Cabo Verde: Request for an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Cabo Verde
IMF Staff Country Reports, July 21, 2022
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- Cabo Verde: Request for an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Cabo Verde
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Bibliographic details
- Published: July 21, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400214998.002
Major economic challenges
- Lingering effects of the global pandemic (coronavirus disease 2019).
- Rising food and fuel prices due to the war in Ukraine.
- Impact of the ongoing five-year drought.
- High vulnerability to the effects of climate change.
Objectives of the financing package
- Mitigate the lingering impact of the coronavirus disease 2019 pandemic and the spillover effects of the war in Ukraine.
- Reduce the fiscal deficit and preserve debt sustainability.
- Protect vulnerable groups.
- Support a reform agenda that leads to higher and more inclusive growth.
Key policy actions under the program
- Measures to boost revenue and improve the efficiency of spending.
- Strengthen state-owned enterprises to mitigate fiscal risks.
- Continue modernizing the monetary policy framework.
- Safeguard financial stability.
Development plan and private sector growth
- Steadfast implementation of the authorities’ development plan is intended to improve the business environment and support private sector-led growth.
Climate adaptation and resilience
- Planned bold steps to climate adaptation are highlighted as key to boosting the economy’s resilience and growth potential given Cabo Verde’s high vulnerability to climate change.
Subjects and keywords
- Subject: External debt, International organization, Monetary policy, Public debt
- Keywords: Africa, Cabo Verdean authorities, central bank of Cabo Verde, Debt service, Debt sustainability, Debt sustainability analysis, ECF arrangement, fiscal consolidation plan, Global, government securities market, Sub-Saharan Africa, transmission mechanism
Source: Cabo Verde: Request for an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Cabo Verde (IMF Staff Country Reports, July 21, 2022).
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