{
  "title": "Cabo Verde: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Cabo Verde",
  "publication": "IMF Staff Country Reports, April 23, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/04/23/cabo-verde-request-for-disbursement-under-the-rapid-credit-facility-press-release-staff-49372",
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  "summary": "This paper presents Cabo Verde’s Request for Disbursement Under the Rapid Credit Facility (RCF). Mitigating measures taken by the authorities are aimed at preventing an extensive spread of the pandemic, and helping the private sector, households and vulnerable groups mitigate the fallouts of the pan",
  "sections": [
    {
      "heading": "Summary and Purpose",
      "content": "- Presents Cabo Verde’s Request for Disbursement Under the Rapid Credit Facility (RCF).\n- Mitigating measures taken by the authorities aim to:\n  - prevent an extensive spread of the pandemic,\n  - help the private sector, households and vulnerable groups mitigate the fallouts of the pandemic.\n- Important challenges remain due to existing uncovered financing gaps and uncertainties on the duration of the pandemic, calling for financial support from Cabo Verde’s development partners.\n- IMF financing under the RCF will provide additional foreign exchange and much-needed budget support.\n- While addressing the impact of the coronavirus disease 2019 pandemic, the authorities should stand ready to resume reforms and policies needed to return the economy to its pre-pandemic medium-term trajectory, anchored in:\n  - sustained growth,\n  - stronger external and fiscal positions,\n  - declining ratio of public debt to gross domestic product.\n- Medium-term outlook is described as broadly favorable under the assumptions of:\n  - recovery of the global economy,\n  - resumption of tourism and capital inflows,\n  - growth-enhancing reforms envisaged under the authorities’ Plan for Sustainable Development."
    },
    {
      "heading": "Key Findings and Risks",
      "content": "- Policy measures to contain the pandemic and support vulnerable groups are in place but do not fully cover financing needs.\n- Uncertainties on the duration of the pandemic amplify fiscal and external financing risks.\n- IMF RCF financing is intended to provide:\n  - additional foreign exchange,\n  - much-needed budget support.\n- The expected return to the pre-pandemic medium-term trajectory depends on readiness to resume reforms and policies."
    },
    {
      "heading": "Policy Recommendations and Priorities",
      "content": "- Secure financial support from development partners to close uncovered financing gaps.\n- Use IMF RCF financing to bolster foreign exchange reserves and budgetary capacity.\n- Stand ready to resume structural reforms and fiscal policies once pandemic pressures abate, to:\n  - restore sustained growth,\n  - strengthen external and fiscal positions,\n  - reduce the public debt-to-GDP ratio."
    },
    {
      "heading": "Medium-Term Outlook and Assumptions",
      "content": "- Outlook described as broadly favorable conditional on:\n  - recovery of the global economy,\n  - resumption of tourism and capital inflows,\n  - implementation of growth-enhancing reforms under the Plan for Sustainable Development."
    },
    {
      "heading": "Publication and Metadata",
      "content": "- Subject: Central banks, COVID-19, External debt, Fiscal policy, Fiscal stance, Health, International reserves, Loans, Public debt\n- Keywords: authority, Banco de Cabo Verde, Cabo Verde's economy, COVID-19, CR, development partner, emergency financing request, financing, Fiscal stance, Global, IMF lending tracker, International reserves, ISCR, pandemic, Western Europe\n- Pages: 32\n- Volume: 2020\n- Issue: 136\n- Series: Country Report No. 2020/136\n- DOI: https://doi.org/10.5089/9781513542263.002\n- Stock No: 1CPVEA2020002\n- ISBN: 9781513542263\n- ISSN: 1934-7685\n\nInternational Monetary Fund. Cabo Verde: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Cabo Verde, April 23, 2020.\n\n---\n\n Content in this bundle\n\n- 1cpvea2020002\n  - 1cpvea2020002 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1cpvea2020002 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: April 23, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513542263.002",
    "Presents Cabo Verde’s Request for Disbursement Under the Rapid Credit Facility (RCF).",
    "Mitigating measures taken by the authorities aim to:",
    "Important challenges remain due to existing uncovered financing gaps and uncertainties on the duration of the pandemic, calling for financial support from Cabo Verde’s development partners.",
    "IMF financing under the RCF will provide additional foreign exchange and much-needed budget support.",
    "While addressing the impact of the coronavirus disease 2019 pandemic, the authorities should stand ready to resume reforms and policies needed to return the economy to its pre-pandemic medium-term trajectory, anchored in:",
    "Medium-term outlook is described as broadly favorable under the assumptions of:",
    "Policy measures to contain the pandemic and support vulnerable groups are in place but do not fully cover financing needs.",
    "Uncertainties on the duration of the pandemic amplify fiscal and external financing risks.",
    "IMF RCF financing is intended to provide:",
    "The expected return to the pre-pandemic medium-term trajectory depends on readiness to resume reforms and policies.",
    "Secure financial support from development partners to close uncovered financing gaps.",
    "Use IMF RCF financing to bolster foreign exchange reserves and budgetary capacity.",
    "Stand ready to resume structural reforms and fiscal policies once pandemic pressures abate, to:",
    "Outlook described as broadly favorable conditional on:",
    "Subject: Central banks, COVID-19, External debt, Fiscal policy, Fiscal stance, Health, International reserves, Loans, Public debt",
    "Keywords: authority, Banco de Cabo Verde, Cabo Verde's economy, COVID-19, CR, development partner, emergency financing request, financing, Fiscal stance, Global, IMF lending tracker, International reserves, ISCR, pandemic, Western Europe",
    "Pages: 32",
    "Volume: 2020",
    "Issue: 136",
    "Series: Country Report No. 2020/136",
    "DOI: https://doi.org/10.5089/9781513542263.002",
    "Stock No: 1CPVEA2020002",
    "ISBN: 9781513542263",
    "ISSN: 1934-7685",
    "**1cpvea2020002**"
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