10 years graduation for middle income: Government confident of transforming Cabo Verde into a developed country

Praia, Jan 24 (Inforpress) – After 10 years of graduation from Cabo Verde for the group of middle-income countries, the Government is confident that the archipelago will be transformed into a developed country in the medium term and double income per capita.

Despite considering that the country was not prepared to assume this condition due to the challenges had to face, the Deputy Prime Minister and Minister of Finance, Olavo Correia, said that graduation was without a doubt a “good solution” for Cabo Verde.

According to Olavo Correia, the country has reduced its public development aid by half, from around nine billion escudos per year to about four billion escudos, and has no preferential loans.

Graduation coincided with the outbreak of crises and, on the other hand, the country was still confronted during this period with several internal shocks from the point of view of the drought and volcanic eruption that led the country to be conditioned to a more restrictive budgetary framework.



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