Government forecasts 7% GDP growth for 2005

Article Date : Sunday, October 30, 2005

Cape Verde’s Gross Domestic Product is expected to register growth of approximately 7% in 2005, according to government forecasts. The Cape Verdean executive estimates that the 2005 State Budget will undergo an adjustment of more than 3 billion escudos thanks to the funds from the Millennium Challenge Account, which entered state coffers on October 19. “The budget execution rate is good, standing at about 50%. This is why we believe that we can accelerate the pace of the execution of activities from the rectified budget to arrive at the end of the year with a GDP growth rate of approximately 7%,” announced Finance and Planning Minister João Serra. The Budget Rectification proposal will be submitted to the National Assembly on Monday, October 23. Among the investments called for within the framework of the Millennium Challenge Account are the construction of roads on the islands of Santiago (linking Órgãos to Pedra Badejo, Cruz Grande to Calheta, Volta do Monte to Ribeira Prata, Fundura to Figueira das Naus, Assomada to Porto Rincão and Fonte Lima to João Bernardo) and Santo Antão and the initiation of studies for the modernization of Praia’s sea port and the promotion of the private sector in the country. Recent conversations between the Minister of Finances and Planning and the Arab Economic Development Bank in Washington also resulted in a donation of US$ 22 million for the construction of the Fogo highway ring, according to Serra.

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Cape Verde, Cape Verde, Cape Verdean, Praia, Santiago, USD, Washington

Government forecasts 7% GDP growth for 2005

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