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KEY ISSUESContext: 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 touri

Cover -- CONTENTS -- CONTEXT -- RECENT ECONOMIC DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Restoring Fiscal and Debt Sustainability -- B. Monetary Policy -- C. Financial Sector Issues -- D. Public Enterprises Reforms -- E. Other Structural reforms -- PROGRAM OBJECTIVES AND MODALITIES -- STAFF APPRAISAL -- BOXES -- 1. Status of the 2018 Article IV Consultation Main Recommendations -- 2. Non-Performing Loans Issues -- 3. Risk Assessment Matrix -- 4. The Tourism Sector - Background and Growth Prospects -- 5. Public Enterprises Sector - Issues and Reforms -- FIGURES -- 1. Recent Economic Developments -- 2. External Sector Developments -- 3. Fiscal Sector Developments -- 4. Monetary Developments -- 5. Cabo Verde's Performance Compared to Small Middle-Income Countries -- TABLES -- 1. Selected Economic Indicators, 2015-24 -- 2. Balance of Payments, 2015-24 -- 3a. Statement of Operations of the Central Government, 2015-24 (Millions of Cabo Verde Escudos) -- 3b. Statement of Operations of the Central Government, 2015-24 (Percent of GDP) -- 4. Monetary Survey, 2015-24 -- 5. Financial Soundness Indicators of the Banking Sector, 2010-18 -- 6. Implementation Status of the Recommendations of the 2009 FSAP -- 7. Schedule of Reviews Under the PCI, 2019-21 -- ANNEX -- I. External Stability Assessment -- APPENDICES -- I. Program Statement -- II. Program Statement for the Period July 2019-January 2021 -- Attachement I. Technical Memorandum of Understanding -- CONTENTS -- RELATIONS WITH THE FUND -- WORLD BANK AND IMF COLLABORATION -- STATISTICAL ISSUES.

Cover -- CONTENTS -- CONTEXT: STALLING GROWTH, HIGH PUBLIC DEBT -- A. The Long-Term Setting -- B. Recent Developments -- OUTLOOK AND RISKS: THE RECOVERY CONTINUES, BUT VULNERABILITIES REMAIN -- A. Medium-Term Outlook and Risks -- B. Debt Sustainability Analysis (DSA) -- C. External Stability Assessment -- THE POLICY AGENDA -- A. Fiscal Policy: Ensuring Debt Sustainability and Safeguarding Growth -- B. Monetary Policy: Bolstering Private Credit and Protecting the Peg -- C. Financial Supervision: Increasing Resilience -- D. Structural Reforms: Passing the Baton to the Private Sector for Long-Term Growth -- STAFF APPRAISAL -- BOXES -- 1. Financial Sector - Challenges and Opportunities -- 2. Closing the Gender Gap -- FIGURES -- 1. Recent Economic Developments -- 2. Monetary Developments and Credit Growth -- 3. Performance Compared to Small Middle-Income SSA Peers -- TABLES -- 1. Selected Economic Indicators, 2012-20 -- 2. Balance of Payments, 2011-19 -- 3a. Statement of Operations of the Central Government, 2011-19 (Millions of Cabo Verde Escudos) -- 3b. Statement of Operations of the Central Government, 2011-19 (Percentage of GDP) -- 4a. Monetary Survey, 2011-19 -- 5. Financial Soundness of the Banking Sector -- 6. Implementation Status for the Recommendations of the 2009 FSAP -- 7. Millennium Development Goals -- 8. Risk Assessment Matrix -- APPENDICES -- I. External Stability Assessment -- CONTENTS -- BACKGROUND -- BASELINE SCENARIO UNDERLYING THE DEBT SUSTAINABILITY ANALYSIS -- DEBT SUSTAINABILITY ANALYSIS -- A. External Public Debt -- B. Total Public Debt -- C. Comparison with the Previous Debt Sustainability Analysis -- D. The Authorities' Views -- DEBT DISTRESS CLASSIFICATION -- BOX -- 1. Macroeconomic Assumptions of the Baseline Scenario , 2016-36 -- FIGURES.

(1.) Santiago, Brava, Fogo.; (2.) S. Vicente, Sta Luzia, S. Nicolau, Santo Antao.; (3.) Sal, Maio, Boa Vista