{"id":29154,"date":"2025-05-15T10:58:27","date_gmt":"2025-05-15T10:58:27","guid":{"rendered":"https:\/\/www.africa-press.net\/cape-verde\/all-news\/imf-announces-new-disbursements-and-extension-of-programs-in-cabo-verde"},"modified":"2025-05-15T11:12:50","modified_gmt":"2025-05-15T11:12:50","slug":"imf-announces-new-disbursements-and-extension-of-programs-in-cabo-verde","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/cape-verde\/all-news\/imf-announces-new-disbursements-and-extension-of-programs-in-cabo-verde","title":{"rendered":"IMF Announces New Disbursements and Extension of Programs in Cabo Verde"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Cape verde. <\/strong><\/span>The International Monetary Fund (IMF) and the Cape Verdean authorities announced on Tuesday in Praia another positive mid-term review of the two programs running in the archipelago, allowing new disbursements from the fund and an extension until December 2026.<\/p>\n<p>\u201cThe completion of the sixth review of the Extended Credit Facility (ECF) will allow the disbursement of approximately six million dollars (5.3 million euros), while the completion of the third review of the Resilience and Sustainability Facility (RSF) will allow the disbursement of approximately 10.6 million dollars (9.4 million euros),\u201d said Martin Schindler, leader of the IMF team that held meetings with the Cape Verdean authorities from May 5 until Tuesday.<\/p>\n<p>The extension, \u201cuntil December 2026, supports the continued success of the authorities\u2019 economic policy and reform agenda,\u201d the fund detailed in a statement.<\/p>\n<p>The extension will add approximately US$10 million to the ECF credit line \u2013 which will increase from the original US$60 million agreed three years ago (and distributed through periodic disbursements) to approximately US$70 million.<\/p>\n<p>The government had already announced a request for a term extension, referring the continuity of the programs with the IMF to the government chosen after next year&#8217;s legislative elections.<\/p>\n<p>All ECF performance indicators and criteria, set for the end of December 2024, \u201cwere met\u201d, while the implementation of the RSF \u201chas advanced, although some reforms require more time than expected\u201d, noted the IMF.<\/p>\n<p>&#8220;The economy of Cabo Verde continues to perform well, supported by tourism, positive developments in exports and growth in private consumption. Increasing the rate of execution of capital expenditure by the government could improve potential growth\u201d, indicated the IMF team.<\/p>\n<p>The fund forecasts that GDP will grow by 5.2% in 2025 (after 7.3% in 2024), while inflation (which was 1% in 2024) should converge to close to 2% in 2025 and in the medium term, \u201cessentially in line with eurozone inflation\u201d, as has historically been the case.<\/p>\n<p>\u201cThe current account balance is expected to gradually return to a deficit of 1.3% of GDP in 2025 and stabilise at around -3.5% in the medium term\u201d, it added.<\/p>\n<p>The IMF expects \u201cstrong budget execution in 2025\u201d and a trajectory aligned with \u201cdebt reduction objectives\u201d.<\/p>\n<p>&#8220;The macroeconomic outlook remains favourable, although significant downside risks remain&#8221;, as pointed out in other IMF analyses, due to vulnerability to external shocks, &#8220;particularly in the energy, food prices and tourism sectors, especially in the current context of high uncertainty in world trade&#8221;.<\/p>\n<p>The IMF reiterated that possible &#8220;delays in public enterprise reforms and an increase in public debt&#8221; could &#8220;undermine fiscal sustainability&#8221;.<\/p>\n<p>The programme supported by the ECF credit line was approved in June 2022 and provides for periodic disbursements aligned with a programme to strengthen public finances and put debt on a downward path, reduce fiscal risks arising from public enterprises and improve financial management.<\/p>\n<p>The RSF program, approved at the end of 2023, with a total of around 31 million dollars, also with periodic disbursements, is intended to support resilience in the face of climate change by attracting external investment and government reforms.<\/p>\n<p><strong>For More News And Analysis About <span style=\"color: #ff6600\">Cape verde<\/span> Follow <span style=\"color: #ff6600\">Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Cape verde. The International Monetary Fund (IMF) and the Cape Verdean authorities announced on Tuesday in Praia another positive mid-term review of the two programs running in the archipelago, allowing new disbursements from the fund and an extension until December 2026. \u201cThe completion of the sixth review of the Extended Credit Facility (ECF) [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":29153,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8,244],"tags":[328],"class_list":["post-29154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-to-homepage","tag-cape-verde"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>IMF Announces New Disbursements and Extension of Programs in Cabo Verde - 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