|Approval Date||28 Oct 1998|
|Signature Date||12 Jan 1999|
|Planned Completion Date||31 Dec 2001|
|Last Disbursement Planned Date||31 Dec 2001|
|Sovereign / Non-Sovereign||Sovereign|
|DAC Sector Code||15124|
The Economic Reform Support Program (ERAP) is part of the 1997-2000 national development plan. It aims to implement the reforms necessary to restore the major macroeconomic balances. In addition to the restoration and privatization of some state-owned enterprises, this programme should improve the legislative and regulatory framework for sustained and sustainable growth based on private sector development. It should contribute to improving the living conditions of disadvantaged populations through measures identified in favour of employment development and the financing of public expenditure in the social sectors. The programme consists of (04) components, namely: (i) promotion of the private sector; (ii) further liberalization of the economy; (iii) maintenance of a viable and stable macroeconomic framework; and (iv) further reform of the public sector.
The programme aims to create the conditions for accelerated growth of around 4% per year, reduce the inflation rate to 3.5% between 1998-2000 and restore financial balances. The private sector is expected to become the main engine of growth and the State should consolidate fiscal and financial management while clearing the domestic debt that has become unsustainable for the country's economy.
The main beneficiaries of the programme are public companies and the State of Cape Verde in general.
African Development Fund
Conseil des Affaires Economiques
|Last Update||30 Nov 2022|