## 1cpvea2021004 ## Source details **Canonical URL:** [1cpvea2021004](https://www.imf.org/-/media/files/publications/cr/2021/english/1cpvea2021004.pdf) ## Other formats - [Markdown version](/-/media/files/publications/cr/2021/english/1cpvea2021004.pdf.md) - [Structured JSON version](/-/media/files/publications/cr/2021/english/1cpvea2021004.pdf.json) --- ### Mission objectives and context - A technical assistance (TA) mission on Government Finance Statistics (GFS) and Public Sector Debt Statistics (PSDS) visited Praia, Republic of Cabo Verde, from July 22 to August 2, 2019, funded by the Data for Decisions (D4D) fund (module 1 on fiscal data including debt). - Main objective: assist authorities in strengthening compilation and dissemination of GFS and PSDS in line with GFSM 2014 and PSDSG 2011. - Mission focus areas: - identifying data sources and assessing coordination among public entities in statistics compilation; - sectorization and scoping of GFS and PSDS; - compiling financial transactions of the budgetary central government (BCG); - reconciling debt flows and stocks across the public sector. ### Key findings - PSDS compilation coverage and public debt level: - The mission compiled PSDS covering more than 90 percent of the public sector. - The estimated total gross debt of the Cabo Verdean public sector has averaged around 205 percent of Gross Domestic Product (GDP) for the past four years. - At end-2018, the stock of government debt stood at 123.9 percent of GDP. - The debt sustainability analysis (DSA) assesses Cabo Verde’s general and external risk of overall debt distress as “high”. - GFS compilation and discrepancies: - The mission supported compilation and analysis of annual GFS for fiscal years 2015–2018 (data for 2018 are provisional). - Discrepancies in BCG transactions over the last four years average around 0.5 percent of GDP. - Authorities are now in a position to report BCG quarterly data to the IMF GFS database. - Data sources, institutional coverage, and coordination: - IMF African Department (AFR) uses the same official data as authorities for Article IV consultations, historically based on presentation 1986 GFSM methodology; mission mapped minimal discrepancies between authorities’, AFR’s, and GFSM 2001/2014 presentations. - Coordination between public institutions needs to improve; mission reiterated prior recommendation to establish a GFS Compilation Committee (GFSCC). - Inventory of public sector units and their GFSM 2014 classifications was analyzed and needs ratification by government entities. - Obtaining data from extrabudgetary units is challenging; local government data particularly difficult to access. - State Enterprise Sector (SES) data: a new Excel database is being created by UASE; currently only 2018 financial data are in Excel, earlier years remain in PDF. - Comprehensive data on BCG nonfinancial assets are not being collected; data on financial assets (stocks and flows) are very limited. - Deposit positions differ between BCV and MF, mainly due to differences in institutional classification. ### Mission tasks and outcomes - Performed PSDS compilation including BCG domestic and external debt, municipal loan debt, and SES-reported debts (including Bank of Cabo Verde). - Compiled and analyzed annual GFS for 2015–2018 and reviewed quarterly data. - Mapped discrepancies between different presentations of fiscal data and confirmed feasibility of basing Article IV surveillance on GFSM 2014. - Produced an inventory and sectorization of public sector units for GFSM 2014 classification (awaiting government ratification). ### Priority recommendations (selected and verbatim deadlines/responsibilities) - Immediately: Action plan for implementation of GFS and PSDS: Ratify. — Responsible: SPAME. - Immediately: GFSCC: Set up a compilation committee whose members’ objective, responsibilities, and 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. — Responsible: DNP, DNOCP, DGT, BCV, INPS, INE, ANMCV. - August 2020: Financial assets: Create data series on the stocks and flows of financial assets (cash and deposits, on lending, shares and other equity, insurance, pensions, and standardized guarantee schemes (SPSGP), and other receivables) by sub-sector of the public sector (central government (CG), local government (LG), National Social Security Institute (INPS), and the public enterprise sector (PES)). Deposits from 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 the BCV and MF. — Responsible: BCV and MF (DGT and SPAME). - Immediately: Liabilities: Create data series on the stocks and flows of liabilities (cash and deposits, debt securities, loans, insurance, pensions, and SPSGS, and other accounts payable) of the public sector by subsector of the public sector (CG, LG, INPS, and PES). 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. — Responsible: BCV and MF (DGT and SPAME). - Immediately: To the Cabo Verde’s GFS and PSDS for the years 2015-2017 compiled during the mission, add final 2018 data: Validate and submit to IMF/STA. — Responsible: SPAME and SOF. - Immediately: Structure of the public sector and inventory of entities belonging to the sector, with their classification as per GFSM 2014: Publish on the MF, BCV and National Institute of Statistics (INE) websites. — Responsible: MF, BCV and INE. - Immediately: Date foreseen for next GFS technical assistance mission: Please indicate date and main areas of technical support desired. — Responsible: SPAME. ### Detailed recommendations / action plan (highlights with deadlines and responsible entities) - Organization - 1.1 Action plan for implementation of GFS and PSDS: Ratify. — SPAME — Expected completion: September 2019. - 1.2 GFSCC: Set up committee and Memorandum of Understanding. — DNP, DNOCP, DGT, BCV, INPS, INE, ANMCV — Expected completion: Immediately. - 1.4 Transform the MF/DNP into a delegated agency of the INE (ODINE) responsible for consolidating fiscal data and passing to INE. — MF/DNP and INE — Expected completion: June 2020. - Institutional coverage - 2.1 Structure of the public sector and inventory of entities belonging to this sector: Ratify for compiling macroeconomic statistics. — MF, BCV and INE — Expected completion: Immediately. - Data sources - 3.1 Financial assets and deposits reconciliation: Create series on stocks and flows; implement regular reconciliation between BCV and MF. — BCV and MF (DGT and SPAME) — Expected completion: August 2020. - 3.2 Liabilities and public debt reconciliation: Create series on liabilities by subsector; implement regular reconciliation by instrument and creditor; consider nominal and market value reporting. — BCV and MF (DGT and SPAME) — Expected completion: Immediately. - 3.3 Nonfinancial assets: Produce detailed asset inventory with year-on-year changes. — DGPCP and DNP — Expected completion: December 2020. - 3.4 Municipalities: Obtain quarterly and annual data on revenues, expenses, assets, and liabilities for all municipalities starting from Q1 2014 at latest. — SPAME, ANMCV — Expected completion: August 2020. - 3.5 Public enterprises: Convert PDF account data into long Excel series (income statements and balance sheets) starting in 2014 at latest. — UASE and SPAME — Expected completion: August 2020. - 3.6 Extrabudgetary units: Obtain income statements and balance sheets in Excel, with notes for four regulatory agencies not part of the budget system. — SPAME — Expected completion: August 2020. - Compilation - 4.1 Add final 2018 data to 2015-2017 GFS and PSDS compiled during mission and submit to IMF/STA. — SPAME and SOF — Expected completion: December 2019. - 4.2 Compile annual and quarterly GFSM 2014 tables 1, 2, 3 and 7 and PSDS tables for 2002-2018 and submit to IMF/STA and joint World Bank/IMF database. — SPAME and SOF — Expected completion: Immediately. - 4.3 Implement routine reconciliation of revenues, expenses, financial assets, and liabilities as per GFSM 2014. — SPAME — Expected completion: Immediately. - 4.4 Establish compilation processes for other economic flows (exchange rate impacts, asset depreciation, and others). — SPAME — Expected completion: August 2020. - Dissemination - 5.1 Publish public sector structure and inventory with GFSM 2014 classification on MF, BCV and INE websites. — MF, BCV and INE — Expected completion: Immediately. - 5.2 Publish GFS and PSDS data on the MF website. — DNP and UTIC — Expected completion: Immediately. - 5.3 Record PSDS in the joint World Bank/IMF database by maturity, residual value, currency, and creditor. — SPAME and SOF — Expected completion: Immediately. - Infrastructure - 6.1 Develop a statistics module in SIGOF to automatically generate GFSM 2014 tables. — DNP and UTIC — Expected completion: December 2020. ### Interconnection between SIGOF and other systems (implementation and access) - Implement projects to interconnect SIGOF with: - Integrated Municipal System (SIM). - Integrated Social Welfare System (SIPS) for INPS data. - The new public debt system (under development). - Other systems that facilitate collection, compilation, and disaggregation of public sector data. - Responsible institutions: ANMCV, INPS, DGT and UTIC. Deadline: December 2020. Priority: H. - Request access to SIGOF, SIM and SIPS for consultation and extraction of primary fiscal data while systems are not interconnected. - Responsible institutions: DNP, INE, INPS; additional parties: ANMCV and UTIC. Timing: Immediately / Deadline: December 2020. - SIGOF statistics module: develop automatic generation of GFSM 2014 tables. — Responsible: DNP and UTIC — Deadline: Immediately / Expected completion: December 2020. ### Coordination, staffing, and compilation practices - GFS and PSDS compilation process: - Well structured but performed manually; main challenge is data collection from entities outside the budget system. - GFSCC has not yet been constituted; mission reiterates need for GFSCC led by SPAME with a Memorandum of Understanding setting structure, responsibilities, and data sharing. - Staffing risk: GFS compiled by two SPAME technical staff; PSDS compiled by DGT — turnover risk is significant. - Recommendation: strict coordination between GFS and PSDS teams and update MF compilation manual to include quarterly statistics and PSDS procedures. — Responsible: SPAME — Deadline: June 2020 (manual update). - Transformation of MF/DNP into ODINE suggested to give delegated authority to consolidate fiscal data and collect from autonomous entities. — Responsible: MF/DNP and INE — Timing: Immediately. ### Institutional coverage and inventory highlights - Primary institutions involved: MF, BCV and INE. - Budgetary Central Government (BCG) institutional coverage currently underlies reported GFS and PSDS. - Inventory of public entities exists (created ~10 years earlier), updated by mission and available in Appendix II; requires ratification. - Mission identified four public institutes that can be classified as extrabudgetary units: - Civil Aviation Agency - National Communications Agency - Multisectoral Economic Regulatory Agency - Independent Health Regulatory Agency - Public enterprise sector identified: - 23 wholly State-owned nonfinancial corporations. - 11 nonfinancial corporations mainly owned by the state. - seven exclusively State-owned financial corporations, including the BCV. - Recommendation: publish and widely disseminate the structure, inventory, and GFSM 2014 classification on MF, BCV and INE websites. — Responsible: MF, BCV and INE — Expected completion: Immediately. ### Key compilation results and fiscal statistics (annual GFS 2015–2018; Unit: CVE million unless stated) - Aggregate fiscal results (BCG Statement of Sources and Uses of Cash) - 2015: Government revenue 41,961.9; Public expense 40,315.6; Net operating balance (NOB) 1,646.2; Nonfinancial assets (NFAs) 8,837.5; Public expenditure (2+31) 49,153.1; Net lending/borrowing (NLB) -7,191.2; Acquisition of financial assets 5,901.6; Net incurrence of liabilities 12,450.9; NLBz Statistical discrepancy 641.9; GDP 158,700.0; NLBz Statistical discrepancy (% of GDP) 0.4%. - 2016: Government revenue 42,674.3; Public expense 42,113.8; NOB 560.5; NFAs 5,571.8; Public expenditure 47,685.6; NLB -5,011.3; Acquisition of financial assets 5,645.7; Net incurrence of liabilities 9,224.43; NLBz Statistical discrepancy 1,432.5; GDP 165,800.0; NLBz Statistical discrepancy (% of GDP) 0.9%. - 2017: Government revenue 48,433.1; Public expense 43,638.2; NOB 4,794.9; NFAs 9,890.1; Public expenditure 53,528.3; NLB -5,095.3; Acquisition of financial assets 682.9; Net incurrence of liabilities 7,197.39; NLBz Statistical discrepancy -1,419.39; GDP 173,400.0; NLBz Statistical discrepancy (% of GDP) -0.8%. - 2018p: Government revenue 50,328.4; Public expense 45,822.6; NOB 4,505.8; NFAs 6,968.1; Public expenditure 52,790.7; NLB -2,462.3; Acquisition of financial assets 3,917.4; Net incurrence of liabilities 6,286.52; NLBz Statistical discrepancy 93.2; GDP 185,600.0; NLBz Statistical discrepancy (% of GDP) 0.1%. - Fiscal ratios and quality: - Average revenue over the last four years at around 27percent of GDP. - Public expenditure in the last four years stable around 25 percent of GDP. - Discrepancies in BCG operations for the last four years average around 0.5 percent of GDP. - VAT refunds: from a cash perspective refunds should be deducted from revenue; VAT refunds recorded as a reduction from revenue in this tax category. - Public expenditure by function (COFOG) — selected figures (Unit: CVE million) - GRAND TOTAL (7): 2015: 49,153.11; 2016: 47,685.56; 2017: 53,528.33; 2018p: 52,790.66. - 701 General public services: 2015: 13,666.81; 2016: 13,405.25; 2017: 13,659.63; 2018p: 13,838.72. - 709 Education: 2015: 8,942.73; 2016: 9,425.65; 2017: 9,737.60; 2018p: 9,727.54. - 710 Social protection: 2015: 6,187.93; 2016: 6,920.12; 2017: 11,115.03; 2018p: 10,586.10. - Note: National classification by functions is fully aligned with international standards; mission recommends completing all subcategories of the 10 COFOG categories. ### Public Sector Debt Statistics (PSDS) — headline results and composition (preliminary) - PSDS preliminary coverage: could cover more than 90 percent of total public sector debt in Cabo Verde. - Average total gross debt of the Cabo Verdean public sector in the last four years: around 205 percent of GDP. - Table 6. Stock of Gross Public Debt by Instrument 2015-2018 - Preliminary (values by year) - Total: 325,805.03 355,960.34 372,734.96 346,272.59 - 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 (2015-2018 totals): - 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% - Stock of Gross Public Debt by Instrument and Subsector (Table 7) — 2017–2018 key entries - 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 (domestic 2018): 0.0 0.0 60,015.6 0.0 0.0 1,083.7 61,099.3 18% 33% - Central bank (domestic 2018): 0.0 31,904.0 3,593.5 25,400.0 3,487.8 918.2 65,303.5 19% 35% - Nonfinancial corporations (domestic 2018): 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 (external 2018): 0.0 0.0 0.0 167,927.5 0.0 0.0 167,927.5 48% 90% - Key observations: - Loans are the most widely used debt instrument across public subsectors. - Accounts payable are present across subsectors; INPS and local governments likely hold liabilities in the form of accounts payable. - BCG accounted for more than 66% of total gross debt in 2018 (text observation). - SDRs with the IMF were not included in consolidated presentation because they are eliminated in consolidation (asset and liability). ### Stock of central government guarantees (selected figures; Unit: CVE) - Public enterprises total guarantees: 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 - TACV: 2,529,290.78 3,026,814.67 4,651,347.54 5,053,737.73 - IFH: 2,050,000.00 2,334,000.00 2,926,586.58 2,980,850.51 - Municipalities total guarantees: 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 - Other initiatives: 338,536.13 283,380.26 283,380.26 7,622.64 - Total guarantees: 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% ### Data gaps, operational challenges, and recommended priorities - Data gaps and challenges: - Access to extrabudgetary and municipal data is limited and needs formalized collection processes. - Public enterprise financial data require conversion from PDF to machine-readable series for historical coverage (from 2014). - Nonfinancial asset data collection and a government asset inventory need to be accelerated; MF does not currently have a balance sheet and no official stock of nonfinancial assets exists. - Reconciliation processes needed between BCV and MF for deposits and between MF and creditors for debt instruments, with explanations for discrepancies. - Consider compiling and publishing public debt at both nominal and market value. - Recommended actions (selected deadlines) - Immediately: Implement formal process for regular collection and reconciliation of deposits (by currency and beneficiary) and reconcile BCV and MF deposit positions. - August 2020: Create series on stocks and flows of financial assets by subsector and obtain municipalities’ quarterly and annual data from Q1 2014 onward. - August 2020: Convert SOE PDF accounts into Excel time-series (income statements and balance sheets) from 2014. - December 2020: Create series on stocks and flows of public sector liabilities by subsector; implement reconciliation by instrument and creditor; consider nominal and market value reporting. - Immediately: Complete consolidated PSDS exercise, revise figures, and submit quarterly data to the joint World Bank/IMF database (recommendation; no single deadline specified). ### Systems, statistical sources, and institutional notes (Appendix III highlights) - Reporting systems and formats: - SIGOF: Budget execution data for BCG available daily, monthly, quarterly, and annually. - SIPS: INPS trial balance format with full coding. - SIM: Municipal management account format; synchronization with SIGOF recommended to facilitate access. - UASE: Database for SOEs under central government control; ANMCV assists with SOEs under municipal control. - Download Date for Appendix III: 10/26/2021 - 3:35 PM. - Primary data sources for revenues, expenditures, assets, and liabilities are mapped to DNOCP/SIGOF, DGT, BCV, INPS/SIPS, NOSI/SIM, UASE, ANMCV, and DGPCP/SIGPG as detailed in Appendix III tables. ### Institutional structure (Appendix I highlights) - Country: Cabo Verde (624) - Subsector breakdown of general government: - Subsector 1. Budgetary central government: includes 8 Sovereign entities; 3 Heads of government; 15 Ministries; 1 Commission; 45 Institutes, public services, and autonomous funds; 1 Nonprofit institution. - Subsector 2. Extrabudgetary units / entities: 4 Public institutes (identified by the mission as possible extrabudgetary units). - Subsector 3. Social security: National Social Security Institute (INPS). - Subsector 5. Local government: 22 Municipalities; 1 Autonomous local government service; 3 Nonprofit institutions serving LG. - Accounting practices: - F1. Bases for recording: Data are reported on a modified cash basis and are obtained from the budget execution. - F3. Valuation of assets and liabilities: Nonfinancial assets valued at historical cost; other financial assets and liabilities recorded at face value. ### State-owned enterprises listing (Appendix VIII highlights) - Total listed Capital Stock (selected): 16,975,068,557 and 15,757,698,246 presented across 33 enterprises (sectoral groupings and selected firm entries provided). - Examples: - ELECTRA EW: Capital Stock 1,585,262,000; % State ownership 78%; Value (CVE) 1,232,224,153 — % in 2015 7.8% 2016 7.8% 2017 7.8% 2018 7.8%. - ENAPOR IHT: Capital Stock 1,200,000,000; % State ownership 100%; Value (CVE) 1,200,000,000 — % in 2015 7.6% 2016 7.6% 2017 7.6% 2018 7.6%. - Note: Some firms have management reports but no accounts; source for listing: State Business Sector Monitoring Unit (UASE). Download Date: 10/26/2021 - 3:35 PM. *Source: 1cpvea2021004 - INTRODUCTION 6; 6.2 Interconnection between SIGOF and other systems; 2.1 Structure of the public sector and inventory of entities; 7. Discrepancy (5 + 6)NLBZ; Appendices I, III, III Bridge Table, IV, V, VI, VIII, and 10.1 as contained in the provided content.* ### INTRODUCTION 6 ### INTRODUCTION 6 ### Mission objectives and context - A technical assistance (TA) mission on Government Finance Statistics (GFS) and Public Sector Debt Statistics (PSDS) visited Praia, Republic of Cabo Verde, from July 22 to August 2, 2019, funded by the Data for Decisions (D4D) fund (module 1 on fiscal data including debt). - Main objective: assist authorities in strengthening compilation and dissemination of GFS and PSDS in line with GFSM 2014 and PSDSG 2011. - Mission focus areas: - identifying data sources and assessing coordination among public entities in statistics compilation; - sectorization and scoping of GFS and PSDS; - compiling financial transactions of the budgetary central government (BCG); - reconciling debt flows and stocks across the public sector. ### Key findings - PSDS compilation coverage and public debt level: - The mission compiled PSDS covering more than 90 percent of the public sector. - The estimated total gross debt of the Cabo Verdean public sector has averaged around 205 percent of Gross Domestic Product (GDP) for the past four years. - At end-2018, the stock of government debt stood at 123.9 percent of GDP. - The debt sustainability analysis (DSA) assesses Cabo Verde’s general and external risk of overall debt distress as “high”. - GFS compilation and discrepancies: - The mission supported compilation and analysis of annual GFS for fiscal years 2015–2018 (data for 2018 are provisional). - Discrepancies in BCG transactions over the last four years average around 0.5 percent of GDP. - Authorities are now in a position to report BCG quarterly data to the IMF GFS database. - Data sources, institutional coverage, and coordination: - IMF African Department (AFR) uses the same official data as authorities for Article IV consultations, historically based on presentation 1986 GFSM methodology; mission mapped minimal discrepancies between authorities’, AFR’s, and GFSM 2001/2014 presentations. - Coordination between public institutions needs to improve; mission reiterated prior recommendation to establish a GFS Compilation Committee (GFSCC). - Inventory of public sector units and their GFSM 2014 classifications was analyzed and needs ratification by government entities. - Obtaining data from extrabudgetary units is challenging; local government data particularly difficult to access. - State Enterprise Sector (SES) data: a new Excel database is being created by UASE; currently only 2018 financial data are in Excel, earlier years remain in PDF. - Comprehensive data on BCG nonfinancial assets are not being collected; data on financial assets (stocks and flows) are very limited. - Deposit positions differ between BCV and MF, mainly due to differences in institutional classification. ### Mission tasks and outcomes - Performed PSDS compilation including BCG domestic and external debt, municipal loan debt, and SES-reported debts (including Bank of Cabo Verde). - Compiled and analyzed annual GFS for 2015–2018 and reviewed quarterly data. - Mapped discrepancies between different presentations of fiscal data and confirmed feasibility of basing Article IV surveillance on GFSM 2014. - Produced an inventory and sectorization of public sector units for GFSM 2014 classification (awaiting government ratification). ### Priority recommendations (selected and verbatim deadlines/responsibilities) - Immediately: Action plan for implementation of GFS and PSDS: Ratify. — Responsible: SPAME. - Immediately: GFSCC: Set up a compilation committee whose members’ objective, responsibilities, and 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. — Responsible: DNP, DNOCP, DGT, BCV, INPS, INE, ANMCV. - August 2020: Financial assets: Create data series on the stocks and flows of financial assets (cash and deposits, on lending, shares and other equity, insurance, pensions, and standardized guarantee schemes (SPSGP), and other receivables) by sub-sector of the public sector (central government (CG), local government (LG), National Social Security Institute (INPS), and the public enterprise sector (PES)). Deposits from 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 the BCV and MF. — Responsible: BCV and MF (DGT and SPAME). - Immediately: Liabilities: Create data series on the stocks and flows of liabilities (cash and deposits, debt securities, loans, insurance, pensions, and SPSGS, and other accounts payable) of the public sector by subsector of the public sector (CG, LG, INPS, and PES). 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. — Responsible: BCV and MF (DGT and SPAME). - Immediately: To the Cabo Verde’s GFS and PSDS for the years 2015-2017 compiled during the mission, add final 2018 data: Validate and submit to IMF/STA. — Responsible: SPAME and SOF. - Immediately: Structure of the public sector and inventory of entities belonging to the sector, with their classification as per GFSM 2014: Publish on the MF, BCV and National Institute of Statistics (INE) websites. — Responsible: MF, BCV and INE. - Immediately: Date foreseen for next GFS technical assistance mission: Please indicate date and main areas of technical support desired. — Responsible: SPAME. ### Detailed recommendations / action plan (highlights with deadlines and responsible entities) - Organization - 1.1 Action plan for implementation of GFS and PSDS: Ratify. — SPAME — Expected completion: September 2019. - 1.2 GFSCC: Set up committee and Memorandum of Understanding. — DNP, DNOCP, DGT, BCV, INPS, INE, ANMCV — Expected completion: Immediately. - 1.4 Transform the MF/DNP into a delegated agency of the INE (ODINE) responsible for consolidating fiscal data and passing to INE. — MF/DNP and INE — Expected completion: June 2020. - Institutional coverage - 2.1 Structure of the public sector and inventory of entities belonging to this sector: Ratify for compiling macroeconomic statistics. — MF, BCV and INE — Expected completion: Immediately. - Data sources - 3.1 Financial assets and deposits reconciliation: Create series on stocks and flows; implement regular reconciliation between BCV and MF. — BCV and MF (DGT and SPAME) — Expected completion: August 2020. - 3.2 Liabilities and public debt reconciliation: Create series on liabilities by subsector; implement regular reconciliation by instrument and creditor; consider nominal and market value reporting. — BCV and MF (DGT and SPAME) — Expected completion: Immediately. - 3.3 Nonfinancial assets: Produce detailed asset inventory with year-on-year changes. — DGPCP and DNP — Expected completion: December 2020. - 3.4 Municipalities: Obtain quarterly and annual data on revenues, expenses, assets, and liabilities for all municipalities starting from Q1 2014 at latest. — SPAME, ANMCV — Expected completion: August 2020. - 3.5 Public enterprises: Convert PDF account data into long Excel series (income statements and balance sheets) starting in 2014 at latest. — UASE and SPAME — Expected completion: August 2020. - 3.6 Extrabudgetary units: Obtain income statements and balance sheets in Excel, with notes for four regulatory agencies not part of the budget system. — SPAME — Expected completion: August 2020. - Compilation - 4.1 Add final 2018 data to 2015-2017 GFS and PSDS compiled during mission and submit to IMF/STA. — SPAME and SOF — Expected completion: December 2019. - 4.2 Compile annual and quarterly GFSM 2014 tables 1, 2, 3 and 7 and PSDS tables for 2002-2018 and submit to IMF/STA and joint World Bank/IMF database. — SPAME and SOF — Expected completion: Immediately. - 4.3 Implement routine reconciliation of revenues, expenses, financial assets, and liabilities as per GFSM 2014. — SPAME — Expected completion: Immediately. - 4.4 Establish compilation processes for other economic flows (exchange rate impacts, asset depreciation, and others). — SPAME — Expected completion: August 2020. - Dissemination - 5.1 Publish public sector structure and inventory with GFSM 2014 classification on MF, BCV and INE websites. — MF, BCV and INE — Expected completion: Immediately. - 5.2 Publish GFS and PSDS data on the MF website. — DNP and UTIC — Expected completion: Immediately. - 5.3 Record PSDS in the joint World Bank/IMF database by maturity, residual value, currency, and creditor. — SPAME and SOF — Expected completion: Immediately. - Infrastructure - 6.1 Develop a statistics module in SIGOF to automatically generate GFSM 2014 tables. — DNP and UTIC — Expected completion: December 2020. ### Operational challenges and data needs - Access to extrabudgetary and municipal data is limited and needs formalized collection processes. - Public enterprise financial data require conversion from PDF to machine-readable series for historical coverage (from 2014). - Nonfinancial asset data collection and a government asset inventory need to be accelerated. - Reconciliation processes needed between BCV and MF for deposits and between MF and creditors for debt instruments, with explanations for discrepancies. - Consideration of compiling and publishing public debt at both nominal and market value. *Source: 1cpvea2021004 - INTRODUCTION 6* ### 6.2 Interconnection between SIGOF and other systems: ### 1cpvea2021004 - 6.2 Interconnection between SIGOF and other systems ### Interconnection and data collection - Implement projects to interconnect the various systems with SIGOF, especially: - Integrated Municipal System (SIM) to facilitate data collection from the municipalities. - Integrated Social Welfare System (SIPS) for INPS data. - The new public debt system (under development). - Other systems that facilitate the collection, compilation, and disaggregation of public sector data in Cabo Verde. - Responsible institutions: ANMCV, INPS, DGT and UTIC. - Deadline: December 2020. - Priority: H ### Access to systems for consultation and extraction - Request access to SIGOF, SIM and SIPS for consultation and extraction of primary fiscal data, while the systems in question are not interconnected. - Responsible institutions: DNP, INE, INPS. - Timing: Immediately. - Additional responsible parties for the request: ANMCV and UTIC. ### Resources and technical assistance - GFS compilers: Build human resource capacity by having staff participate in the various GFS and PSDS courses promoted by the IMF. - Responsible institutions: DNP and DGT. - Timing: Continuous. - Priority: H - Date foreseen for the next GFS technical assistance mission: indicate date and main areas of technical support desired. - Responsible institution: SPAME. - Timing: Immediately. ### Coordination of the GFS and PSDS compilation process - General assessment: - The GFS and PSDS compilation process is well structured, despite being done manually. - The main challenge is data collection from entities outside the budget system. - GFS Compilation Committee (GFSCC): - The GFSCC has not yet been constituted; the mission reiterates the need to organize the compilation process among different stakeholders through a GFSCC led by SPAME. - The structure of the committee, participating entities, responsibilities, and data to be shared should be set out in a Memorandum of Understanding signed by committee members. - Staffing risk: - GFS are compiled by two SPAME technical staff, creating a risk if there is turnover among technical staff. - PSDS are compiled by the General Treasury Directorates (DGT). - Strict coordination between the teams that compile the GFS and PSDS is recommended to ensure data alignment. - Compilation manual: - The MF has a compilation manual (a guide) representing an up-to-date set of working instructions for the GFS compilation process. - Recommendation: Update the manual to incorporate the process of compiling quarterly statistics and the procedures and methods for compiling PSDS; the manual should serve as an instruction manual to accumulate knowledge and pass on experiences to new compilers. - Transformation into ODINE: - Transforming the MF/DNP into a delegated body of the INE (ODINE) could make it easier for the CGO to collect data from 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 for GFS and PSDS compilation; and pass the statistics on to the INE for 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. - Specific recommendations and deadlines: - 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. - Responsible institutions: DNP, DNOCP, DGT, BCV, INPS, INE, ANMCV. - Timing: Continuous. - Cabo Verde GFS and PSDS Manual: Update the manual to document all steps in the process of compiling annual and quarterly GFS and PSDS. - Responsible institution: SPAME. - Deadline: 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. - Responsible institutions: MF/DNP and INE. - Timing: Immediately. ### Institutional coverage - Coverage context: - Coverage is 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 is based on criteria established by GFSM 2014. - Inventory of public entities: - 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. - Observations on extrabudgetary units: - 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 which, according to international standards, can be classified as extrabudgetary units: - Civil Aviation Agency - National Communications Agency - Multisectoral Economic Regulatory Agency - Independent Health Regulatory Agency - Social security and local government: - 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. - Public enterprise sector: - A reform of Cabo Verde’s public enterprise sector is currently ongoing. - The mission identified: - 23 wholly State-owned nonfinancial corporations. - 11 nonfinancial corporations mainly owned by the state. - seven exclusively State-owned financial corporations, including the BCV. - Most of these entities have been generating losses for the Government. - Recommendation: - 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. *Source: 1cpvea2021004 - 6.2 Interconnection between SIGOF and other systems* ### 2.1 Structure of the public sector and inventory of entities ### 2.1 Structure of the public sector and inventory of entities ### Institutional structure and data sources - Primary institutions involved: MF, BCV and INE. - Central government and autonomous institutes and funds are part of the Government budget system. - 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: the amount authorized (not the amount paid) is recorded in SIGOF and reported at annual financial statement level. - Wages and some operational costs are recorded on a commitment basis; at year-end unpaid expenses are recorded under “Previous fiscal years”. - Social security data (INPS) are submitted in trial balance format extracted from the Integrated Social Security System (SIPS) with full coding. - Municipalities use the Integrated Municipal System (SIM); synchronization of SIM with SIGOF is proposed to facilitate data access. - The recently passed Budget Law (Law No. 55 / IX / 2019, July 1) establishes budgetary consolidation and integrates budgets of all public sector entities (CG, LG, INPS and SOEs). ### Public sector composition (as presented) - General Government - Central Government (CG): 3 Heads of government; 15 Ministries and 1 Commission; 45 Public institutes, Services and autonomous funds; 1 Nonprofit institution. - Local Government (LG): 22 Municipalities; 1 Autonomous service; 3 Nonprofit institutions. - Social Security: National Social Security Institute. - Public Sector Corporations - Financial Corporations: Bank of Cabo Verde; 6 other firms in the financial sector. - Nonfinancial corporations: 30 firms under CG control; 6 firms under LG control. - Public institutes, services, and autonomous funds: 4 Autonomous funds; 21 Autonomous services (agencies, centers, commissions, hospitals, universities, and others); 20 Public institutes (including regulators). - Nonprofit institutions: Cabo Verdean Social and School Action Foundation; SEPAMP - Municipal Public Services of Praia; 3 Municipal associations (Praia, Santiago, Fogo, and Brava). ### Data gaps, discrepancies, and limitations - Nonfinancial assets: - MF does not currently have a balance sheet, although there is an inventory of government property. - No official stock of nonfinancial assets; corresponding flows have been captured to some extent in fiscal and financial balance sheets. - Financial assets: - Positions of government deposits reported by BCV and MF/DGT differ significantly. - Possible reasons: different approaches and different coverage of bank accounts. - Mission lacked access to inventories of financial assets beyond deposits. - Liabilities: - Domestic financing includes loans from domestic financial institutions (including BCV), issuance of Treasury bonds, and bilateral and multilateral external debt. - Substantial differences identified in debt positions reported by BCV and DGT; DGT is the primary data source. - MF publishes information on domestic and external debt by maturity, instrument, counterparty, and sector, including amortization and disbursements. - Other economic flows: - Authorities report changes in stocks of financial assets and liabilities arising from other economic flows apart from transactions; analysis needed to separate transactions and other flows. - Extrabudgetary units: - Data missing for four (4) public institutes identified as possible extrabudgetary units with financial autonomy and outside the central budgetary system. - Municipalities: - In practice municipalities have not been consistently submitting statistical, budgetary, and financial information to MF despite legal requirements (Law No. 79/VI/2005). - Mission found difficulty accessing municipal data; ANMCV confirmed most municipalities use SIM. - Recommendation: synchronize SIM with SIGOF to resolve access problem. - Compilation methods: - The MF does not currently have official methods for compiling stock data; compilation of an integrated financial balance sheet is pending until stock methods and data on financial assets are available. - Reconciliation needs: - Significant differences in flows associated with debt disbursements and amortizations between the Map of Government Financial Operations and the National Treasury debt position. - Regular reconciliation work between BCV and MF is critical. ### Key compilation results and statistics (annual GFS 2015–2018) - Public revenue and expenditure trends: - Average revenue over the last four years at around 27percent of GDP. - Public expenditure in the last four years stable around 25 percent of GDP. - VAT refunds: from a cash perspective refunds should be deducted from revenue; VAT refunds are recorded as a reduction from revenue in this tax category. - Table 3. BCG Statement of Sources and Uses of Cash (Unit: CVE million) - 2015: Government revenue 41,961.9; Public expense 40,315.6; Net operating balance (NOB) 1,646.2; Nonfinancial assets (NFAs) 8,837.5; Public expenditure (2+31) 49,153.1; Net lending/borrowing (NLB) -7,191.2; Acquisition of financial assets 5,901.6; Net incurrence of liabilities 12,450.9; NLBz Statistical discrepancy 641.9; GDP 158,700.0; NLBz Statistical discrepancy (% of GDP) 0.4%. - 2016: Government revenue 42,674.3; Public expense 42,113.8; NOB 560.5; NFAs 5,571.8; Public expenditure 47,685.6; NLB -5,011.3; Acquisition of financial assets 5,645.7; Net incurrence of liabilities 9,224.43; NLBz Statistical discrepancy 1,432.5; GDP 165,800.0; NLBz Statistical discrepancy (% of GDP) 0.9%. - 2017: Government revenue 48,433.1; Public expense 43,638.2; NOB 4,794.9; NFAs 9,890.1; Public expenditure 53,528.3; NLB -5,095.3; Acquisition of financial assets 682.9; Net incurrence of liabilities 7,197.39; NLBz Statistical discrepancy -1,419.39; GDP 173,400.0; NLBz Statistical discrepancy (% of GDP) -0.8%. - 2018p: Government revenue 50,328.4; Public expense 45,822.6; NOB 4,505.8; NFAs 6,968.1; Public expenditure 52,790.7; NLB -2,462.3; Acquisition of financial assets 3,917.4; Net incurrence of liabilities 6,286.52; NLBz Statistical discrepancy 93.2; GDP 185,600.0; NLBz Statistical discrepancy (% of GDP) 0.1%. - Financial assets characterization: - Mostly represent repayment and granting of on lending, and shares and other equity holdings. - Capital injections recording depends on realistic expectation of return on investment: - No realistic expectation of return → recorded above the line. - Realistic expectation of return → recorded below the line as net acquisition of financial assets. - Consistency and quality: - Discrepancies in BCG operations for the last four years average around 0.5 percent of GDP, indicating quality of BCG fiscal data. - The fiscal map needs to capture all BCG transactions under double-entry accounting; regular reconciliation is critical. ### Public expenditure by function (COFOG) — selected figures (Unit: CVE million) - GRAND TOTAL (7) - 2015: 49,153.11 - 2016: 47,685.56 - 2017: 53,528.33 - 2018p: 52,790.66 - 701 General public services - 2015: 13,666.81; 2016: 13,405.25; 2017: 13,659.63; 2018p: 13,838.72 - 702 Defense - 2015: 856.41; 2016: 993.11; 2017: 884.61; 2018p: 1,001.83 - 703 Public order and safety - 2015: 3,532.94; 2016: 3,615.14; 2017: 4,231.82; 2018p: 4,601.26 - 704 Economic affairs - 2015: 8,449.81; 2016: 5,547.41; 2017: 5,313.38; 2018p: 5,806.59 - 705 Environmental protection - 2015: 2,130.86; 2016: 1,914.99; 2017: 2,691.79; 2018p: 862.97 - 706 Housing and community amenities - 2015: 899.93; 2016: 1,181.08; 2017: 1,148.20; 2018p: 583.25 - 707 Health - 2015: 4,046.90; 2016: 4,196.38; 2017: 4,241.39; 2018p: 5,056.97 - 708 Recreation, culture, and religion - 2015: 438.80; 2016: 486.44; 2017: 504.87; 2018p: 725.43 - 709 Education - 2015: 8,942.73; 2016: 9,425.65; 2017: 9,737.60; 2018p: 9,727.54 - 710 Social protection - 2015: 6,187.93; 2016: 6,920.12; 2017: 11,115.03; 2018p: 10,586.10 - Note: National classification by functions is fully aligned with international standards; mission recommends completing all subcategories of the 10 COFOG categories. ### Mission recommendations and deadlines (selected) - Immediately - Deposits of all public sector units: Implement a formal process for 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. - 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). — Responsible: BCV and MF (DGT and SPAME) - 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. — Responsible: SPAME, ANMCV - Public enterprises: Transform account data held in pdf format into long series in Excel for (i) income statements; and (ii) balance sheet, with detail for all public enterprises under CG control and municipalities starting in 2014 at latest. — Responsible: UASE and SPAME - Extrabudgetary units: Obtain income statements and balance sheets in Excel, with detail for the four regulatory agencies outside the budget system. — Responsible: SPAME - December 2020 - Liabilities: Create data series on stocks and flows of public sector liabilities (cash and deposits, debt securities, loans, and other accounts payable) by subsector (CG, LG, INPS, and SOEs). — Responsible: BCV and MF (DGT and SPAME) - Domestic and external public debt: Implement a formal process for regular reconciliation of flows and stocks (by instrument and by creditor) including explanations of all differences identified. Consider compiling and publishing public debt at nominal and market value. - August 2020 (Nonfinancial assets) - Speed up reforms in asset management and ensure MF starts producing a properly detailed asset inventory, including information on changes in State assets from one year to the next. — Responsible: DGPCP and DNP ### Fiscal map and presentation - The mission reviewed the bridge table between the national classification and GFSM 2014; suggestions were made on classifications of refunds, INPS and COFOG classifications, provisions, intangible assets, exchange rate gains and losses, and social security benefits. - The GFS compilation is performed in a well-structured Excel file producing high quality results closely aligned with national presentation. - IMF Article IV surveillance can be based on the GFSM 2014 presentation; the mission mapped minimal differences among authorities’, AFR, and GSF presentations and supports use of the most up-to-date GFS manual. *Source: Cabo Verdean Authorities and mission documentation contained in the referenced chapter.* ### 7. Discrepancy (5 + 6)NLBZ. Statistical discrepancy (32-33 – NLB) Errors and omissions 1,437.1 -1,369.3 1,437.0 ### 7. Discrepancy (5 + 6)NLBZ. Statistical discrepancy (32-33 – NLB) Errors and omissions 1,437.1 -1,369.3 1,437.0 ### Fiscal aggregates and statistical discrepancy - Errors and omissions: 1,437.1 -1,369.3 1,437.0 - % GDP (2017 = 173.400,00) 173,400.00 - Revenue: 28.55% 27.93% 28.55% - Expenses: 25.81% 25.20% 25.81% - Global balance: -2.97%-2.97%-2.97% - Statistical discrepancy: 0.83% -0.79%0.83% ### Public Sector Debt Statistics (PSDS) — headline results and evolution - PSDS preliminary coverage: could cover more than 90 percent of total public sector debt in Cabo Verde. - Average total gross debt of the Cabo Verdean public sector in the last four years: around 205 percent of GDP. - Table 6. Stock of Gross Public Debt by Instrument 2015-2018 - Preliminary (values by year) - Total: 325,805.03 355,960.34 372,734.96 346,272.59 - 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 (2015-2018 totals): - 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% ### Stock of Gross Public Debt by Instrument and Subsector (Table 7) — 2017–2018 key entries - 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 (domestic 2018): 0.0 0.0 60,015.6 0.0 0.0 1,083.7 61,099.3 18% 33% - Local government (domestic 2018): 0.0 0.0 0.0 396.1 0.0 N/A 396.1 0% 0% - Central bank (domestic 2018): 0.0 31,904.0 3,593.5 25,400.0 3,487.8 918.2 65,303.5 19% 35% - Nonfinancial corporations (domestic 2018): 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 (external 2018): 0.0 0.0 0.0 167,927.5 0.0 0.0 167,927.5 48% 90% - % 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% ### Stock of central government guarantees (Table 8) - BCG Stock of Guarantees by selected institutions and municipalities (2015–2018) - Public enterprises total: 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 - Municipalities total: 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 - 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 guarantees: 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% ### Key observations on instruments and coverage - Loans are the most widely used debt instrument across public subsectors. - Accounts payable are present across subsectors; INPS and local governments likely hold liabilities in the form of accounts payable. - BCG accounted for more than 66% of total gross debt in 2018 (text observation). - SDRs with the IMF were not included in consolidated presentation because they are eliminated in consolidation (asset and liability). ### Data gaps, recommendations and deadlines (selected) - Add final 2018 GFS data and validate/submit to IMF/STA. Responsible: SPAME and SOF. Deadline: Immediately / December 2019 (as indicated in table entries). - Compile annual and quarterly series of GFS 2002–2018: tables 1, 2, 3 and 7 of GFSM 2014, and submit to IMF/STA. Responsible: SPAME and SOF. Deadline: Immediately. - Implement routine reconciliation of revenues, expenses, financial assets, and liabilities between GFSM 2014 presentation and public annual financial statements. Responsible: SPAME. Deadline: August 2020. - Establish compilation processes for other economic flows of financial assets and liabilities (impact of exchange rate devaluation, depreciation of assets and others). Responsible: SPAME. Deadline: August 2020. - Complete the consolidated PSDS exercise, revise figures, and submit quarterly data to the joint World Bank/IMF database. Recommendation: highly recommended (no single deadline specified in text). - SIGOF statistics module: develop automatic generation of GFSM 2014 tables. Responsible: DNP and UTIC. Deadline: Immediately. - Interconnection of SIGOF with SIM, SIPS, and new public debt system. Responsible: ANMCV, INPS, DGT and UTIC. Deadline: December 2020. - Access to SIGOF, SIM and SIPS for consultation and extraction of primary fiscal data until interconnection. Responsible: DNP, INE, INPS, ANMCV and UTIC. Deadline: December 2020. - Build human resource capacity: compilers to participate in IMF GFS and PSDS courses. Responsible: DNP and DGT. Deadline: Continuous/Immediately. - Date foreseen for next GFS technical assistance mission: SPAME to indicate date and main technical support areas desired. Responsible: SPAME. Deadline: Immediately. ### Consistency, systems, and capacity - Consistency between GFS and national accounts is reported as guaranteed; INE receives BCG consumption data from the MF regularly. - Local government data are a main concern for national accounts; consolidated general government fiscal data are preferable. - SIGOF can synchronize with other systems and generate automatic tables through business intelligence; projects exist to interconnect SIGOF with SIM (municipalities), SIPS (INPS), and the new public debt system. - Recommendation to grant MF and INE rights to consult and extract primary fiscal data from SIGOF, SIM, and other integrated systems to ensure timely compilation. - New debt management system planned, financed by the European Union; public tender phase to contract firm to develop the system, within eight months (text reference). ### Human resources and technical assistance - Two SPAME technicians are directly tasked with compiling GFS and PSDS; need to expand methodological knowledge of GFSM 2014 (coverage, data content, stock-flow relationships). - Mission conducted knowledge sharing session attended by MF, BCV, and INPS officials. - IMF/STA Public Finance Division recommended to provide technical assistance; SPAME should indicate next mission date and main areas for support. ### Officials met during the mission (selected) - H.E. Dr. Olavo Avelino Garcia Correia — MF/GMF Deputy Prime Minister and Minister of Finance - João Cardoso — INE General Director - Daniel Moreno — UTIC Head of Business Intelligence - Frederic dos Santos — INPS Head of Strategic and Actuarial Studies Office - Marcelino Monteiro — INPS Director of Contributions and Collections - (Additional list of MF, BCV, INPS, UTIC technical staffers appears in source.) *Source: 1cpvea2021004 - 7. Discrepancy (5 + 6)NLBZ. Statistical discrepancy (32-33 – NLB) Errors and omissions 1,437.1 -1,369.3 1,437.0* ### Appendix I. Institutional Structure of General Government ### Appendix I. Institutional Structure of General Government ### Subsector breakdown of general government - Country: Cabo Verde (624) - Subsector 1. Budgetary central government - 1.1 8 Sovereign entities - 1.2 3 Heads of government - 1.3 15 Ministries - 1.4 1 Commission - 1.5 45 Institutes, public services, and autonomous funds - 1.6 1 Nonprofit institution - Subsector 2. Extrabudgetary units / entities - 2.1 4 Public institutes - Subsector 3. Social security - 3.1 National Social Security Institute (INPS) - Subsector 4. State government - Not applicable - Subsector 5. Local government - 5.1 22 Municipalities - 5.2 1 Autonomous local government service - 5.3 3 Nonprofit institutions serving local government ### Data coverage and time series - Data in the public administration tables cover operations in subsectors 1 and 3. - No fiscal or financial data is available for subsectors 2 and 5. - A provisional GFS time series from 2005 to 2017 is available. ### Accounting practices - F1. Bases for recording: Data are reported on a modified cash basis and are obtained from the budget execution. - F3. Valuation of assets and liabilities: Nonfinancial assets are valued at historical cost, and other financial assets and liabilities are recorded at their face value. ### GFSM Implementation Plan and technical assistance - GFSM Implementation Plan 2001/2014 - As a middle-income country, Cabo Verde qualifies for technical assistance in respect of GFS and PSDS in Module 1 of D4D, which aims to put more and better data in the hands of decision-makers. ### Inventory highlights (selected) - The inventory of public institutions is presented in Appendix II (available in the source). - Central government structure (selected entries as classified under Law 37/2011 and related codes): - Sovereign entities: Office of the President of the Republic; National Assembly; Constitutional Court; Supreme Court; Attorney General’s Office; Audit Office (Tribunal de Contas); Superior Council of the Judiciary; Superior Council of the Public Prosecutor’s Office. - Heads of government and related offices: Office of the Prime Minister; Office of the Former Presidents of the Republic; Local Authority Inspection Unit; Government Communication and Image Office; General Government Secretariat; Legal Center for Government Management; Government Library; General Directorate of Administration of Government Management; Deputy Prime Minister for Regional Integration; Regional Integration Office. - Ministries (examples): Ministry of Maritime Economy; Ministry of Health and Social Security; Ministry of Defense; Ministry of Foreign Affairs and Communities; Ministry of Internal Affairs; Department of Finance; Ministry of Justice and Labor; Ministry of Infrastructure, Spatial Planning, and Housing; Ministry of Industry, Trade and Energy; Ministry of Sport; Ministry of Tourism and Transportation; Ministry of Agriculture and the Environment; Ministry of Education; Ministry of the Family and Social Inclusion; Ministry of Culture and Creative Industries. - Autonomous institutes, services and funds (selected): National Water and Sanitation Agency; Higher Education Regulatory Agency; Public Procurement Regulatory Authority; Institute of Employment and Vocational Training; Maritime and Port Institute; National Institute for Fisheries Development; National Institute of Statistics; National Institute for Agricultural Research and Development; National Institute of Meteorology and Geophysics; Cabo Verde Institute for Children and Adolescents; Cultural Heritage Institute; Highways Institute; Autonomous Road Maintenance Fund; Autonomous Cultural and Creative Industries Support Fund; Community Solidarity Fund; Autonomous Maritime Transportation Development Fund; National Commission for Human Rights and Citizenship; Santiago Norte Health Region; Dr João Morais Regional Hospital; Agostinho Neto Central Hospital; University of Cabo Verde; Armed Forces; National Social Pension Center. - Nonfinancial public corporations (selected wholly state-owned and majority-held): ASA - Empresa Nacional de Aeroportos e Segurança Aérea, S.A; ENAPOR - Empresa Nacional de Administração dos Portos, S.A; IFH - Imobiliária, Fundiária e Habitat, S.A; LEC - Laboratório de Engenharia Civil, EPE; CERMI - Center for Renewable Energy and Industrial Maintenance, EPE; RTC – Rádio Televisão Cabo-verdiana, S.A; INCV - Imprensa Nacional de Cabo Verde; INFORPRESS - News Agency of Cabo Verde, S.A; CCV - Correios de Cabo Verde, S.A; NOSI - Núcleo Operacional Sistema Informação, EPE; CV BROADCASTING, S.A; EHTCV - ESCOLA DE HOTELARIA E TURISMO, EPE; TACV – Transportes Aéreos de Cabo Verde, S.A; ELECTRA – Empresa de Electricidade e Águas, S.A; ENACOL – Empresa Nacional de Combustíveis, S.A; CVTELECOM – Cabo Verde Telecom; Atlantic Tuna – Sociedade Cabo-verdiana e Angolana de Pesca, S.A. - Financial corporations (selected wholly state-owned): BCV - Bank of Cabo Verde; BVC - Cabo Verde Stock Exchange; Pro-Capital, S.A; Infraestruturas de Cabo Verde (ICV S.A.); PROMOTORA - Sociedade de Capital de Risco, S.A; SISP - Sociedade Interbancária de Sistemas de Pagamentos, S.A; FDP - Fundo de Desenvolvimento das Pescas, SA. *Source: 1cpvea2021004 - Appendix I. Institutional Structure of General Government* ### Appendix III. Statistical Data and Sources ### Appendix III. Statistical Data and Sources ### Data categories and reporting format - Coverage: General Government and State-owned Enterprises. - Reporting frequency/format: Actual budget execution data for the Budgetary Central Government (ministries, autonomous funds and services, and public institutions) is available daily, monthly, quarterly, and annually in SIGOF. Social Security (INPS) financial data available in report and accounts and in SIPS in trial balance format. Local governments’ financial data available in SIM in management account format. Data from SOEs available in the UASE database for SOEs under central government control; ANMCV assists to obtain data from SOEs under municipal control. - Download Date: 10/26/2021 - 3:35 PM ### Public revenue - 1.1 Revenue Flows: - Budgetary Central Government (BCG): DNOCP/SIGOF - Extra budgetary unit (RA): N/A - INPS: N/A - Local Government (LG): NOSI/SIM - State-owned Enterprises: N/A - 1.2 Other revenue Flows: - BCG: DNOCP/SIGOF - RA: N/A - INPS: N/A - LG: NOSI/SIM - SOEs: N/A - 1.3 Social contributions Flows: - BCG: DNOCP/SIGOF - RA: Regulatory agency (RA) - INPS: INPS/SIPS - LG: NOSI/SIM - SOEs: N/A - 1.4 Grants Flows: - BCG: DNOCP/SIGOF - RA: N/A - INPS: N/A - LG: NOSI/SIM - SOEs: N/A - 1.5 Other revenues Flows: - BCG: DNOCP/SIGOF - RA: RA - INPS: INPS/SIPS - LG: NOSI/SIM - SOEs: UASE and ANMCV ### Public expenditure - 2.1 By economic type (Flows): - BCG: DNOCP/SIGOF - RA: RA - INPS: INPS/SIPS - LG: NOSI/SIM - SOEs: UASE and ANMCV - 2.2 By function (COFOG) (Flows): - BCG: DNOCP/SIGOF - RA: RA - INPS: INPS/SIPS - LG: NOSI/SIM - SOEs: N/A ### Assets — data types and responsible agencies - Primary sources: DNOCP/SIGOF and DGPCP/SIGPG for several asset categories. - 3.1 Fixed assets (Stock and flows): - BCG: RA - RA: INPS/SIPS - INPS: NOSI/SIM - LG: UASE and ANMCV - 3.2 Inventories (Stock and flows): - BCG: DNOCP/SIGOF and DGPCP/SIGPG - RA: RA - INPS: INPS/SIPS - LG: NOSI/SIM - SOEs: UASE and ANMCV - 3.3 Securities (Stock and flows): - BCG: DNOCP/SIGOF and DGPCP/SIGPG - RA: N/A - INPS: N/A - LG: N/A - SOEs: N/A - 3.4 Nonproductive assets (Stock and flows): - BCG: DNOCP/SIGOF and DGPCP/SIGPG - RA: N/A - INPS: N/A - LG: N/A - SOEs: N/A - 3.5 Financial assets by instrument — Domestic: - Currency and deposits (Stock and flows): BCV and DGT; BCV and NOSI/SIM - Government securities (Treasury bills/bonds) (Stock and flows): DGT and BVC; RA and BVC; INPS, DGT and BVC; NOSI/SIM and BVC; UASE, ANMCV and BVC - Loans (Stock and flows): DGT and BCV; RA and BCV; INPS/SIPS and BCV; NOSI/SIM and BCV; UASE, ANMCV and BCV - 3.6 Shares and other equity (Stock and flows): - BCG: DNOCP/SIGOF and UASE - RA: RA - INPS: INPS/SIPS - LG: NOSI/SIM - SOEs: UASE and ANMCV - Other receivables (Stock and flows): - BCG: DNOCP/SIGOF and DGT - RA: RA - INPS: INPS/SIPS - LG: NOSI/SIM - SOEs: UASE and ANMCV - External financial assets (Stock and flows): - BCG: DGT and BCV - RA: RA and BCV - INPS: INPS/SIPS and BCV - LG: NOSI/SIM and BCV - SOEs: UASE, ANMCV and BCV ### Financial assets by borrower - Domestic (Stock and flows): - BCG: DGT and BCV - INPS: INPS/SIPS - LG: NOSI/SIM and BCV - SOEs: UASE and ANMCV - External (Stock and flows): - BCG: DGT and BCV - RA: RA and BCV - INPS: INPS/SIPS - LG: NOSI/SIM and BCV - SOEs: UASE and ANMCV ### Liabilities — instruments, valuations, and creditors - 4.1 By instrument — Domestic (Stock and flows): - Currency and deposits: BCV and DGT; BCV and NOSI/SIM - Government securities (Treasury bills and bonds): DGT and BVC; BVC and RA; BVC and INPS/SIPS; BVC and NOSI/SIM; BVC and UASE, ANMCV - Loans: DGT and BCV; BCV and RA; BCV and INPS/SIPS; BCV and NOSI/SIM; BCV and UASE, ANMCV - Shares and other equity (Stock and flows): DNOCP/SIGOF and UASE; RA; INPS/SIPS; NOSI/SIM; UASE and ANMCV - Other accounts payable (Stock and flows): DNOCP/SIGOF and UASE; RA; INPS/SIPS; NOSI/SIM; UASE and ANMCV - 4.1.2 External (Stock and flows): - BCG: DGT and BCV - RA: RA and BCV - INPS: INPS/SIPS and BCV - LG: NOSI/SIM and BCV - SOEs: UASE, ANMCV and BCV - 4.2 At nominal value: - 4.2.1 Domestic (Stock): DGT; RA; INPS/SIPS; NOSI/SIM; UASE and ANMCV - 4.2.2 External (Stock): DGT; RA; INPS/SIPS; NOSI/SIM; UASE and ANMCV - 4.3 At market value: - 4.3.1 Domestic (Stock): DGT; RA; INPS/SIPS; NOSI/SIM; UASE and ANMCV - 4.3.2 External (Stock): DGT; RA; INPS/SIPS; NOSI/SIM; UASE and ANMCV - 4.4 By creditor: - 4.4.1 Domestic (Stock): DGT and BCV; RA; INPS/SIPS; NOSI/SIM; UASE and ANMCV - 4.4.2 External (Stock): DGT and BCV; RA; INPS/SIPS; NOSI/SIM; UASE and ANMCV ### Institutional notes and data acquisition guidance - i. Budgetary Central government: Ministries and their subunits, autonomous funds, and services, as well as public institutes (except regulatory agencies) execute in SIGOF. Actual budget execution data is available daily, monthly, quarterly, and annually. - ii. Extrabudgetary units - RA (Regulatory Agencies): Financial data should be obtained from the five regulatory agencies. - iii. Social Security (National Social Security Institute): Financial data available in report and accounts and in SIPS in trial balance format. - iv. Local governments - Local authorities / Municipalities: Financial data available in the SIM in management account format. - v. State-owned enterprises: Data from public company reports and accounts available in the UASE database for SOEs under central government control; request assistance from ANMCV to obtain data from SOEs under municipal control. *Appendix III. Statistical Data and Sources — Download Date: 10/26/2021 - 3:35 PM* ### Appendix III. Bridge Table - GFSM 2014 Codes vs. National ### Appendix III. Bridge Table - GFSM 2014 Codes vs. National Classification ### i. REVENUE CLASSIFIER — key mappings - GFSM 01.01.01.01.01 Individuals → National code 1111 - GFSM 01.01.01.02 Corporations → National code 1112 - GFSM 01.01.03.01.01 Individuals → National code 1111 - GFSM 01.01.04.01.01.01 VAT-DGA (customs) → National code 11411 - GFSM 01.01.04.01.01.02 VAT-DGCI (internal revenue) → National code 11411 - GFSM 01.01.04.01.02.01 Tax for fire services → National code 1146 - GFSM 01.01.04.02.01 Excise tax → National code 1142 - GFSM 01.01.04.03 Taxes levied by other entities → National code 1143 - GFSM 01.01.04.04.01 Tourist tax → National code 1144 - GFSM 01.01.04.05.01 Motor vehicle circulation tax → National code 11451 - GFSM 01.01.05.01 Import duties → National code 1151 - GFSM 01.01.05.02 ECOWAS Community fee → National code 116 - GFSM 01.01.06.01.01 Stamp duty → National code 11414 - GFSM 01.02.01.01 Employer’s social security contribution → National code 1211 - GFSM 01.03.01.01.01.01 Budgetary assistance → National code 1311 - GFSM 01.04.01.01 Interest → National code 1411 - GFSM 01.04.01.02 Dividends → National code 1412 - GFSM 01.04.01.05.01 From airport concessions → National code 1423 - GFSM 01.04.02.01.01 Goods → National code 1421 - GFSM 01.04.02.02.01.00.01 Fees for passport services → National code 1422 - GFSM 01.04.03.01 Fines for traffic offenses → National code 143 - GFSM 01.04.04.01 Current → National code 1441 - GFSM 01.04.05.01 National Lottery receipts → National code 1144 - GFSM 03.01.01.01.01.01.02 Civil residences - disposals → National code 3111B - GFSM 03.01.01.02.01.01.02 Passenger cars - disposals → National code 3113B - GFSM 03.01.04.01.01.02 Public Domain Land - disposals → National code 3141B Source: Foresight, Macroeconomic Monitoring and Statistics Service (SPAME) ### ii. EXPENDITURE CLASSIFIER — key mappings - GFSM 02.01.01.01.01 Special staff teams → National code 211 - GFSM 02.01.01.01.02 Payroll staff → National code 211 - GFSM 02.01.01.02.07 Training → National code 22 - GFSM 02.01.02.01.01 Social security contributions → National code 2121 - GFSM 02.02.01.00.01 Raw materials and auxiliary materials → National code 22 - GFSM 02.02.02.00.01 Rentals and leases → National code 22 - GFSM 02.04.01 Interest on foreign debt → National code 241 - GFSM 02.04.02 Interest on domestic debt → National code 242 - GFSM 02.05.01.01 Subsidies nonfinancial public companies → National code 251 - GFSM 02.05.02.01 Subsidies to nonfinancial private companies → National code 252 - GFSM 02.06.01.01.01 Current transfers → National code 2611 - GFSM 02.06.02.01.01 Fees payable to international organizations - current → National code 2621 - GFSM 02.06.03.01.02 Municipalities - Current → National code 2631 - GFSM 02.07.01.01.01 Retirement pensions → National code 271 - GFSM 02.07.02.02 Social benefits in kind → National code 272 - GFSM 02.08.05.01 IUR refunds → National code 1112 - GFSM 02.08.05.02 VAT refunds → National code 11411 - GFSM 03.01.01.01.01.01.01 Civil residences - acquisitions → National code 3111A - GFSM 03.01.01.02.01.01.01 Light passenger cars - acquisitions → National code 3113A - GFSM 03.01.04.01.01.01 Public domain land - acquisitions → National code 3141A Source: Foresight, Macroeconomic Monitoring and Statistics Service (SPAME) ### iii. FINANCIAL ASSET CLASSIFIER — key mappings - GFSM 03.02.01.04.02 Retrocession loan repayment → National code 3214 - GFSM 03.02.01.04.01 Onlending granted → National code 3214 - GFSM 03.02.01.05.01 Participation in share capital → National code 3215 - GFSM 03.02.02.05.02 Shares and other equity (FC) - disposals → National code 3225 - GFSM 03.02.01.08.02 Other financial assets → National code 3218 - GFSM 03.02.02.05.01 Shares and other equity (FC) - acquisition → National code 3225 - GFSM 03.02.01.05.02 Shares and other equity (DC) - disposal → National code 3215 - GFSM Balance from previous year → National code 3312 - GFSM Balance for the following year → National code 3312 - GFSM 03.03.01.04.01 Gross domestic credit → National code 3313 - GFSM 03.03.01.04.02.01 Domestic loan repayment → National code 3313 - GFSM 03.03.01.04.02.02 Loans obtained Pmi - Amortization’s leasing → National code 3318 - GFSM 03.03.02.04.01 External loans → National code 3324 - GFSM 03.03.02.04.02 Amortization of external loans → National code 3324 - GFSM 03.03.01.08.01 Other financial liabilities Pmi - Acquisitions → National code 3318 Source: Foresight, Macroeconomic Monitoring and Statistics Service (SPAME) ### iv. EXPENSE BY FUNCTIONS OF THE GOVERNMENT (COFOG) — key mappings - GFSM 07.00.01.01.01 Executive and legislative organs → National code 7011 - GFSM 07.00.01.07.00 Public debt transactions → National code 7017 - GFSM 07.00.01.08.00 Interagency transfers → National code 7018 - GFSM 07.00.02.01.00 Military defense → National code 7021 - GFSM 07.00.03.01.00 Police services → National code 7031 - GFSM 07.00.03.02.00 Fire protection services → National code 7032 - GFSM 07.00.03.03.00 Law courts → National code 7033 - GFSM 07.00.04.01.01 General economic and commercial affairs → National code 7041 - GFSM 07.00.04.02.01 Agriculture → National code 7042 - GFSM 07.00.04.03.01 Coal and other solid mineral fuels → National code 7043 - GFSM 07.00.04.05.01 Road network → National code 7045 - GFSM 07.00.04.07.02 Hotels and restaurants → National code 7047 - GFSM 07.00.05.02.00 Sewage and water management → National code 7052 - GFSM 07.00.06.01.00 Housing development → National code 7061 - GFSM 07.00.07.01.01 Pharmaceutical products → National code 7071 - GFSM 07.00.07.02.01 General medical services → National code 7074 - GFSM 07.00.08.01.00 Recreational and sporting services → National code 7081 - GFSM 07.00.09.01.01 Pre-primary education → National code 7091 - GFSM 07.00.10.01.01 Sickness → National code 7101 - GFSM 07.00.10.02.00 Old age → National code 7102 Source: Foresight, Macroeconomic Monitoring and Statistics Service (SPAME) *Source: Foresight, Macroeconomic Monitoring and Statistics Service (SPAME)* ### 10.1 Cash - in domestic currency (DC) 3212 ### 1cpvea2021004 - 10.1 Cash - in domestic currency (DC) 3212 ### v.INPS BALANCE SHEET ACCOUNTS — Account codes and national descriptors - 10.1 Cash - in domestic currency (DC) 3212 - 10.8 Cash - Domestic movement - Intermediate account 3212 - 13.1 Demand deposits- NIF - Domestic currency (DC) 3212 - 13.2 Demand deposits - NIF - Foreign currency (FC) 3212 - 13.8 Demand deposits - NIF - Domestic movements - Interim account 3212 - 15.1 Time deposits - Domestic currency (DC) 3212 - 16.1 TN - Domestic currency (DC) 3218 - 22.1 Suppliers, C/C 3318 - 24.2 State and OAP (other public administration ??) - Withholding of IUR by the entity (R-IUR-E) 3318 - 24.5 State and OAP - Other national taxes 3318 - 24.7 State and OAP - Municipalities 3318 - 24.8 State and OAP - Social security institutions 3318 - 25.15 Social security contributors 3218 - 25.16 Social security contributors (Account reconciliation) 3218 - 25.8 Beneficiaries for benefits payable 3318 - 25.9 Debts in respect of instalments to be refunded or reimbursed 3218 - 26.1 Fixed assets suppliers 3218 - 26.3 Personnel 3218 - 26.4 Trade unions 3318 - 26.9 Sundry debtors and creditors 3318 - 27.1 Accrued income 145 - 27.2 Deferred costs 3218 - 27.6 Accrued costs 3318 - 29.1 Provisions for doubtful debts 3218 - 41.1 IF - Capital shares 3215 - 41.2 IF - Bonds 3213 - 41.3 IF - Other financial securities 3213 - 41.6 Financing loans 3214 - 42.1 Land and natural resources 3141 - 42.2 Buildings and other constructions 3111 - 42.3 Basic equipment 3112 - 42.5 Freight and transportation equipment 3112 - 42.6 Administrative and social equipment 3112 - 42.8 Computer equipment and material 3112 - 42.9 Other tangible fixed assets 3112 - 43.1 Installation and expansion expenses 3112 - 43.4 Computer applications 3144 - 43.5 Multiyear conservation of third-party assets 3112 - 44.2 IC - Tangible fixed assets 3112 - 44.3 IC - Intangible fixed assets 3144 - 44.7 Advances on account of financial fixed assets 3112 - 48.2 Of tangible fixed assets 3112 - 48.3 Of intangible fixed assets 3144 - 49.1 Financial fixed assets 3112 - 52.21 Deferred benefits (pensions) 271 - 52.31 Deferred benefits (pensions) 271 - 54.1 Operating balance - 54.2 Financial balance - 54.3 Current balance - 54.4 Extraordinary earnings - 54.8 Net profits - 60.9 Cost of benefits 271 - 61.11 Water 22 - 61.12 Electricity 22 - 61.13 Fuels and other fluids 22 - 61.14 Conservation and maintenance 22 - 61.15 Fast wearing tools and utensils 22 - 61.16 Office material 22 - 61.17 Publicity and advertising 22 - 61.18 Books and technical documentation 22 - 61.19 Cleanliness, hygiene, and comfort 22 - 61.20 Newspapers and similar 22 - 61.21 Rents and leases 22 - 61.22 Representation expenses 22 - 61.24 Communications 22 - 61.25 Insurance 2821 - 61.26 Technical assistance 22 - 61.27 Surveillance and security 22 - 61.28 Royalties 22 - 61.30 Information technology services 22 - 61.31 Materials transportation 22 - 61.32 Personnel transportation 22 - 61.33 Travel and accommodation 22 - 61.35 Fees 22 - 61.92 Specialized work 22 - 61.93 Banking services 22 - 61.94 Printed matter 22 - 61.95 Meals 22 - 61.96 Clothes 22 - 61.98 Articles for gifts 22 - 61.99 Other supplies and services 22 - 62.1 Fees and contributions 2821 - 62.2 Indirect taxes 2821 - 62.3 Direct taxes 2821 - 63.1 Base remuneration 211 - 63.2 Additional remuneration (permanent) 211 - 63.3 Additional remuneration (nonpermanent) 211 - 63.4 Charges on remuneration 211 - 63.5 Insurance against workplace accidents and occupational diseases 2122 - 63.8 Early retirement 2121 - 63.9 Other staff costs 211 - 64.2 Depreciation of tangible fixed assets 3318 - 64.3 Depreciation of intangible fixed assets 3318 - 66.2 CF - Banking services 22 - 66.4 CF - Fiscal year provisions - Financial activity 22 - 66.5 CF - Unfavorable exchange rate differences 22 - 66.9 FC - Other financial costs 22 - 67.2 PE - For bad debts and other risks and charges 22 - 68.5 OC - Offers to other partners 2821 - 68.9 Other unspecified costs 2821 - 69.07 Pe - Capital losses on tangible fixed assets 4218 - 69.10 Pe - Other losses on financial investments 4218 - 69.14 Pe - Indemnities payable 2822 - 69.15 Pe - Unfavorable exchange differences - exceptional 4212 - 69.98 Pe - Unfavorable corrections relating to previous financial years 4218 - 69.99 P - Other unspecified losses 4218 - 72.9 Contributions 1211 - 76.02 PF - Favorable exchange rate differences 4212 - 76.05 PF - on time deposits 6421 - 76.07 PF - on marketable securities 6421 - 76.08 PF - Other Treasury investments 6421 - 76.13 PF - in financial fixed assets 1421 - 76.15 PF - Interest on domestic loans 1421 - 77.1 PL – Penalties (coimas) 143 - 77.2 PL – Fines (multas) 143 - 77.3 PL - Interest on overdue payments 143 - 78.08 OP - Expired benefits 271 - 78.09 International agreements 1311 - 78.99 Other unspecified income 1441 - 79.07 G - Cancelation of provisions 1441 - 79.13 G - Capital gains on tangible fixed assets 4218 - 79.20 G - Favorable exchange differences - exceptional 4218 - 79.90 Expenditure Allocation - RIA Fund 1441 - 79.98 G - Favorable adjustments relating to previous financial years 1441 - 80.0 Budgeted expenditure 2821 - 80.1 Expenditure available 2821 *Source listed in original: Foresight, Macroeconomic Monitoring and Statistics Service (SPAME).* ### Appendix IV — Public Revenue of the Budgetary Central Government (BCG) (Unit: CVE million) - December 31 2015 2016 2017 2018 - 1 Revenue 41,961.89 42,674.30 48,433.06 50,328.38 - 11 Taxes 29,800.66 30,841.74 34,771.79 39,131.16 - 111 Taxes on income, profits, and capital gains 9,482.18 9,648.47 10,954.83 11,851.16 - 1111 Natural persons 5,326.90 6,316.81 7,062.44 6,877.43 - 1112 Legal entities 4,155.28 3,331.65 3,892.39 4,973.73 - 113 Property taxes 0.00 0.00 0.00 0.00 - 114 Taxes on goods and services 13,577.92 13,971.58 16,156.59 18,854.09 - 1141 General goods and services tax 11,419.15 11,694.91 13,329.75 15,866.71 - 11411 Value added taxes - VAT 10,824.05 11,017.09 12,645.57 15,149.96 - 11412 Sales taxes 595.10 677.82 684.17 716.75 - 1142 Excise duties 1,478.21 1,550.36 1,937.27 1,962.85 - 1144 Taxes on specific services 645.45 710.51 881.17 1,020.59 - 1146 Other taxes on goods and services 35.11 15.80 8.39 3.94 - 115 Taxes on international trade and transactions (customs and other import duties) 6,081.56 6,812.69 7,223.63 7,733.06 - 116 Other taxes 659.00 409.01 436.75 692.85 - 12 Social contributions 45.72 55.69 60.37 75.53 - 121 Social security contributions (employee contributions) 45.72 55.69 60.37 75.53 - 13 Grants 3,958.37 4,507.20 6,389.34 2,572.44 - 132 from foreign governments 3,699.18 4,375.30 6,192.73 2,363.17 - 1321 Current 370.06 463.82 301.41 863.73 - 1322 Capital 3,329.13 3,911.49 5,891.31 1,499.43 - 132 from international organizations 62.13 38.03 78.39 39.23 - 1321 Current 62.13 38.03 78.39 39.23 - 1322 Capital - - - - - 132 from other government units 197.07 93.87 118.22 170.05 - 1321 Current 81.30 75.89 102.79 170.05 - 1322 Capital 15.76 17.98 15.43 - - 14 Other revenues 8,157.14 7,269.67 7,211.56 8,549.24 - 141 Property income 880.81 1,051.77 809.89 1,781.19 - 1411 Interest 68.49 60.14 54.15 45.26 - 1412 Dividends 745.52 900.96 691.92 1,639.23 - 1415 Income 66.79 90.67 63.82 96.70 - 142 Sale of goods and services 4,792.84 5,072.48 5,354.22 5,777.85 - 143 Fines, penalties, and confiscations 404.21 678.78 497.70 432.90 - 144 Transfers n.e.c. (current) 36.02 34.88 28.26 127.96 - 145 Insurance and standardized guarantee schemes 2,043.25 431.77 521.49 429.35 ### Appendix V — Public Expenditure of the Budgetary Central Government (BCG) (Unit: CVE million) - December 31 2015 2016 2017 2018 - 2 Expense 40,352.32 42,133.77 43,688.15 45,915.80 - 21 Compensation of employees 17,529.93 18,364.72 18,890.85 19,425.16 - 211 Wages 16,345.36 17,133.49 17,609.20 18,127.09 - 212 Social contributions 1,184.58 1,231.22 1,281.66 1,298.07 - 22 Goods and services 7,469.95 7,582.74 7,010.55 7,278.31 - 23 Consumption of fixed capital N/A N/A N/A N/A - 24 Interest 4,097.53 4,203.06 4,473.53 4,633.10 - 241 Nonresidents 1,723.54 1,747.66 1,789.93 1,822.27 - 242 Residents other than public administration 2,373.99 2,455.39 2,683.59 2,810.83 - 25 Subsidies (private companies) 161.27 166.95 124.08 152.55 - 26 Grants 4,754.70 4,895.39 6,001.34 6,283.35 - 261 Foreign governments 142.38 220.46 68.36 108.11 - 262 International organizations 153.28 110.26 234.59 206.50 - 263 Other government units 4,459.03 4,564.67 5,698.39 5,968.75 - 27 Social benefits 4,735.12 5,164.96 5,541.19 6,237.11 - 272 Social assistance benefits 4,442.98 4,874.19 5,237.35 5,754.98 - 273 Employer’s social benefits 292.14 290.77 303.84 482.12 - 282 Transfers n.e.c. (current) 1,603.81 1,755.97 1,646.61 1,906.21 ### Appendix VI — Transactions in Assets and Liabilities of the Budgetary Central Government (Unit: CVE million) - December 31 2015 2016 2017 2018 - 31 Net acquisition of nonfinancial assets 8,837.46 5,571.81 9,890.12 6,968.12 - 311 Fixed assets 8,727.86 5,440.07 9,948.99 6,909.47 - 3111 Buildings and infrastructures (acquisitions) 8,174.02 5,006.47 9,212.60 6,157.48 - 3112 Machinery and equipment 488.91 408.87 534.61 606.44 - 3113 Other fixed assets 64.93 24.72 201.77 145.55 - 312 Inventories - - - - - 313 Valuables - - - - - 314 Non-produced assets 109.60 131.74 (58.87) 58.65 - 32 Net acquisition of financial assets 5,901.60 5,645.68 682.86 3,917.42 - 321 Domestic debtors 5,901.60 5,645.68 682.86 3,917.42 - 3212 Currency and deposits (48.42) 67.76 2,014.23 - 3213 Debt securities - - - - - 3214 Loans 3,655.55 4,213.50 (467.18) (2,064.99) - 3215 Equity and investment fund shares 1,457.06 1,480.60 1,090.42 3,968.18 - 3218 Other accounts receivable 789.00 0.01 (8.15) - 322 External debtors - - - - - 33 Net liabilities 12,450.88 9,224.43 7,197.39 6,286.52 - 331 Domestic creditors 1,872.00 4,770.07 273.36 3,563.84 - 3312 Currency and deposits 194.64 (820.93) (2,293.19) - 3313 Debt securities - 6,428.46 3,877.69 5,512.81 - 3314 Loans 2.73 19.34 41.38 83.69 - 3318 Other accounts payable 1,869.27 (1,872.38) (2,824.79) 260.52 - 332 External creditors 10,578.89 4,454.36 6,924.04 2,722.69 - 3322 Currency and deposits - - - - - 3323 Debt securities - - - - - 3324 Loans - 4,626.57 7,296.32 3,824.34 - 3328 Other accounts payable - (172.21) (372.28) (1,101.65) ### Appendix VIII — Listing of State-owned Enterprises (Used in the PSDS Compilation) - Summary figures and selected enterprise entries: - Firm examples with Capital Stock, % State ownership, Value (CVE), Liabilities - Available data, and % contribution in years 2015–2018 where provided. - Examples: - Agro-Quibala IAF: Capital Stock 5,000,000, % State ownership 100%, Value (CVE) 5,000,000 - APNEW: Capital Stock 44,000,000, % State ownership 10%, Value (CVE) 4,400,000 — % in 2015 0.0% 2016 0.0% 2017 0.0% 2018 0.0% - ASAIHT: Capital Stock 5,201,183,557, % State ownership 100%, Value (CVE) 5,201,183,557 — % in 2017 33.0% 2018 33.0% - Atlantic Tuna* IAF: Capital Stock 455,000,000, % State ownership 60%, Value (CVE) 273,000,000 — % in 2015 1.7% 2016 1.7% 2017 1.7% - CABNAVE IHT: Capital Stock 245,000,000, % State ownership 99%, Value (CVE) 242,550,000 — % in 2015 1.5% 2016 1.5% 2017 1.5% 2018 1.5% - CVBMICT: Capital Stock 1,000,250,000, % State ownership 100%, Value (CVE) 1,000,250,000 — % in 2018 6.3% - ELECTRA EW: Capital Stock 1,585,262,000, % State ownership 78%, Value (CVE) 1,232,224,153 — % in 2015 7.8% 2016 7.8% 2017 7.8% 2018 7.8% - ENAPORI HT: Capital Stock 1,200,000,000, % State ownership 100%, Value (CVE) 1,200,000,000 — % in 2015 7.6% 2016 7.6% 2017 7.6% 2018 7.6% - TACV IHT: Capital Stock 1,000,000,000, % State ownership 49%, Value (CVE) 490,000,000 — % in 2015 3.1% 2016 3.1% 2017 3.1% - BCV FIN (entry repeated): Capital Stock 200,000,000, % State ownership 100%, Value (CVE) 2,671,266,000 — % in 2015 17.0% 2016 17.0% 2017 17.0% 2018 17.0% - Aggregate figures: - Total listed Capital Stock 16,975,068,557 and 15,757,698,246 with noted % State ownership indicators 53% 36% 88% 64% (as presented) - Sectoral groupings totals and labels: - IHT = Infrastructure, housing, and transport sector: 8,576,183,557 and 7,992,246,557 - EW = Energy and water sector: 2,647,730,000 and 1,272,998,697 - MICT = Media and ICT sector: 2,930,250,000 and 1,964,250,000 - TOUR = Tourism and related sector: 278,000,000 and 155,500,000 - IAF = Industry, agriculture, and fisheries sector: 1,056,905,000 and 835,421,992 - FIN = Financial sector: 1,286,000,000 and 866,015,000 - TOTAL 33 enterprises: 16,775,068,557 and 13,086,432,246 - Notes from listing: - Information not extracted directly from the reports and accounts - ** Has management report but no accounts - Source: State Business Sector Monitoring Unit (UASE). *Download Date: 10/26/2021 - 3:35 PM (classification shown in original).* *Source: 1cpvea2021004 - 10.1 Cash - in domestic currency (DC) 3212 (PDF content provided).* --- _Source: https://www.imf.org/-/media/files/publications/cr/2021/english/1cpvea2021004.pdf_