IMF approves instrument to support Cabo Verde development programme

16 July 2019

The International Monetary Fund (IMF) has approved the Policy Coordination Instrument (PCI) for Cabo Verde to support the archipelago’s strategic plan for sustainable development, according to a statement released on Monday.

The statement released in Washington noted that the macroeconomic situation in Cabo Verde has improved significantly in recent years and that the medium-term outlook is positive. Additionally, the PCI aims to foster macroeconomic stability in the country and encourage the structural reforms.

Cabo Verde’s deputy prime minister and finance minister said on Monday in Praia that the programme, to be applied in the period between July 2019 and January 2021, will provide a solid economic framework for the country, which plans to develop tourism to benefit all of its islands, but also to transform Cabo Verde into an air traffic distribution platform and an international business centre.

Olavo Correia said the programme aims to create an international platform and develop a digital platform for technological innovation, expand maritime services and support local investment opportunities and the Cape Verdean diaspora, according to the Inforpress news agency.

The deputy prime minister also said that the country is benefiting from an instrument that is not usual, and to date, only four countries have been considered: Seychelles, Serbia, Rwanda and now Cabo Verde. (Macauhub)