Cape Verde calls for new criteria for access to global financing
By the AFREEQUE newsroom, based on Expresso das Ilhas
Cape Verde is asking the World Bank to take small island states’ vulnerabilities into account, rather than per-capita income alone, when determining access to its financing. The country’s new classification as an upper-middle-income economy could limit some grants and preferential loans, according to Secretary of State Maria José Lopes, quoted by Lusa.
Cape Verde’s Secretary of State for Finance, Maria José Lopes, called for access to World Bank financing not to be determined solely by per-capita income. She argued that the vulnerabilities specific to small island states should be taken into account, during an interview with Lusa on the sidelines of the annual meetings of the International Monetary Fund and the World Bank in Bangkok.
The World Bank upgraded Cape Verde last year from lower-middle-income country status to upper-middle-income country status. According to Maria José Lopes, this reclassification could limit the archipelago’s access to some concessional financing instruments.
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Summary produced with the help of artificial intelligence tools, under AFREEQUE’s editorial responsibility.
