May 26th 2010
At the end of the IMF’s eighth undertaking to country, intended to evaluate financial management, the vice-director of the IMF’s Africa Division, Valerie Cerra, held a press conference in which she praised the economic and financial policies implemented by the Cape Verdean government.
Valerie Cerra said “With the policies it has used, Cape Verde managed to have a reserve that allowed it to react swiftly to the crisis and helped combat its negative effects. It faced the world economic crisis in a strong manner, consolidating the prudent economic measures that were called for and managing to obtain positive results.”
With this upbeat evaluation by the IMF, Valerie Cerra passed on the news that Cape Verde “will continue to have the support of international financial organizations, as it has fulfilled all of the accords it has signed.”
Minister for Finance, Cristina Duarte also mentioned that the results from the first quarter of 2010 were also analyzed and revealed “positive signs” in the archipelago economy, including the “increase in private consumption, the increase in investments and the slight increase in exports and re-exports.”
Duarte also stated it was the “eighth consecutive positive evaluation since Cape Verde signed the PSI with the IMF in 2006.”
Delighted with the glowing report from the IMF, Duarte stated that the government would make a “major effort” to continue this “very prudent management, because there is still a high level of uncertainty in the international context, namely in the euro zone, with recent events.”
Duarte continued by saying that in an international crisis some windows of opportunity can open for the development of the country, stressing “prudent management” as the way forward.

Portugal Telecom has committed to invest $25 million US dollars in a new undersea cable system in Cape Verde, as part of the project covering the entire West Coast Africa. The system, which is part of a joint venture with national provider Cabo Verde Telecom, will “guarantee connections to some of Portugal Telecom’s main operations on the African continent as well as internet connectivity with the main European telecommunications centre in London” and will be ready by the end of 2010.

Source: Telecompaper

The three political parties present at the National Assembly in Praia, Partido Africano da Independência de Cabo Verde (PAICV), Movimento para a Democracia (MpD) and União Cabo-Verdiana Independente e Democrática (UCID) unanimously approved the new law, which aims to prevent laundering money in Cape Verde.

This new law follows swiftly the financial scandal involving Portuguese bank, BPN and Cape Verdean financial institution Banco Insular, by far better monitoring of offshore banks or IFIs (International Financial Institutions).

Cape Verde has 11 banks that are authorised to carry out IFI transactions.

(Source: macauhub)