cabo Verde.	ANMCV, INPS, DGT and UTIC
December 2020	Access to SIGOF, SIM and SIPS: Request access to the systems for consultation and extraction of primary fiscal data, until the systems are interconnected.	DNP, INE, INPS, ANMCV and UTIC
Continuous	GFS compilers: Build human resource capacity by having compilers participate in the various GFS and PSDS courses promoted by the IMF.	DNP and DGT
Immediately	Date foreseen for next GFS technical assistance mission: indicate date and main technical support areas desired.	SPAME

View Table

Deadline	Recommendations	Responsible Institution
Immediately	SIGOF statistics module: Develop a module that makes it possible to generate the GFSM 2014 tables automatically.	DNP and UTIC
December 2020	Interconnection of SIGOF with other systems: Implement projects to interconnect the various systems with SIGOF, especially the SIM to facilitate the collection of municipal data, the SIPS for INPS data, the new public debt system (under development), and other systems that facilitate the collection, compilation, and dissemination of public sector data in Cabo Verde.	ANMCV, INPS, DGT and UTIC
December 2020	Access to SIGOF, SIM and SIPS: Request access to the systems for consultation and extraction of primary fiscal data, until the systems are interconnected.	DNP, INE, INPS, ANMCV and UTIC
Continuous	GFS compilers: Build human resource capacity by having compilers participate in the various GFS and PSDS courses promoted by the IMF.	DNP and DGT
Immediately	Date foreseen for next GFS technical assistance mission: indicate date and main technical support areas desired.	SPAME

C. Officials Met During the Mission

Name	Institution	Position
H.E. Dr. Olavo Avelino Garcia Correia	MF/GMF	Deputy Prime Minister and Minister of Finance
Gilson M. G. Pina	MF/GMF	Advisor to the Minister
João Cardoso	INE	General Director
Jailson Oliveira	MF/DNP	Deputy Director
Malaquias Lopes	MF/DGT	Service Director
Daniel Moreno	UTIC	Head of Business Intelligence
Ana Rocha	MF/DNRE	Coordinator of the Statistics Unit
Augusta Cardoso	MF/DNRE	Technical staffer
Dénis Cardoso	MF/DNRE	Director of Contributions and Taxes
Stenio Tomar	MF/DNRE	Technical staffer
Denise Ramos	MF/DGT	Technical staffer
João A. Furtado	MF/DGT	Technical staffer
Marco Inocêncio	MF/DGT	Technical staffer
Arciolindo C. Pinheiro	MF/DNP	Technical staffer
Carlos Bentub	MF/DNP	Technical staffer
José Felix Delgado	MF/DNP	Technical staffer
Recilete Joia	MF/DNP	Technical staffer
Sandra Batalha	MF/DNOCP	Technical staffer
Eurico Lima da Graça	MF/DNOCP	Technical staffer
Eunice Mosso	MF/DNOCP	Technical staffer
Ivandre Fernandes	MF/DGPCP	Technical staffer
Alice Benchimol	BCV	Technical staffer
Joseline A. Ramos	BCV	Technical staffer
Rilde Fernandes	BCV	Technical staffer
Teresa Vicente	BCV	Technical staffer
Adelcio Varcia	UTIC	Technical staffer
Carlos Pina	UTIC	Technical staffer
Elisângela Leoy	UASE	Technical staffer
Frederic dos Santos	INPS	Head of Strategic and Actuarial Studies Office
Marcelino Monteiro	INPS	Director of Contributions and Collections
Ndira S. Pereira	INPS	Financial and Investment Director

View Table

Name	Institution	Position
H.E. Dr. Olavo Avelino Garcia Correia	MF/GMF	Deputy Prime Minister and Minister of Finance
Gilson M. G. Pina	MF/GMF	Advisor to the Minister
João Cardoso	INE	General Director
Jailson Oliveira	MF/DNP	Deputy Director
Malaquias Lopes	MF/DGT	Service Director
Daniel Moreno	UTIC	Head of Business Intelligence
Ana Rocha	MF/DNRE	Coordinator of the Statistics Unit
Augusta Cardoso	MF/DNRE	Technical staffer
Dénis Cardoso	MF/DNRE	Director of Contributions and Taxes
Stenio Tomar	MF/DNRE	Technical staffer
Denise Ramos	MF/DGT	Technical staffer
João A. Furtado	MF/DGT	Technical staffer
Marco Inocêncio	MF/DGT	Technical staffer
Arciolindo C. Pinheiro	MF/DNP	Technical staffer
Carlos Bentub	MF/DNP	Technical staffer
José Felix Delgado	MF/DNP	Technical staffer
Recilete Joia	MF/DNP	Technical staffer
Sandra Batalha	MF/DNOCP	Technical staffer
Eurico Lima da Graça	MF/DNOCP	Technical staffer
Eunice Mosso	MF/DNOCP	Technical staffer
Ivandre Fernandes	MF/DGPCP	Technical staffer
Alice Benchimol	BCV	Technical staffer
Joseline A. Ramos	BCV	Technical staffer
Rilde Fernandes	BCV	Technical staffer
Teresa Vicente	BCV	Technical staffer
Adelcio Varcia	UTIC	Technical staffer
Carlos Pina	UTIC	Technical staffer
Elisângela Leoy	UASE	Technical staffer
Frederic dos Santos	INPS	Head of Strategic and Actuarial Studies Office
Marcelino Monteiro	INPS	Director of Contributions and Collections
Ndira S. Pereira	INPS	Financial and Investment Director