Cape Verde: IMF mission to evaluate archipelago’s economy

18 September 2008

Praia, Cape Verde, 18 Sept – A mission from the International Monetary Fund (IMF) is due to arrive in Cape Verde on 22 September for another evaluation of the Cape Verdean economy as part of the Policy Support Instrument (PSI), according to news website asemanaonline.

The site said that the mission was taking place at a time when the Cape Verdean economy was showing some cause for concern, namely inflation rates and foreign reserves.

The mission, which is due to remain in Cape Verde for 12 days, will analyse the performance of various sectors of the country’s macro-economic scenario, particularly public finances and the level of implementation of previous IMF recommendations.

Under the terms of the PSI – a memorandum of understanding that has regulated relations between Cape Verde and the IMF since 2006 – the Fund carries out regular missions to Cape Verde to analyse the economy and its final report is considered to be an important guideline for foreign investors.

The last mission took place in March and at the time the IMF’s assessment was positive. In July the deputy executive director of the Fund, Japan’s Takotoshi Kato, said that the development of the Cape Verdean economy over the last few years had been “impressive.” (macauhub)