Cape Verde:Fourth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Performance Criteria

Author: International Monetary Fund

iew Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Performance Criteria

Volume/Issue: Volume 2004 Issue 304

Publication date: September 2004

ISBN: 9781451809336

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Topics covered in this book

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Banks and Banking , Exports and Imports , Money and Monetary Policy , Public Finance , Public Policy - Social Services and Welfare , ISCR , CR , PRGF arrangement , government , broad money growth , June , PRGF loan , PRGF-supported program , performance benchmark , International reserves , Poverty reduction strategy , Credit , Africa , West Africa

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Summary

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.