Cabo Verde’s public debt exceeds US$2 billion

8 August 2016

Cabo Verde’s public debt amounted to 199.5 billion escudos at the end of March and 205.9 billion escudos (US$2.070 billion) at the end of July 2016, the Bank of Cabo Verde indicates in a recently released report.

The GDP of Cabo Verde (Cape Verde) stood at US$1.630 billion (162.1 billion escudos at the current exchange rate) at the end of 2015, according to the World Bank.

In its report on second quarter 2016 economic and financial indicators, the island country’s central bank notes a less unfavourable performance of public accounts in the first quarter, due to the 5 percent increase in revenue and the 33.1 percent reduction of non-financial assets.

The report adds that the improved public account deficit resulted in a reduction of about 1.934 billion escudos in external loan outlays for direct state implementation of investment projects and for public enterprises.

The central bank document also indicates that the country’s net international reserves increased by nearly 4.7 million euros until May, thereby guaranteeing 6.3 months of the goods and services imports forecast for the year. (Macauhub/CV)