Cape Verde: IMF says economic growth is satisfactory and country has met its targets

6 March 2008

Praia, Cape Verde, 6 March – Cape Verde’s economic growth is “satisfactory” and the country ahs reached its targets, the head of a mission from the International Monetary Fund (IMF) said Wednesday in Praia, at the start of a two-week visit to the archipelago.

Cited by Cape Verdean news agency Infopress, Lamin Leigh said that Cape Verde had met its targets, that the economy had been strong and that prospects were favorable.

Leigh met Wednesday with Finance and Public Administration Ministry officials within the scope of the Policy Support Instrument (PSI), in order to assess the archipelago’s economic and financial policies.

The IMF support, for three years, aims essentially to support the economic reform agenda underway in Cape Verde.

The mission is also due to meet with officials and leaders of the public and private sectors, as well as travel to the island of Sao Vicente, where it is due to have working meetings with companies.

In a report published at the end of January, the IMF estimated that Cape Verde would see growth of 7.75 percent and that its economy would continue to show notable progress.

According to the IMF, the growth of Cape Verde’s economy will be driven by investment in tourism and “other services” as well as by investment in public infrastructure and inflation will be of around 2 percent. (macauhub)