08123oam 22015134 450 991095550830332120250426110505.09781484372951148437295697814843878631484387864(CKB)2670000000574359(EBL)1831415(SSID)ssj0001398962(PQKBManifestationID)11799573(PQKBTitleCode)TC0001398962(PQKBWorkID)11446947(PQKB)11705957(MiAaPQ)EBC1831415(Au-PeEL)EBL1831415(CaPaEBR)ebr10980877(CaONFJC)MIL656146(OCoLC)894791542(IMF)1CPVEA20140011CPVEA2014001(EXLCZ)99267000000057435920020129d2014 uf 0engur|n|---|||||txtccrCabo Verde : Staff Report for the 2014 Article IV Consultation1st ed.Washington, D.C. :International Monetary Fund,2014.1 online resource (80 p.)IMF Staff Country ReportsDescription based upon print version of record.9781498319980 149831998X 9781322248660 1322248664 Cover; CONTENTS; DEVELOPMENTS AND CHALLENGES AHEAD; A. The Long-Term Setting; B. Current Conditions; C. External Assessment; BOXES; 1. External Stability Assessment; D. Outlook and Risks; 2. NPLs and Economic Growth; POLICY DISCUSSIONS; A. Balancing Fiscal Consolidation with Support for Long-Term Growth; B. Balancing a Strong Peg with Support for the Recovery; C. Reinforcing Financial Stability through the Economic Downturn; 3. Cabo Verde's Financial Stability Report; D. Bolstering Competitiveness to Sustain Inclusive Growth; STAFF APPRAISAL; FIGURES; 1. Recent Economic Developments2. Monetary Developments and Credit Growth3. Cabo Verde's Performance Compared to Small Middle-Income SSA Peers; TABLES; 1. Selected Economic Indicators, 2011-17; 2. Balance of Payments, 2011-17; 3a. Statement of Operations of the Central Government, 2011-17; 3b. Statement of Operations of the Central Government, 2011-17; 4a. Monetary Survey, 2011-17; 4b. Central Bank Survey, 2011-17; 4c. Deposit Money Bank Survey, 2011-17; 5. Financial Soundness of the Banking Sector, 2009-13; 6. Implementation Status for the Recommendations of the 2009 FSAP; 7. Risks Assessment Matrix8. Millennium Development GoalsAPPENDIX; Raising Potential Growth in Cabo VerdeKEY ISSUES Context: Over the last two decades, good governance and sound macroeconomic management have delivered remarkable economic and social progress to Cabo Verde. More recently, however, growth has slowed due to the prolonged downturn in Europe and a sharp deterioration in domestic confidence. A longer-term decline in the contribution of total factor productivity to growth may also have played a role. Financial stability risks have increased with the rise in non-performing loans and fall in bank profitability. The country remains vulnerable to external shocks, given its dependence on tourism, remittances, and concessional financing. Over the longer term, Cabo Verde’s challenge as a new middle-income country is to bolster productivity and diversify the sources of growth. Fiscal consolidation remains critical to safeguard macroeconomic and debt sustainability. Budgetary plans for 2014 and the medium term entail rising public debt, and are subject to downside risks to revenue. The authorities have already decided on a package of expenditure containment measures for 2014–17. However, given the high albeit sustainable level of public debt, further measures are needed to put public debt on a more robust downward path. Bolstering domestic revenue mobilization, increasing the efficiency of public investment, and managing existing infrastructure better are also central to sound public finances. International reserves have recovered, which provided room to ease monetary policy in support of the recovery. In the absence of imminent pressures on the balance of payments or on prices, and with private sector credit growth having stalled, the central bank has cut the policy rate. At the same time, given pressures on the banking system, continued vigilance regarding risks to financial stability is warranted. Structural reforms hold the key to bolstering competitiveness, creating jobs, and delivering inclusive growth. Increasing labor market efficiency and reducing skill mismatches would be particularly beneficial in this regard. Enhancing the efficiency of state-owned enterprises is also essential to improve delivery of infrastructure services. Data are adequate for surveillance purposes, though some key shortcomings remain. In particular, national accounts data are released with a long delay. This complicates the formulation of macroeconomic policies.IMF Staff Country Reports; Country Report ;No. 2014/296Economic developmentCabo VerdeFinancial risk managementCabo VerdeBanks and BankingimfExports and ImportsimfMacroeconomicsimfPublic FinanceimfIndustries: Financial ServicesimfStatisticsimfDebtimfDebt ManagementimfSovereign DebtimfInternational Lending and Debt ProblemsimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfFiscal PolicyimfMonetary PolicyimfData Collection and Data Estimation MethodologyimfComputer Programs: OtherimfPublic finance & taxationimfInternational economicsimfBankingimfFinanceimfEconometrics & economic statisticsimfPublic debtimfExternal debtimfCentral banksimfFinancial institutionsimfMoneyimfDebts, PublicimfDebts, ExternalimfBanks and bankingimfFiscal policyimfForeign exchange reservesimfLoansimfCreditimfCabo VerdeEconomic conditionsCabo VerdeEconomic policyEconomic developmentFinancial risk managementBanks and BankingExports and ImportsMacroeconomicsPublic FinanceIndustries: Financial ServicesStatisticsDebtDebt ManagementSovereign DebtInternational Lending and Debt ProblemsBanksDepository InstitutionsMicro Finance InstitutionsMortgagesFiscal PolicyMonetary PolicyData Collection and Data Estimation MethodologyComputer Programs: OtherPublic finance & taxationInternational economicsBankingFinanceEconometrics & economic statisticsPublic debtExternal debtCentral banksFinancial institutionsMoneyDebts, PublicDebts, ExternalBanks and bankingFiscal policyForeign exchange reservesLoansCredit330.96658DcWaIMFBOOK9910955508303321Cabo Verde990518UNINA