Africa-Press – Cape verde. The Cape Verdean Government deposited in parliament this Sunday the State Budget proposal for 2024, worth 81.2 billion escudos (738 million euros), 4.11% higher than this year and entitled “Resilience and Transition in Economics”.
Cape Verdean government submits OE 2024 proposal to parliament
The delivery was announced on social media, alongside a summary that indicates the five priorities: strengthening internal and international connectivity, accelerating the eradication of extreme poverty, developing human capital, accelerating the energy, climate and digital transition, and strengthening the budget transparency and reliability.
The document provides for one billion Cape Verdean escudos (nine million euros) to improve international connectivity, alongside 1.2 billion escudos (ten million euros) for a requalification, rehabilitation and accessibility program, among other public investments in promoting tourism, completing a cruise terminal and strengthening maritime transport between islands.
The chapter on eradicating extreme poverty, a target for 2026, foresees the expansion of several social benefits.
The budget foreseen for social benefits grows 16.9% compared to this year (with social benefits representing close to 11 of the 81 billion escudos in the 2024 OE).
OE 2024 also allocates 560 million escudos (five million euros) to promote decent work and 1.1 billion escudos (around 10 million euros) to invest in the digital transition.
Another of the proposed measures is the creation of the Environmental and Climate Fund, worth 1,323 million Cape Verdean escudos (12 million euros), resulting from the conversion of the debt that would be paid by Cape Verde to Portugal by 2025.
The fund will be used to finance investments linked to the climate transition in the country.
The OE 2024 predicts that economic growth will slow to 4.7% (compared to the forecast of 5.7% for this year) and that inflation will settle at 2.8% (below the 5.4% forecast for this year ).
Once delivered, the OE 2024 proposal will await scheduling for discussion in the hemicycle of the National Assembly, in which the Movement for Democracy (MpD, Power) has a majority (38 deputies), compared to 30 for the African Party for Cape Independence Verde (PAICV, Opposition) and four from the Independent and Democratic Cape Verdean Union (UCID).
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