The International Monetary Fund (IMF) has granted Cabo Verde an extension for its Extended Credit Facility (ECF) and Resilience and Sustainability Facility (RSF) arrangements. This decision, made by the IMF Executive Board, extends the ECF until September 15, 2025, and the RSF until September 11, 2025. The extensions aim to provide additional time for Cabo Verde to complete the sixth review of the ECF and the third review of the RSF.
Initially approved on June 15, 2022, the three-year ECF arrangement allows Cabo Verde access to Special Drawing Rights (SDR) amounting to SDR 45.03 million, which is equivalent to 190 percent of its quota. Meanwhile, the RSF arrangement was sanctioned on December 11, 2023, providing access to SDR 23.7 million or 100 percent of quota.
"The Executive Board’s decision was taken on a lapse-of-time basis," as per IMF's statement. This procedure permits decisions without formal discussions when a proposal is deemed non-controversial.