{
  "title": "Cabo Verde: Third Review Under the Extended Credit Facility Arrangement, Request for Modification of Performance Criteria, and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Cabo Verde",
  "publication": "IMF Staff Country Reports, January 16, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2024/01/16/cabo-verde-third-review-under-the-extended-credit-facility-arrangement-request-for-543874",
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  "summary": "This paper presents Cabo Verde’s Third Review under the Extended Credit Facility Arrangement, Request for Modification of Performance Criteria, and Request for an Arrangement under the Resilience and Sustainability Facility.",
  "sections": [
    {
      "heading": "Executive summary and program status",
      "content": "- Performance under the economic reform program is strong.\n- Post-Covid economic activity recovered as tourism returned to the islands.\n- The Resilience and Sustainability Facility (RSF) will support the government’s effort to implement macro-critical climate reforms and catalyze private finance for climate adaptation and transition.\n- Fiscal policy is anchored by an appropriate balance between fiscal consolidation to put debt on a downward path, while protecting the vulnerable and investing in key priority projects for future growth.\n- The authorities are taking steps to strengthen the program and are encouraged to continue with an ambitious structural reform agenda."
    },
    {
      "heading": "Key findings and analysis",
      "content": "- Recovery dynamics: Economic activity recovered following the Covid shock, driven by the return of tourism to the islands.\n- Climate and RSF role: The RSF is positioned to support macro-critical climate reforms and to catalyze private finance for climate adaptation and transition.\n- Fiscal outlook and dependencies:\n  - The medium-term fiscal objectives depend on progress in:\n    - domestic revenue mobilization,\n    - streamlining tax exemptions,\n    - increasing the effectiveness of public investment projects,\n    - improving debt management.\n- Structural reforms recommended:\n  - Continue reforms to adapt to the challenges posed by climate change.\n  - Reduce the cost of doing business.\n  - Accelerate public enterprise reforms."
    },
    {
      "heading": "Policy recommendations",
      "content": "- Maintain fiscal consolidation while protecting vulnerable groups and prioritizing key growth-enhancing projects.\n- Advance domestic revenue mobilization efforts.\n- Streamline tax exemptions to broaden the tax base.\n- Enhance the effectiveness and prioritization of public investment projects.\n- Improve debt management frameworks and practices.\n- Implement macro-critical climate reforms supported by the RSF to attract private finance for adaptation and transition.\n- Pursue structural reforms to lower business costs and progress public enterprise reform."
    },
    {
      "heading": "Publication and metadata",
      "content": "- Publication date: January 16, 2024\n- Pages: 142\n- Volume: 2024\n- Issue: 009\n- Series: Country Report No. 2024/009\n- DOI: https://doi.org/10.5089/9798400265129.002\n- Stock No: 1CPVEA2024001\n- ISBN: 9798400265129\n- ISSN: 1934-7685"
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects: Climate change; Environment; External debt; Fiscal risks; International organization; Monetary policy; Public debt; Public financial management (PFM); Revenue administration\n- Keywords: Cabo Verde's economy; climate action; Climate change; climate change adaptation; Fiscal risks; Global; reform measure; RSF reform\n\nIMF Staff Country Report and press materials for Cabo Verde: Third Review under the Extended Credit Facility Arrangement; Request for Modification of Performance Criteria; and Request for an Arrangement under the Resilience and Sustainability Facility (January 16, 2024).\n\n---\n\n Content in this bundle\n\n- 1cpvea2024001\n  - 1cpvea2024001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1cpvea2024001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: January 16, 2024",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400265129.002",
    "Performance under the economic reform program is strong.",
    "Post-Covid economic activity recovered as tourism returned to the islands.",
    "The Resilience and Sustainability Facility (RSF) will support the government’s effort to implement macro-critical climate reforms and catalyze private finance for climate adaptation and transition.",
    "Fiscal policy is anchored by an appropriate balance between fiscal consolidation to put debt on a downward path, while protecting the vulnerable and investing in key priority projects for future growth.",
    "The authorities are taking steps to strengthen the program and are encouraged to continue with an ambitious structural reform agenda.",
    "Recovery dynamics: Economic activity recovered following the Covid shock, driven by the return of tourism to the islands.",
    "Climate and RSF role: The RSF is positioned to support macro-critical climate reforms and to catalyze private finance for climate adaptation and transition.",
    "Fiscal outlook and dependencies:",
    "Structural reforms recommended:",
    "Maintain fiscal consolidation while protecting vulnerable groups and prioritizing key growth-enhancing projects.",
    "Advance domestic revenue mobilization efforts.",
    "Streamline tax exemptions to broaden the tax base.",
    "Enhance the effectiveness and prioritization of public investment projects.",
    "Improve debt management frameworks and practices.",
    "Implement macro-critical climate reforms supported by the RSF to attract private finance for adaptation and transition.",
    "Pursue structural reforms to lower business costs and progress public enterprise reform.",
    "Publication date: January 16, 2024",
    "Pages: 142",
    "Volume: 2024",
    "Issue: 009",
    "Series: Country Report No. 2024/009",
    "DOI: https://doi.org/10.5089/9798400265129.002",
    "Stock No: 1CPVEA2024001",
    "ISBN: 9798400265129",
    "ISSN: 1934-7685",
    "Subjects: Climate change; Environment; External debt; Fiscal risks; International organization; Monetary policy; Public debt; Public financial management (PFM); Revenue administration",
    "Keywords: Cabo Verde's economy; climate action; Climate change; climate change adaptation; Fiscal risks; Global; reform measure; RSF reform",
    "**1cpvea2024001**"
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