Posted by: mulrickillion | December 14, 2011

Press Release: Statement at the Conclusion of an IMF Mission to Cape Verde

Press Release No. 11/436
November 30, 2011

An International Monetary Fund (IMF) mission, led by Ms. Janet Stotsky, visited Cape Verde from November 15–29, 2011, to conduct discussions on the second and final review under the Policy Support Instrument (PSI), which was approved by the IMF Executive Board in November 2010. The mission met with the Prime Minister Jose Maria Neves, Minister of Finance and Planning Cristina Duarte, Central Bank Governor Carlos de Burgo, other government officials, and representatives of civil society, development partners, and the private sector.

At the conclusion of the mission, Ms. Stotsky made the following statement:

“Cape Verde’s economy is expanding at a more moderate pace, supported by a resilient tourist sector and implementation of the public infrastructure program. However, risks to the outlook have grown in view of the continuing economic and financial turmoil in Europe. Inflation has picked up this year in response to the surge in fuel and food prices, though core inflation remains subdued. The budget is being executed in line with a scaled up public infrastructure spending program, financed mainly by highly concessional foreign loans. The exchange rate peg remains an appropriate monetary anchor. The authorities’ fiscal and monetary policy restraint towards the end of 2011 have helped to contain losses of reserves but the external current and financial account deficits have widened significantly compared to last year. . . .

Press Release: Statement at the Conclusion of an IMF Mission to Cape Verde

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