13 December 2010

The government of Cape Verde has set up a fund of 100 million Cape Verdean escudos to support the internationalization of the country's companies, the chairman of Cabo Verde Investimentos, Carlos Rocha said in Praia.

According to cape Verdean weekly newspaper, Carlos Rocha said that the fund aimed to "expand our export base, as well as encouraging Cape Verdean companies to take the risk."

Therefore, he said, the Decree-Law that set up the fund excluded investment projects in the areas of tourism, banking, insurance, real estate and construction that are the subject of mechanisms set out in specific legislation or that, due to their nature, are not strategic in terms of internationalization.

Thursday, 25 November 2010

The Executive Board of the International Monetary Fund (IMF) approved on November 22, 2010 a 15-month Policy Support Instrument (PSI) for Cape Verde. The IMF's framework for PSIs is designed for low-income countries that may not need IMF financial assistance, but still seek IMF advice, monitoring, and endorsement of their policy frameworks.

PSI-supported programs are based on country-owned poverty reduction strategies adopted in a participatory process involving civil society and development partners. (See Public Information Notice No. 05/145).

The PSI for Cape Verde aims to consolidate macroeconomic stability, and achieve sustained broad-based growth. The authorities' program will build on the macroeconomic success and structural reforms of the previous PSI supported program, and will help maintain macroeconomic discipline.