Cabo Verde

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

• Author(s): International Monetary, International Monetary Fund. African Dept.,
• Publisher: International Monetary Fund
• Pages: 66
• ISBN_13: 9798400236754
  
• Language: pt-BR
• Categories: Business & Economics / Exports & Imports , Business & Economics / Finance / General , Business & Economics / Economics / Macroeconomics , Business & Economics / Money & Monetary Policy , Business & Economics / Public Finance , Business & Economics / International / Economics & Trade ,

Description:... The IMF Board approved a 36-month ECF arrangement for Cabo Verde in June 2022. The program aims to: strengthen public finances and put debt on a downward path; reduce fiscal risks from public enterprises and improve their financial management; modernize the monetary policy framework and improve resilience of the financial system; and raise the growth potential. Cabo Verde was hit hard by the COVID-19 pandemic. The recovery is now underway, and the economy has recorded five consecutive quarters of growth, supported by a rebound in tourism. The fiscal position has improved, the debt-to- GDP ratio is on a downward path, reserves are within the target range, and the financial sector remains resilient. However, spillovers from Russia’s invasion of Ukraine have led to double-digit increases in energy and food prices.