Cape Verde: Second Review Under the Policy Support Instrument and Request for Waivers of Nonobservance of Assessment Criteria: Staff Report; Staff Supplements; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Cape Verde

International Monetary Fund

No 2012/029, IMF Staff Country Reports from International Monetary Fund

Abstract: Cape Verde’s authorities have tightened fiscal and monetary stances and have significantly reduced the gaps with program targets. Tax revenues held up well, but there were shortfalls in nontax revenue in addition to capital transfers. The spending execution was held below the budget. The authorities need to scale back the fiscal deficit in 2012 and in the medium term to ensure a sustainable fiscal position. Net domestic financing of the central government should decline to avoid crowding out private sector credit and lessen pressure on the balance of payments.

Keywords: ISCR; CR; policy restraint; monetary policy; Executive Board's discussion of Cape Verde; fiscal policy; fiscal policy coordination; support private sector growth; Executive Board's discussion; monetary policy stance; authorities' intention; International reserves; Foreign assets; Credit; Global; West Africa (search for similar items in EconPapers)
Pages: 58
Date: 2012-02-03
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