Cape Verde refuses to submit to IMF’s adjustment programme

6 June 2013

Cape Verde’s Finance Minister recently said that the country refuses to be submitted to any adjustment programme of the International Monetary Fund (IMF) and is not even tied to the Policy Support Instrument (PSI), which ran from 2004 to 2012.

Speaking to Cape Verde Radio, Minister Cristina Duarte explained that the programme was “inappropriate” for the country’s current situation.

According to Duarte, “it is easy to understand” because the PSI is not the most appropriate instrument by which to rule Cape Verde’s relations with the IMF, which currently has a mission on the archipelago to assess the country’s circumstances.

According to the Cape Verdean minister, the transition period and a lack of conditions imposed by the IMF show a good understanding between the government and the IMF, which continues to approve Cape Verde’s current economic, monetary and financial policies.

A mission of the IMF, led by Sukhwinder Singh, has been in Cape Verde since 31 May to assess the country’s economic and financial situation, and is due to end its mission on Friday. (macauhub)