[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109174-en":3,"doc-seo-109174-105":31,"detail-sidebar-cat-0-en-105":93},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},109174,962075006959,"Anda","https://ap-avatar.wpscdn.com/avatar/e0002397efbe92a78e?_k=1776741047341049297",8,"Research & Report","Cabo Verde - Enhancing Fiscal Sustainability in the Face of Shocks","Enhancing fiscal sustainability in Cabo Verde in the face of shocks focuses on diagnosing macro-fiscal conditions, vulnerabilities, and the evolution of fiscal policy. It evaluates domestic revenue mobilization, including tax trends, the efficiency of the tax system, and the potential to simplify reforms while addressing externalities and effectiveness. It also reviews expenditure dynamics and budget rigidity, promotes growth-enhancing spending, and outlines an SOE reform agenda with governance and accountability measures to reduce fiscal risks.","Pub lic Disclosure Authorized Pub lic Disclosure Authorized  \nCABO VERDE  \nPublic Disc losure Authorized  \nENHANCING FISCAL SUSTAINABILITY IN THE FACE OF SHOCKS  \nTABLE OF CONTENTS  \nAbbreviationsand Acronyms V Acknowledgements VII Executive Summary VIII  \nChapter 01. Understanding The Macro-Fiscal Context  \n1.1. Recent Macro-Fiscal Developments 25  \n1.2. Macro-Fiscal ChallengesAnd Risks 29  \n1.3. Fiscal Policy: PastAnd Present 39  \n1.4. Policy Recommendations 50  \nChapter 02.  \nImproving Domestic Revenue Mobilization InCabo Verde  \n2.1. Revenue Trends, Potential And Effort 56  \n2.2. The Efficiency Of Cabo Verde’sTax System 60  \n2.3. Is There Scope To Simplify The Tax System? 72  \n2.4. Is Cabo Verde’sTax Regime Effective At Correcting For Externalities? 88  \n2.5. Policy Recommendations 99  \nChapter 03.  \nRecalibrating Towards Growth-Enhancing Expenditure  \n3.1. Expenditure TrendsAnd Budget Rigidity 106  \n3.2. Efforts Towards Growth-Enhancing Public Spending 123  \n3.3. Policy Recommendations 140  \nChapter 04.  \nAccelerating The SOE Reform Agenda To Reduce Fiscal Risks  \n4.1. The Soe Landscape InCabo Verde 146  \n4.2. Corporate Governance And Accountability Mechanisms 153  \n4.3. State Footprint And Effects On Markets 158  \n4.4. Assessment Of Fiscal Costs And Risks From The Soe Sector 161 4.5. Policy Recommendations 183  \nAnnexes  \nList of Figures  \nFIGURE 1.1. Economic growth decelerated after the global financial crisis... 27  \nFIGURE 1.2....and has been more volatile than in most peer countries (2000−2022) 27  \nFIGURE 1.3. Recovery has been mostly driven by service exports and private consumption 28  \nFIGURE 1.4. Deficits in the current account and fiscal balance have narrowed 28  \nFIGURE 1.5. Cabo Verde trails peers on some economic, climate and social development indicators 31  \nFIGURE 1.6. Although improving, gender gaps in labor force participation persist 31  \nFIGURE 1.7. One-off revenues, the wage bill freeze, and low capital spending reduced the fiscaldeficit 33  \nFIGURE 1.8. Cabo Verde has limited fiscal space... 33  \nFIGURE 1.9....and public debt remains elevated 34  \nFIGURE 1.10. Public debt is concessional with favorable conditions… 34  \nFIGURE 1.11....though debt servicing pressures are considerable for the medium-term 35  \nFIGURE 1.12. Growth remains key for public debt reduction 35  \nFIGURE 1.13. Fiscal risks from SOEs have been increasing 38  \nFIGURE 1.14. Cabo Verde is highly vulnerable to climate change 38  \nFIGURE 1.15. Capital expenditures have borne the brunt of the expenditure adjustment in the last decade… 41  \nFIGURE 1.16....and are significantly lower than for peers 41  \nFIGURE 1.17. Government capital expenditure has negatively contributed to growth 42  \nFIGURE 1.18. Income tax productivity is lower than in peer countries 42  \nFIGURE 1.19. Cabo Verde’s most recent fiscal consolidation occurred from 2014−2017 44  \nFIGURE 1.20. Fiscal policy has generally been procyclical in the last decade 46  \nFIGURE 1.21. Expenditure has generally accompanied the cycle 46  \nFIGURE 1.22. Expenditure procyclicality has been among the highest of peers (2000−2023) ... 47  \nFIGURE 1.23....and was even stronger until the pandemic (2000−2019) 47  \nFIGURE 2.1. Total tax revenues are increasing, but are yet to match levels of aspirational peers 58  \nFIGURE 2.2. The share of tax revenues in total revenues is comparable with regional and aspirational peers 58  \nFIGURE 2.3. Tax collection levels are stagnant 59  \nFIGURE 2.4. Despite Cabo Verde’stax collection levels, there is scope to improve its tax effort 59  \nFIGURE 2.5. PIT revenues are in decline 63  \nList of Figures  \nFIGURE 2.6. Cabo Verde’s PIT productivity could be higher 64  \nFIGURE 2.7. Revenues are highly dependent on indirect taxes – highlighting concerns about progressivity 64  \nFIGURE 2.8 VAT revenue has been volatile 66  \nFIGURE 2.9 The efficiency of the VAT system is above average 66  \nFIGURE 2.10 CIT revenues have been declining 69  \nFIGURE 2.11 CIT productivity is well ","cbCaipyWWC0lR9Dr","https://ap.wps.com/l/cbCaipyWWC0lR9Dr","pdf",6892599,5,1,187,"English","en",105,"# Executive Summary\n# Chapter 01. Understanding The Macro-Fiscal Context\n## Recent Macro-Fiscal Developments\n## Macro-Fiscal Challenges And Risks\n## Fiscal Policy: Past And Present\n## Policy Recommendations\n# Chapter 02. Improving Domestic Revenue Mobilization In Cabo Verde\n## Revenue Trends, Potential And Effort\n## The Efficiency Of Cabo Verde’s Tax System\n## Scope To Simplify The Tax System\n## Effectiveness Of The Tax Regime Against Externalities\n## Policy Recommendations\n# Chapter 03. Recalibrating Towards Growth-Enhancing Expenditure\n## Expenditure Trends And Budget Rigidity\n## Efforts Towards Growth-Enhancing Public Spending\n## Policy Recommendations\n# Chapter 04. Accelerating The SOE Reform Agenda To Reduce Fiscal Risks\n## The SOE Landscape In Cabo Verde\n## Corporate Governance And Accountability Mechanisms\n## State Footprint And Effects On Markets\n## Fiscal Costs And Risks From The SOE Sector\n## Policy Recommendations","[{\"question\":\"What macro-fiscal developments and challenges does the report cover for Cabo Verde?\",\"answer\":\"It reviews recent macro-fiscal developments, identifies macro-fiscal challenges and risks, and summarizes how fiscal policy has evolved over time before outlining policy recommendations.\"},{\"question\":\"How does the report assess Cabo Verde’s domestic revenue mobilization?\",\"answer\":\"It analyzes revenue trends, potential and effort, evaluates tax system efficiency, considers whether the tax system can be simplified, and examines whether the tax regime effectively corrects for externalities.\"},{\"question\":\"What reforms does the report propose to reduce fiscal risks from state-owned enterprises (SOEs)?\",\"answer\":\"It proposes accelerating the SOE reform agenda by addressing the SOE landscape, strengthening corporate governance and accountability, assessing state footprint effects on markets, and estimating fiscal costs and risks from the SOE sector.\"}]","Cabo Verde - Enhancing Fiscal Sustainability in the Face of Shocks | PDF",1784477529,471,{"code":4,"msg":32,"data":33},"ok",{"site_id":25,"language":24,"slug":34,"title":13,"keywords":35,"description":14,"schema_data":36,"social_meta":88,"head_meta":90,"extra_data":92,"updated_unix":29},"cabo-verde-enhancing-fiscal-sustainability-in-the-face-of-shocks","",{"@graph":37,"@context":87},[38,55,70],{"@type":39,"itemListElement":40},"BreadcrumbList",[41,45,49,52],{"item":42,"name":43,"@type":44,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":46,"name":47,"@type":44,"position":48},"https://docshare.wps.com/document/","Document",2,{"item":50,"name":12,"@type":44,"position":51},"https://docshare.wps.com/document/research-report/",3,{"item":53,"name":13,"@type":44,"position":54},"https://docshare.wps.com/document/cabo-verde-enhancing-fiscal-sustainability-in-the-face-of-shocks/109174/",4,{"url":53,"name":13,"@type":56,"author":57,"headline":13,"publisher":59,"fileFormat":62,"inLanguage":24,"description":14,"dateModified":63,"datePublished":64,"encodingFormat":62,"isAccessibleForFree":65,"interactionStatistic":66},"DigitalDocument",{"name":9,"@type":58},"Person",{"url":42,"name":60,"@type":61},"DocShare","Organization","application/pdf","2026-07-30","2026-07-19",true,{"@type":67,"interactionType":68,"userInteractionCount":20},"InteractionCounter",{"@type":69},"ViewAction",{"@type":71,"mainEntity":72},"FAQPage",[73,79,83],{"name":74,"@type":75,"acceptedAnswer":76},"What macro-fiscal developments and challenges does the report cover for Cabo Verde?","Question",{"text":77,"@type":78},"It reviews recent macro-fiscal developments, identifies macro-fiscal challenges and risks, and summarizes how fiscal policy has evolved over time before outlining policy recommendations.","Answer",{"name":80,"@type":75,"acceptedAnswer":81},"How does the report assess Cabo Verde’s domestic revenue mobilization?",{"text":82,"@type":78},"It analyzes revenue trends, potential and effort, evaluates tax system efficiency, considers whether the tax system can be simplified, and examines whether the tax regime effectively corrects for externalities.",{"name":84,"@type":75,"acceptedAnswer":85},"What reforms does the report propose to reduce fiscal risks from state-owned enterprises (SOEs)?",{"text":86,"@type":78},"It proposes accelerating the SOE reform agenda by addressing the SOE landscape, strengthening corporate governance and accountability, assessing state footprint effects on markets, and estimating fiscal costs and risks from the SOE sector.","https://schema.org",{"og:url":53,"og:type":89,"og:title":13,"og:site_name":60,"og:description":14},"article",{"robots":91,"canonical":53},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":94},[95,99,103,107,111,116,121,124,129,132,136],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":96,"show_sort_weight":97,"slug":98},"Story & Novel",90,"story-novel",{"id":48,"doc_module":4,"doc_module_name":47,"category_name":100,"show_sort_weight":101,"slug":102},"Literature",80,"literature",{"id":54,"doc_module":4,"doc_module_name":47,"category_name":104,"show_sort_weight":105,"slug":106},"Exam",70,"exam",{"id":20,"doc_module":4,"doc_module_name":47,"category_name":108,"show_sort_weight":109,"slug":110},"Comic",60,"comic",{"id":112,"doc_module":4,"doc_module_name":47,"category_name":113,"show_sort_weight":114,"slug":115},6,"Technology",50,"technology",{"id":117,"doc_module":4,"doc_module_name":47,"category_name":118,"show_sort_weight":119,"slug":120},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":47,"category_name":12,"show_sort_weight":122,"slug":123},30,"research-report",{"id":125,"doc_module":4,"doc_module_name":47,"category_name":126,"show_sort_weight":127,"slug":128},9,"Religion & Spirituality",20,"religion-spirituality",{"id":127,"doc_module":4,"doc_module_name":47,"category_name":130,"show_sort_weight":127,"slug":131},"World Cup","world-cup",{"id":133,"doc_module":4,"doc_module_name":47,"category_name":134,"show_sort_weight":133,"slug":135},10,"Lifestyle","lifestyle",{"id":137,"doc_module":4,"doc_module_name":47,"category_name":138,"show_sort_weight":20,"slug":139},19,"General","general"]