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African Development Bank proposes to help Cabo Verde to reconvert public debt

Praia, Jun 11 (Inforpress) – The African Development Bank (AfDB) is available to work with the Government of Cabo Verde on the issue of reconverting public debt, to open fiscal space to finance actions to strengthen the economy.

This availability was expressed by the Deputy Director-General of the AfDB, Joseph Ribeiro, at the end of a meeting with the Prime Minister, Ulisses Correia e Silva, during which the issue of reconverting of public debt was on the table.

“It was clear from the hearing that Cabo Verde is not looking for a blank check. It want an additional reconversion, a debt restructuring to open up fiscal space to finance actions strengthen the economy. So we’re not talking about forgiveness or debt elimination. And we will work towards using debt more productively through reconversion”, he explained.

Joseph Ribeiro said that at the level of the AfDB there is already an action plan for the management of African debts, and indicated that in due time the institution will collaborate with the Government of Cabo Verde and see how to advise the country taking into account its specificities to face the issue.



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