Cape Verde macroeconomic performance "remains robust"

An IMF official has praised the resilience of Cape Verde's economy but warned of tough challenges ahead

A senior figure at the International Monetary Fund (IMF) declared yesterday (April 14th) that Cape Verde's macroeconomic performance in the current climate "remains robust".

Lamin Leigh, director of the Africa Department Division of the IMF, sounded the note of optimism at a press conference in Praia but also warned of "new challenges" ahead, Macauhub reports.

Nevertheless, the news that the infrastructure is holding up well despite the tough economic landscape will provide a boost to anyone with a Cape Verde property investment.

Mr Leigh also announced that the Policy Support Instrument (PSI) - signed between the archipelago and the IMF in 2006 - will be extended by a further year from this July.

The sixth review of the PSI will be presented to the IMF executive council in June, when it is likely that a similar three-year deal will be agreed, with new targets coming into force in July 2010.

According to a recent report by Building.co.uk, Cape Verde is currently seeking UK investment for a £2.5 billion building programme in the country.

This article has been brought to you be Sambala; the developer for Cape Verde Property.

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