Lusa - Business News - Cabo Verde: Higher subsidies needed to overcome inflation in 2023

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Lusa - Business News - Cabo Verde: Higher subsidies needed to overcome inflation in 2023

Praia, Nov.23,2022(Lusa)- Cabo Verde's government plans to increase the amount for subsidies in 2023 to 2.022 billion escudos (€18.2 million) to maintain price stabilisation measures in the face of ongoing inflationary escalation.
According to data from the supporting documents for the draft budget for 2023, under discussion in parliament and with a special vote scheduled for Friday, the item subsidies increases by 43.5% compared to the budget for this year "due to the combined effect" of measures to mitigate the economic crisis caused by the war in Ukraine. In measures to support "the empowerment of poor families", namely for water and energy consumption, a budget of 505 million escudos (€4.6 million) is planned for 2023 for "mitigating the increase in fuel" 464 million escudos (€4.2 million) and 68 million escudos (€614,000) for measures to contain the rise in food prices.
Cabo Verde has been facing a deep economic and financial crisis, stemming from the sharp drop in tourism demand - a sector that guarantees 25% of the archipelago's Gross Domestic Product (GDP) - since March 2020 due to the Covid-19 pandemic and is still recovering from four years of severe drought. For 2022, due to the economic consequences of the war in Ukraine, the government has lowered the growth forecast from 6% to 4% and predicts record inflation of 8%, estimated to halve next year.
Meanwhile, the government acknowledged in late October that it needed external support of €40 million to fund measures to mitigate the crisis caused by escalating food and energy prices, which it hopes to close by early 2023.
"The government was able to mobilise half of what was the estimate to support the mitigation measures. So in the short term, from May to this date, we have mobilised 50%. I believe that until the first quarter of next year, we will be able to mobilise more financial means", the secretary of state for foreign affairs and cooperation, Miryan Vieira, said on 26 October.
Vieira made the statement in Praia at the end of a meeting between the government and the country's development partners to assess the support provided following the request for international emergency assistance made by the government.
"We know that according to the financial gap that we have in the budget, Cabo Verde still has to mobilise around €40 million, and we also want to see with bilateral partners because there has been a great mobilisation with the international financial institutions. To ensure greater macroeconomic stability in the country, we must see how to mobilise more funds in the meantime. It is not an easy task to mobilise, but we are also in a position to have support, particularly next year," she added.
As an example of support already closed, Miryan Vieira pointed to the World Food Programme, in the amount of $1.5 million, and the one from the government of Luxembourg, of €3 million to ensure the maintenance of the national school canteen programme.
"And we have also been able to mobilise support to ensure food security, namely with Japan, China and India, Saudi Arabia, Brazil, Portugal and other partners," he further said.
"We have managed to manifest support that will be obtained in the future, particularly from the European Union and some other partners, all to ensure this sustainability. As you know, the government has been making efforts to maintain macroeconomic indicators, to put into execution the programme for economic recovery. And with this, we want to have other kinds of aid that are not only food aid, with the space to prefer, for example, direct budget support. We already have countries that have committed themselves to anticipate the budget support that will soon be made available to Cabo Verde", added Miryan Vieira.
The prime minister declared on 20 June a situation of social and economic emergency in the country due to the impacts of the war in Ukraine, announcing more mitigation measures, mainly to contain the rise in energy and food prices, with a total cost of more than €80 million.
"The situation is one of economic, social and humanitarian emergency in several countries of the world, particularly the least developed countries. In Cabo Verde, we feel the impacts of inflation, the deterioration of the purchasing power of families, food security and the prospects for economic growth. These are the reasons for declaring a situation of social and economic emergency in Cabo Verde, derived from the impacts of the war in Ukraine," Ulisses Correia e Silva said at the time in a statement to the country.
PVJ/ADB // ADB.
Lusa

Agency : LUSA
Date : 2022-11-24 00:15:00

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