Published in Economics
deficit deficit

Cape Verde need 4 to 5 million Euro to recapitalize Treasury Emergency Fund

  • Minister Correia says that the privatization of TACV, must happen urgently because as well as others public companies like Electra and IFH have required frequent capital injections, but the Treasury can’t support it much longer

Santa Maria – 27 October - Cape Verde is negotiating a 4 to 5 million Euro loan with World Bank to recapitalize the emergency fund.

The fund was established in 1990 for disaster situations in the country and should contain now around 3.3 million euro, but it is currently empty, said Finance Minister, Olavo Correia, who hopes to get the loan next year.

Public companies such as TACV, Electra and IFH have required frequent capital injections, but the treasury can’t support it much longer.

Correia adds that the privatization of TACV, must happen urgently, because the company liabilities exceed 90 million Euro.

Ocean Press – Editorial Office