Lusa - Business News - Cabo Verde: Government injects €12M in energy cost mitigation between April-June

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Lusa - Business News - Cabo Verde: Government injects €12M in energy cost mitigation between April-June

Praia, Sept.21,2022(Lusa)– The government of Cabo Verde has already injected 12 million euros to implement measures in the energy sector and mitigate increases in fuel prices due to the war in Ukraine, said the minister of trade and energy on Wednesday.
During a press conference in the city of Praia to assess mitigation measures adopted by the government in the price of energy products, Alexandre Monteiro also said that the amount related to measures taken from April to June and those in place until the end of the year.
On 1 July, the minister said that by the end of the year the measures in electricity represented a financial effort of over PTE 1,080 million (9.7 million euros) to protect families and businesses.
And in total, measures to mitigate increases in fuel prices due to the impact of the war in Ukraine would require a financial effort of 45.3 million euros from the state of Cabo Verde.
The measures include reducing VAT on electricity and water from 15 percent to 8 percent, increasing spending on electricity and water by 30 percent, increasing the discount on the social tariff for water and electricity from 30 percent to 50 percent, temporary suspension of the mechanism for fixing fuel prices, updating fuel tariffs, reducing the rate of import duties on gasoline, diesel and fuel oil, and suspending the road safety and maintenance tax for July.
According to Alexandre Monteiro, the structural measures adopted by the government had "real and concrete impacts" on the lives of families and businesses, avoiding "catastrophic increases" in fuel prices in the country.
For example, between April and June, the government's measures avoided an average increase in fuel prices of around 16%.
In electricity tariffs, without any measures the price would be over 50 percent higher than the current price and families registered on the social register would pay more than double (158 percent) what they pay now, the minister also revealed.
Alexandre Monteiro also noted that the country continued to be supplied normally and gave assurances that the government and the fuel market would continue to make efforts so that there was no disruption to the supply of fuel in the archipelago.
On June 20, the prime minister, Ulisses Correia e Silva, declared a situation of social and economic emergency in the country due to the impacts of the war in Ukraine, announcing further mitigation measures, with a total cost of more than 80 million euros.
One of the objectives with the declaration of the emergency situation is to mobilise 8.8 billion escudos (80 million euros) until the end of this year with international partners to implement mitigation measures for the effects of the food and energy crises.
Cabo Verde's deputy prime minister and finance minister, Olavo Correia, also said at the press conference that the government had already mobilised half of that amount from international partners and did not rule out the possibility of taking new measures and getting more resources, depending on the evolution of the national and international situation.
The country is still experiencing a deep economic crisis, after a recession of almost 15% of the Gross Domestic Product (GDP) in 2020, due to the lack of tourism caused by the Covid-19 pandemic, a sector that normally guarantees 25% of the GDP and employment.
The government says the economy may have grown between 6.5 and 7.5 percent in 2021, driven by a recovery in tourism demand, and forecast 6 percent growth in 2022, which has been revised down to 4 percent due to the economic consequences of the war in Ukraine.
RIPE/AYLS // AYLS
Lusa

Agency : LUSA
Date : 2022-09-22 11:30:00

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