News & Analysis: Cabo Verde
“Africa’s governance performance worsened in 2019 for the first time in nearly a decade due to a broad deterioration in the areas of human rights, security and rule of law, according to a survey.”
“Due to the outbreak of COVID-19, GDP growth is expected to decrease by 4% in 2020, fueled by falling tourism revenues, remittances and capital flows. Despite the structural development challenges facing the country, the COVID-19 crisis offers opportunities to hasten diversification of the economy, by focusing on building a blue economy and climate finance and digital economy.”
“On average, only 24% of households across the 34 African countries analyzed met all three criteria of readiness: availability of key amenities, availability of media devices and phones. and ownership of savings accounts or rate of formal employment.”
“For sub-Saharan African economies, interest repayments constitute the highest expenditure portion – and fastest-growing expenditure – of budgets.”
“In Africa’s case, the economic crisis actually preceded the health crisis because it started out in the advanced economies and also in China. Africa began to feel the effects before it started to register a significant number of cases on the continent.”
“The Executive Board of the International Monetary Fund today approved a disbursement of SDR 23.70 million (about US$32.3 million, 100 percent of quota) to Cabo Verde under the Rapid Credit Facility (RCF) . It will help the country to meet urgent balance of payment needs generated by the economic impact of the COVID-19 pandemic.”
“The Executive Board of the International Monetary Fund today approved a disbursement of SDR 23.70 million (about US$32.3 million, 100 percent of quota) to Cabo Verde under the Rapid Credit Facility. It will help the country to meet urgent balance of payment needs generated by the economic impact of the COVID-19 pandemic.”
“The World Bank Board of Executive Directors approved today a $5 million credit from the International Development Association (IDA) to support the Archipelago of Cabo Verde in strengthening its preparedness and response to the COVID-19 pandemic.”
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