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Lusa - Business News - Cabo Verde: Domestic borrowing to increase more than 7% in 2021




Praia,Oct.16,2020(Lusa)-Cabo Verde is to incur almost 7% more debt in the internal market next year, renewing maximums, to the equivalent of €53 million, as provided for in the proposed law on the state budget for 2021.

In the amending budget for 2020, which came into force in August and was drawn up in the light of the health and economic crisis caused by the Covid-19 pandemic, the government has included a forecast of over 5.487 billion escudos (€49.6 million) in debt on the internal market, in treasury notes and government bonds.

In the draft law for the 2021 state budget, also marked by the economic crisis resulting from the pandemic, the section on financing needs authorises the government to increase net domestic debt by more than 5.87 billion (€53 million), an increase of 6.9% over the limit set in the 2020 budget review, which came into force in August.

Treasury bills are public debt securities with short maturities of a few months, while Treasury Bonds are long maturities, for which the Cabo Verde state usually pays around 3% interest.

The draft law authorises the minister of finance to increase external borrowing, "by using and contracting new loans", but also, among other measures, to "increase budget appropriations for the repayment of public debt, if necessary", or "decide on the advance payment, in whole or in part, of loans".

It also authorises the minister of finance to "contract new operations to deal with the advance payment or transfer of liabilities associated with previous loans" in 2021.

Cabo Verde plans to spend more than €176 million on debt servicing next year, an all-time high.

According to the documents in support of the budget proposal, debt service will increase by 3.2 billion escudos (€28.8 million) within one year.

Cabo Verde's total debt service - interest and debt repayments - after the Amending Budget approved in July due to the Covid-19 pandemic is expected to reach 16,385 billion escudos (€147.6 million) this year.

In 2021, Cabo Verde will spend the equivalent of 10.1% of Gross Domestic Product on debt servicing.

The proposed State Budget for 2021 amounts to 77.896 billion escudos (€706.4 million), which corresponds to an increase of €27.3 million compared to the amending budget still in force, prepared due to the crisis caused by the pandemic.

After a historical recession of between 6.8% and 8.5% this year, economic growth is forecast for next year at 4.5%, but only if the country manages to control the pandemic and if there is a worldwide easing of lockdown.

For the next economic year, the Cape Verdean government also forecasts inflation of 1.2%, a budget deficit of 8.8%, an unemployment rate to be reduced from 19.2% to 17.2% and a public debt of 145.9% of Gross Domestic Product.

Cabo Verde is experiencing an economic crisis caused by the pandemic, with the tourism sector, which guarantees 25% of GDP, halted since March, with losses that could reach 70%.

PVJ/ADB // ADB.

Lusa


Agency : LUSA

Date : 2020-10-17 09:45:00







 

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