CABO VERDE · IMF PROGRAMMES
Key Facts
- The request Cabo Verde wants a three-month extension, January to March, of two IMF-backed support programmes.
- Who announced it Finance official Maria José Lopes spoke in Praia on Friday, 6 November 2026.
- The programmes A credit facility from June 2022 and a climate facility from December 2023, both ending in December.
- IMF view The IMF mission chief called the economy resilient but warned about spending and new subsidies.
- What is next Final payments need finished reviews and approval by the IMF Executive Board.
Cabo Verde asks IMF, the International Monetary Fund, for three more months to finish two support programmes due to end in December. Finance Secretary of State Maria José Lopes announced the request in Praia, the capital, on Friday, 6 November 2026.
The extension would run from January to March 2027, because the government says the reforms need more time. The request comes nine days before voters choose a president on 15 November.
What Cabo Verde Asked For
The government will ask for a technical extension of three months, from January to March, to complete the reviews of its two programmes. Lopes said that “até março as condições vão estar criadas”, meaning by March the conditions will be in place.
The IMF mission that ended on Friday ran the eighth and ninth credit-facility reviews and the fourth and fifth resilience-facility reviews. Each review is a progress check that can release the next payment.
The Two Programmes Explained
The Extended Credit Facility was approved on 15 June 2022 and gives Cabo Verde access to about US$71 million, in the IMF’s own conversion. The Resilience and Sustainability Facility, approved on 11 December 2023, adds about US$32 million for climate resilience and water and energy reforms.
Both programmes were extended in 2025 to December 2026, and payments follow each completed review. The IMF Executive Board, the fund’s governing body, must approve the final payments.
Why the Government Wants More Time
Lopes said the programmes bundle four reforms that involve three or four ministries. She also said the accounts of the state airline TACV for 2023, 2024 and 2025 are not yet approved or audited.
Reforms in water and energy are still open, including a study comparing the price customers pay with the cost of supply. Lopes noted that the government has been in office for only four months.
What the IMF Said
Mission chief Martin Schindler described the economy as resilient, with robust growth, controlled inflation, a solid external position and historically high reserves. He said the team made progress and that the technical work will continue.
Schindler welcomed the government’s 2027 target of a primary surplus, revenue above spending before interest, equal to 0.9% of national output. He warned that ambitious revenue projections, rising current spending and new subsidies could limit room to absorb future shocks.
Where the Economy Stands
After a visit in July, the IMF reported that real output grew 6.4% in the first quarter of 2026 from a year earlier. It said inflation was 1.1% in June and that reserves gave the island country a comfortable buffer against outside shocks.
The same statement named high public debt and exposure to outside and climate shocks as the main weaknesses. It urged the government to avoid broad subsidies and to watch the finances of state-owned companies.
In Plain English, Who Is Who
Maria José Lopes is the Secretary of State for Finance, a senior finance official who works under Prime Minister and Finance Minister Francisco Carvalho. Martin Schindler leads the IMF team that visits Cabo Verde to review the programmes.
The IMF is the international lender that backs Cabo Verde’s economic reforms with loans paid in stages. Cabo Verde, also written Cape Verde, is an island country in the Atlantic Ocean off West Africa.
What It Means for You
The request lands nine days before the presidential vote on 15 November, for which the Constitutional Court admitted five candidacies. Our guide to the vote and our explainer on who holds power in Cabo Verde give the background.
For US readers, the programmes matter to anyone holding Cabo Verde debt, booking its beaches or watching small democracies in West Africa. A finished programme gives lenders and tourism firms a clearer view of public finances, though no IMF decision has been announced.
We covered a related gap between the government and the fund last month. Read our report on the government and IMF growth forecasts.
What Is Not Known
Whether the IMF will accept the three-month extension is not yet known. The IMF mission team and its Executive Board will decide, and no date for a Board meeting has been given.
Whether the airline accounts and the water and energy reforms will be finished by March is also open. Lopes and the finance ministry can say once the accounts are approved.
More: Africa news in English, every day from The Rio Times.
Frequently Asked Questions
What did Cabo Verde ask the IMF for?
The government asked for a three-month technical extension, from January to March 2027, of two support programmes. Finance official Maria José Lopes announced it on Friday, 6 November 2026.
Which programmes are involved?
They are the Extended Credit Facility, approved in June 2022, and the Resilience and Sustainability Facility, approved in December 2023. Both were due to end in December 2026.
Why does the government need more time?
Lopes said the programmes involve four reforms across several ministries, the TACV airline accounts are not yet audited, and water and energy reforms remain open. The government has held office for only four months.
Has the IMF agreed?
No decision has been announced. The final payments depend on finishing the remaining reviews and on approval by the IMF Executive Board.
Sources: Government of Cabo Verde, Ministry of Finance, joint press conference with the IMF mission, Praia, 6 November 2026; International Monetary Fund, Press Release 26/258, staff visit to Cabo Verde, 24 July 2026; International Monetary Fund, Press Release 25/355, seventh ECF review and RSF reviews, 4 November 2025; International Monetary Fund, Press Release 25/133, extensions of the ECF and RSF arrangements, 7 May 2025; Constitutional Court of Cabo Verde, order admitting five presidential candidacies, 21 September 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief