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

Cabo Verde: First Review Under the Extended Credit Facility Arrangement-Press Release; and Staff Report
READ MORE...
Volume/Issue: Volume 2023 Issue 044
Publication date: January 2023
ISBN: 9798400232022
$20.00
Add to Cart by clicking price of the language and format you'd like to purchase
Available Languages and Formats
Paperback
PDF
ePub
English
Portuguese
Prices in red indicate formats that are not yet available but are forthcoming.
Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

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

Also of interest
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.