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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

IMF Approves Extended Credit Facility for Cape Verde worth $12.8 Million


Wed 26 Jun 2024 | 10:54 PM
IMF
IMF
Taarek Refaat

The IMF Executive Board completed its reviews under the Extended Credit Facility and the Resilience and Sustainability Facility with the Government of Cape Verde, providing financing of $12.8 million.

A statement issued by the International Monetary Fund explained that the performance of the country’s economy was strong, with real GDP growth reaching 5.1 percent, amid a primary financial surplus, low inflation, and an appropriate level of international reserves.

The Fund stated that the ratio of public debt to gross domestic product continued on a downward path, and the financial sector remains resilient, amid cautious expectations in the near term with some risks of economic decline.

He urged the Fund to continue working on climate resilience reforms, maintaining debt sustainability, advancing strong energy and water reforms and managing the energy transition, while targeting social spending to protect the groups most vulnerable to reform costs.

The Fund considered reforming state-owned companies essential to reducing financial risks, and crucial to competitiveness while opening the way for the private sector.