Budget Support Group concludes another assessment of Cabo Verde

8 June 2017

The findings of a mission of the Budget Support Group (GAO) to Cabo Verde (Cape Verde) are due to be presented on Thursday in Praia, the last day of a visit that began on Monday, according to official information.

The purpose of this mission was to “evaluate sector programmes negotiated with partners and monitor ongoing actions, including macroeconomic stability, progress in the implementation of Public Finance Reforms and the Growth and Poverty Reduction Strategy.”

The GAO mission, which includes the African Development Bank, the World Bank, Luxembourg, Portugal and the European Union (EU), has met since Monday with representatives of the public sectors, under the coordination of the National Planning Office of the Ministry of Finance.

Minister of Finance Olavo Correia presented the progress made in implementing the strategic reforms and outlined the country’s macroeconomic scenario during the official opening of the mission’s work.

The Budget Support Group in 2016 contributed approximately 26.5 million euros to the Cape Verdean State Budget.

In its previous mission in November 2016, the GAO advised Cabo Verde to “quickly resolve the unsustainable financial situation,” of public air transport and housing companies, saying that delays in restructuring represent “a major risk” for the economy. (macauhub)