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Statement by IMF Deputy Managing Director Tao Zhang on His Visit to the Republic of Cabo Verde

May 17, 2019

Mr. Tao Zhang, Deputy Managing Director of the International Monetary Fund (IMF), visited the Republic of Cabo Verde during May 15-17. During his visit, Mr. Zhang met with his excellency President Jorge Carlos Fonseca, President of the National Assembly, Hon. Jorge Pedro Mauricio Dos Santos, Prime Minister Hon. Ulisses Correia e Silva, Deputy Prime Minister and Minister of Finance Hon. Olavo Correia, Governor of Banco de Cabo Verde Hon. João António Pinto Coelho, honorable members of the economic and financial committees of the National Assembly, senior government officials, representatives of the donor and diplomatic community, the Association of Women Entrepreneurs, the banking system, and a charitable organization. Following his visit, Mr. Zhang made the following statement:

“My visit to Cabo Verde was productive and informative. I would like to thank President Fonseca, Prime Minister Correia e Silva, Deputy Prime Minister Correia, and Secretary of State for Finance, Gilberto Barros for their warm welcome and hospitality.

“During the meetings, we discussed Cabo Verde’s economic opportunities and challenges. President Fonseca explained that the government has an ambitious development agenda for Cabo Verde. I congratulated him on restoring macroeconomic stability, particularly the return to a strong growth path.

“We discussed the policies and reforms for higher growth and poverty reduction. The focus was on improving the business environment, reducing the high level of public debt, advancing the restructuring of State-Owned Enterprises, and promoting employment and business opportunities for youth and women. Noting that the authorities have made progress in these areas in recent years, I stressed that the IMF will continue to support Cabo Verde in addressing remaining challenges through policy advice, including in the context of the upcoming Policy Coordination Instrument, scheduled to be discussed by the IMF Executive Board next month; and technical assistance.

“I had very fruitful meetings with representatives of the private sector, during which we discussed business opportunities in Cabo Verde as well as ways to improve the business environment. Access to finance, connectivity between the islands, the functioning of the legal system, and high transaction costs were the key areas discussed during these meetings. I saw much commitment to make Cabo Verde a stronger and more prosperous economy, and I am confident that the partnership between the public and private sectors can create opportunities for all.

“I also had the opportunity to visit the SOS Children Village in Sao Domingos and was impressed by the organization’s work and the care provided to the children.”

IMF Communications Department

PRESS OFFICER: Gediminas Vikas

Phone: +1 202 623-7100Email: