Opening Address by the Chair of the Boards of Governors - 2025 Annual Meetings

Jul 19, 2026

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Opening remarks by Dr. Olavo Avelino Garcia Correia, Chair of the Boards of Governors, welcoming participants to the 2025 Annual Meetings of the World Bank Group and the IMF and emphasizing shared duty to reduce poverty and build a livable, peaceful planet. The address highlights Cabo Verde’s macroeconomic stability, its ambition to become a high-income country, and the role of good governance. It responds to a devastating tropical storm, calls for stronger climate resilience, diversification, and economic integration, and urges support for private-sector-led transformation and improved debt sustainability, transparency, and multilateral financing.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages4

Reading Time10 min

Address by the Chair of the Board of Governors

Welcome and partnership

Cabo Verde’s development ambitions

Climate shock response and resilience

Diversification, private sector, and debt sustainability

Public Disclosure Authorized Public Disclosure Authorized October 17, 2025 Opening Address by the Chair of the Boards of Governors, the Hon. OLAVO AVELINO GARCIA CORREIA, Governor of the World Bank and the IMF for CABO VERDE at the Joint Annual Discussion 2025 Annual Meetings Address by the Chair of the Board of Governors His Excellency Dr. Olavo Avelino Garcia Correia Vice Prime Minister, Minister of Finance and Minister for Digital Economy of Cabo Verde Your Excellencies, Honorable Governors, Distinguished Colleagues, • It is an honor for me to welcome you to the 2025 Annual Meetings of the Boards of Governors of the World Bank and the International Monetary Fund. • Together we are stronger. Together we will make the impossible possible! • We can make this planet a livable, peaceful place and this world free from poverty. It is a duty we all share! • I extend warm greetings to the President of the World Bank Group, Ajay Banga, and to the Managing Director of the IMF, Kristalina Georgieva. • The partnership between these two institutions has been one of strategic importance. Including for my country, Cabo Verde. • Today, we are an upper-middle-income country, enjoying macroeconomic stability and inclusive growth. • It is our aim to become a high-income country. Indeed it is our desire to join the ranks of the developed countries! • From a country of impossibilities in 1975 , when we gained our independence, Cabo Verde has now become a country of ambition. • We managed to qualify for the World Cup for the very first time—the second smallest country in the world to achieve this feat! • We demonstrated once again that we may be small, but that we can also be ambitious and think big. • Yes, anything is possible! The same goes for our continent. Africa has enough resources to build a glorious future. Energy, water, arable land, young people, women, and diverse climates and ecosystems. It will all come together through good governance and leadership. • We must make it our task to work every day to create employment, with dignified jobs and opportunities for everyone, while building resilience to climate shocks into the very structure of our development strategy. • In August, a devastating tropical storm swept through the northern islands of Cabo Verde, wreaking havoc in the communities there. • And here, I wish to express our deepest gratitude to the international community and to the World Bank Group and IMF for their strong support following this disaster. • This tragedy further highlights the need for climate governance and the importance of the advisory support and broad technical assistance programs of the Fund and the Bank, to enable us to create stronger buffers against such emergencies. • This underscores our need to invest in resilience so we can be prepared for the next shock and proactively plan for unforeseen events. • For Cabo Verde, as well as many other countries, we will need to diversify if we are to unlock growth, enhance economic resilience to external shocks, and create meaningful employment. This is the most effective way to lift people out of poverty. • Diversification and economic integration require substantial investment. The World Bank Group, the IMF, and other development partners have been working with us, bringing us not just financing but also knowledge, innovation, and cooperation. • Diversifying our economy beyond tourism and agriculture into an economy that is greener, bluer, smarter, more digital and more inclusive, is more than just a growth strategy—it is vital to our very survival. • The private sector must be at the center of this transformation. And, here, I wish to commend the World Bank Group on its efforts to unleash the potential of private equity to create jobs. • If growth is to be private-sector driven, we will need instruments adapted to our economic and business sector profiles. We will also need economic and financial stability

FAQs

Who delivers the opening address and for what event?

Dr. Olavo Avelino Garcia Correia delivers the opening address for Cabo Verde at the Joint Annual Discussion during the 2025 Annual Meetings of the World Bank and the IMF.

What challenges does Cabo Verde highlight in the address?

The address notes the impact of a devastating tropical storm and the broader need to invest in climate resilience, diversification, and resilience-building for the next shocks.

What actions does the chair call for regarding economic transformation and debt?

He calls for private-sector-centered transformation, stronger institutions and policies to support enterprises, and measures to improve debt sustainability through reduced charges, better borrowing practices, and timely, predictable debt restructuring.

Jul 19, 2026

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