A mission of the International Monetary Fund (IMF) on Tuesday began the first contacts of the annual assessment mission to Cabo Verde (Cape Verde) under Article IV, according to information released by the archipelago’s government.
The technical team, which has already met with Finance Minister Olavo Correia, will hold working meetings with the central bank, representatives of public companies such as Eletra (water and electricity) and TACV (air transport), as well as organisations such as the investment promotion agency Cabo Verde TradeInvest, real estate fund Imobiliária Fundiária e Habitat and the National Statistics Institute (INE).
The team is expected to return in September to close the assessment and prepare the final report. The IMF’s technical assistance to Cabo Verde is also expected to be analysed during this visit.
In the final report of the 2016 mission, IMF staff predicted Cabo Verde’s gross domestic product (GDP) would grow 3.7% this year, signalling the start of an economic recovery, although they stressed that the country is vulnerable to external shocks and that its public debt is high.
In the Monetary Policy Report published in April, the Bank of Cabo Verde forecast economic growth in the range of 3.0% to 4.0% for this year, following 3.9% in 2016. (macauhub)