Cabo Verde receives 38 million euros in budget support for 2015

13 November 2014

The Budget Support Group (GAO) to Cabo Verde (Cape Verde) will contribute 38 million euros to the country’s 2015 State Budget to support growth and poverty reduction programmes, the European Union cooperation representative in Cabo Verde said in Praia.

At the end of the second evaluation mission this year, Luis Maia said the GAO would support Cabo Verde in terms of technical assistance for institutional investment, according to Portuguese news agency Lusa.

The GAO, which includes the World Bank, African Development Bank, Spain, Luxembourg, Portugal and the European Union, stressed that Cape Verdean fiscal policy remains “highly expansionist” but was an important factor for damping shocks to the economy and for job creation.

Because of this, the group led by the World Bank said, the recovery “has been delayed” and state debt is high, but sustainable, at 107.3 percent of Gross Domestic Product (GDP) this year. (macauhub/CV)