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

IMF Staff Country Reports, January 24, 2023

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

The strong and broad-based recovery of the Cabo Verde economy continued in 2022.
The economy has now recorded five consecutive quarters of positive growth.
Recovery was supported by a rebound in the tourism sector.
The rebound helped improve the fiscal position and place the debt-to-gross domestic product ratio on a downward path.
International reserves are adequate.
The financial sector remains resilient.

Continue efforts to preserve fiscal and debt sustainability.
Accelerate economic reforms while aiding the vulnerable and supporting the economic recovery.
Over the medium term, fiscal consolidation would be supported by advances in revenue mobilization particularly through the digitalization of services.
Implement reforms to reduce risk from state-owned-enterprises.
Monetary and financial policy remains focused on protecting the peg and safeguarding financial sector stability.
Authorities are focused on preserving fiscal and debt sustainability, providing support to the vulnerable and supporting the economic recovery.

Subjects: External debt, Fiscal policy, Fiscal risks, Fiscal stance, International organization, Monetary policy, Public debt, Public financial management (PFM), Revenue administration
Keywords: Cabo Verde economy, Cabo Verdean authorities, debt reduction objective, Extended Credit Facility arrangement, Fiscal risks, Fiscal stance, Global, transparency policy

1cpvea2023001 - Executive Summary
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