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CAPE VERDE SOCIO-ECONOMIC SITUATION AND STRATEGY OF SMOOTH TRANSITION PowerPoint Presentation
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CAPE VERDE SOCIO-ECONOMIC SITUATION AND STRATEGY OF SMOOTH TRANSITION

CAPE VERDE SOCIO-ECONOMIC SITUATION AND STRATEGY OF SMOOTH TRANSITION

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CAPE VERDE SOCIO-ECONOMIC SITUATION AND STRATEGY OF SMOOTH TRANSITION

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  1. CAPE VERDE SOCIO-ECONOMIC SITUATION AND STRATEGY OF SMOOTH TRANSITION A SMALL INSULAR STATE COMMITTED AND DETERMINED IN A SUSTAINABLE DEVELOPMENT MEETING OF THE PARTNERS OF CAPE VERDE FOR THE SMOOTH TRANSITION AND OF THE GROUP OF SUPPORT TO THE TRANSITION

  2. INTRODUCTION • GENERAL CONTEXT • PROFILE OF VULNERABILITY • ECONOMICAL AND FINANCIAL VULNERABILITY • STRATEGY OF DEVELOPMENT • DOCUMENT OF STRATEGY OF GROWTH AND OF REDUCTION OF THE POVERTY • NATIONAL FORUM OF TRANSFORMATION • MACROECONOMIC ADMINISTRATION, INSTITUTIONAL CAPACITY AND IMPROVEMENT OF THE COMPETITIVENESS AND OF THE PERFORMANCE AT THE MICROECONÓMIC LEVEL • SOME DATA • GOVERNMENTPROGRAM • CHALLENGES FOR A SMOOTH TRANSITION • INTERNAL CHALLENGES • EXTERNAL CHALLENGES • STRATEGY OF EXIT • PROPOSAL TO THE INTERNATIONAL PARTNERS MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  3. GENERAL CONTEXT MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  4. 1. PROFILE OF VULNERABILITY • LINKED VULNERABILITY TO THE AGRICULTURAL PRODUCTION • ONLY 10% OF THE GLOBAL SURFACE POSSESS AGRICULTURAL ENDOWNEMENT - HYDRÍC AND NOURISHING DEFICIT PRODUCTION (ONLY 20% OF THE NEEDS) • ECOLOGICAL VULNERABILITY • RISK OF EROSION AND OF ACCELERATED DESERTIFICATION • VULNERABILITY ASSOCIATED TO THE DOUBLE INSULARITY • LACK OF ECONOMIES OF SCALE, MULTIPLICATION OF THE INFRASTRUCTURES, ELEVATED COSTS OF TRANSPORT MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  5. 1. PROFILE OF VULNERABILITY • VULNERABILITY IN RELATION TO THE FLOWS FROM THE EXTERIOR • GREAT DEPENDENCE OF PDA AND OF THE REMITTANCES OF THE EMIGRANTS; PDA HAS BEEN DECISIVE IN THE COURSE OF DEVELOPMENT OF THE COUNTRY; ON AVERAGE ABOUT 80% OF THE PUBLIC INVESTMENTS ARE FINANCED THROUGH PDA. MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  6. 1. PROFILE OF VULNERABILITY • VULNERABILITY IN RELATION TO THE IMPORTS • WEAK PRODUCTIVE STRUCTURE AND ENORMOUS DEPENDENCE OF THE IMPORTS (ENERGY, NOURISHING GOODS); HIGH DEGREE OF EXPOSITION TO EXTERNAL IMPACT • SMALL DIMENSION, DISCONTINUITY AND LACK OF ECONOMIES OF SCALE ADD DIFFICULTIES TO THE CONSTRUCTION OF THE INTERNAL MARKET MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  7. 1. PROFILE OF VULNERABILITY • WEAK ENDOWMENT (PROVISION) IN TERMS OF NATURAL RESOURCES CONJUGATED WITH AN ADVERSE CLIMATE TO AGRICULTURAL PRODUCTION AND A HIGH EROSION OF THE PLOWED(ARABLE) SOILS MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  8. 1. PROFILE OF VULNERABILITY • VULNERABILITY AT THE SECURITY LEVEL • EXTENSIVE EXCLUSIVE ECONOMIC ZONE AND TERRITORIAL DISCONTINUITY PLACE ENORMOUS DIFFICULTIES TO THE CONTROL OF THE NATIONAL BORDERS (CLANDESTINE (UNDERGROUND) MIGRATION, ILLICIT TRAFFIC) • ECONOMICAL AND FINANCIAL VULNERABILITY RESULTS IN GREAT MEASURE OF THE SITUATION OF SMALL INSULAR ECONOMY IN DEVELOPMENT MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  9. 2. ECONOMICAL AND FINANCIAL VULNERABILITY • DYNAMICS OF GROWTH PRESENTS PERSISTENT FRAGILITIES: • INSUFFICIENT TRANSFORMATION OF THE PRODUCTIVE STRUCTURE; WEAK CAPACITY OF CREATION OF PRODUCTIVE JOBS, UNEMPLOYMENT TOO HIGH • PREVALENCE OF THE TRADITIONAL SERVICES • SECONDARY SECTOR DOMINATED BY CONSTRUCTION • INSUFFICIENT DYNAMISM OF SECTORS POTENTIALLY GENERATORS OF INCREASED VALUE AND OF JOBS MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  10. 2. ECONOMICAL AND FINANCIAL VULNERABILITY • INSUFFICIENT WEIGHT OF TRANSACCIONABLE GOODS AND SERVICES • ELEVATED DEFICIT OF THE CURRENT ACCOUNT • ELEVATED STOCK OF THE PUBLIC DEBT • ACCORDING TO THE INQUIRY TO THE EXPENSES AND FAMILY INCOMES OF 2001-02, 37% OF POPULATION ARE CONSIDERED POOR AND 20% VERY POOR • TOO HIGH LEVEL OF POVERTY DIRECTLY LINKED TO THE TOO HIGH TAX OF UNEMPLOYMENT - 24% IN 2005 MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  11. STRATEGY OF DEVELOPMENT MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  12. DOCUMENT OF STRATEGY FOR THE GROWTH AND REDUCTION OF POVERTY • A SHARED VISION OF A LONG TERM STRATEGY DUE TO A PROCESS OF ENLARGED DIALOGUE AT NATIONAL LEVEL • THE REDUCTION OF THE POVERTY IS CONSIDERED THE HIGHER CHALLENGE OF CAPE VERDE • DECRP TRANSMITS AN INTEGRATED APPROACH OF MACRO, MESO AND MICROECONOMIC POLÍCIES FOCUSED IN THE GROWTH AND IN THE REDUCTION OF POVERTY MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  13. 2. FORUM FOR THE TRANSFORMATION OF CAPE VERDE 2003 • THE STRATEGIC REFLECTION WAS DEEPENED IN THE FRAMEWORK OF THE NATIONAL FORUM FOR THE TRANSFORMATION OF CAPE VERDE GOVERN / CIVIL SOCIETY MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  14. 2. FORUM FOR THE TRANSFORMATION • THE FORUM EMPHASIZED THE NEED OF VALORIZATION OF THE COMPETITIVE ADVANTAGES OF THE COUNTRY IN KEY-SECTORS -TOURISM, TEXTILE, MARINE AND AERIAL TRANSPORTS, FINANCIAL SERVICES AND TECHNOLOGIES OF INFORMATION MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  15. SOME DATA MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  16. 1. MACROECONOMIC EVOLUTION MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  17. 2. MACROECONOMIC EVOLUTION(IN % OF GDP) MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  18. 3. MACROECONOMICEVOLUTION ( IN MILLIONS CVE ) MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  19. 4. MACROECONOMICEVOLUTION ( IN % GNP ) MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  20. IV. GOVERNMENTPROGRAM MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  21. 1. GOVERNMENT PROGRAM 2006-11 TWO MAIN OBJECTIVES • ACCELERATION OF THE ECONOMIC GROWTH • SUBSTANTIAL REDUCTION OF THE LEVEL OF UNEMPLOYMENT MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  22. V. CHALLENGES FOR A SMOOTH TRANSITION MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  23. INTERNAL CHALLENGES • TRANSITION FROM A PATTERN OF ECONOMIC GROWTH AND OF DEVELOPMENT WHERE STILL SUBSISTS AN IMPORTANT COMPONENT OF MECHANISMS OF AN ECONOMY OF INCOME FOR AN ECONOMY OF A PRODUCTIVE PRIVATE BASE IN THE FRAME OF THE REINFORCEMENT OF THE GLOBAL COMPETITIVENESS OF THE COUNTRY: • IMPROVEMENT OF THE ACTING AT MICROECONÓMIC LEVEL • REINFORCEMENT OF THE BUSINESS CAPACITY OF THE COUNTRY MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  24. INTERNAL CHALLENGES • CONSOLIDATION OF THE MACROECONOMIC STABILITY IN CONJUGATION WITH ACCELERATION OF THE ECONOMIC GROWTH, THE REDUCTION OF UNEMPLOYMENT, OF POVERTY AND THE REINFORCEMENT OF THE SOCIAL COHESION • CONSOLIDATION OF THE PROCESS OF MODERNIZATION OF THE INFRASTRUCTURES • MODERNIZATION OF THE PRODUCTIVE STRUCTURE • IMPROVEMENT OF THE ATMOSPHERE OF BUSINESSES AND DYNAMIZATION OF THE PRIVATE SECTOR MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  25. INTERNAL CHALLENGES • INCREASE OF THE EXPORTS AND OF THE FOREIGN DIRECT INVESTMENT • TOURISM DEVELOPMENT WITH ENVIRONMENTAL PROTECTION • CONSOLIDATION OF THE FISCAL REFORM AND OF THE PUBLIC MARKETS • REINFORCEMENT OF THE CAPACITIES AT THE LEVEL OF REGULATION WITH PROMINENCE FOR THE NATURAL MONOPOLIES MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  26. INTERNAL CHALLENGES • CONCLUSION OF THE PROCESS OF RESTRUCTURING OF SEE AND OF THE PRIVATIZATIONS • REFORM OF THE PUBLIC ADMINISTRATION • IMPROVEMENT OF THE SYSTEM OF PROFESSIONAL TRAINING AND MODERNIZATION OF THE LABOR LEGISLATION MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  27. INTERNAL CHALLENGES • MODERNIZATION OF THE FINANCIAL SYSTEM • CONCLUSION OF THE SOCIAL SECURITY REFORM MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  28. EXTERNAL CHALLENGES • TO MATERIALIZE WITH SUCCESS THE “PHASING OUT” FROM THE GROUP OF PMAS • TO INTENSIFY THE PROCESSES OF INTERNATIONAL STRATEGIC PARTNERSHIP OF CAPE VERDE • TO IMPROVE THE COMPETITIVE POSITIONING OF THE COUNTRY AT INTERNATIONAL LEVEL MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  29. STRATEGY OF EXIT • CAPE VERDE IS A PECULIAR CASE OF CONSTRAINT, VULNERABILITY AND DEPENDENCE FROM THE EXTERIOR • IT JUST SATISFIES TWO OF THE CRITERIAS OF EXIT • LEVEL OF INCOME • LEVEL OF HUMAN DEVELOPMENT • RELATIVELY TO THE ECONOMIC VULNERABILITY IT IS A LOT BELOW THE LEVEL (61%) • THE ECONOMIC VULNERABILITY OF THE COUNTRY WILL STILL CONTINUE FOR A LONG PERIOD AFTER THE EXIT MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  30. STRATEGY OF EXIT • THE GRADUATION IS A COROLLARY OF THE MERIT, OF THE GOOD GOVERNANCE, OF THE DETERMINATION AND TRUST OF THE CAPE VERDIANS IN THE COUNTRY´SDEVELOPMENT • AS A WELL SUCCEEDED CASE OF INTERNATIONAL COOPERATION IT IS FUNDAMENTAL THAT THE PARTNERS SUPPORT THE COUNTRY IN THE PREPARATION AND IMPLEMENTATION OF THE STRATEGY OF SMOOTH TRANSITION, CONSOLIDATING THE BASIS OF A SUSTAINED DEVELOPMENT MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  31. STRATEGY OF EXIT • IT IS A SHARED RESPONSIBILITY, MAINLY OF CAPE VERDE, BUT ALSO OF OUR PARTNERS-THE GRADUATION CONSEQUENTLY SHOULD MAKE POSSIBLE THE CONTINUITY OF THE PROCESS OF DEVELOPMENT OF THE COUNTRY IN A SUSTAINED BASE • WE THEREFORE EXHORT (URGE) OUR PARTNERS TO RECOGNIZE AND TO VALUE WITH CONCRETE ACTIONS THE MERIT AS CATALYTIC ELEMENT OF MORE AND BETTER COOPERATION FOR THE DEVELOPMENT MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  32. STRATEGY OF EXIT • HAVING A RIGHT TO A WELL HAPPENED COURSE AND THOROUGHLY TRIBUTARY TO THE INTERNATIONAL COOPERATION, CAPE VERDE WANTS TO CONTINUE AND TO CONSOLIDATE THE EXISTENT RELATIONSHIP WITH OUR PARTNERS • THE GRADUATION SHOULD OBEY A GRADUAL AND PROGRESSIVE STRATEGY, OF CONSOLIDATION OF THE GOOD EXISTENT PRACTICES AND OF THE LAUNCHING OF INNOVATOR MODALITIES OF COOPERATION MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  33. STRATEGY OF EXIT • IN THE CASE OF CAPE VERDE, CONSTRAINTS AND VULNERABILITIES PERSIST THAT ENROLL IN THE LONG DURATION, AND SOME ARE PERMANENT • IN SPITE OF THE IMPORTANT CONQUESTS, IT IS ILLUSORY TO CONSIDER THAT THE COUNTRY ALREADY ACCOMPLISHED THE STRUCTURAL TRANSFORMATIONS THAT ALLOW TO RELEASE PDA • THIS EFFORT OF DECADES SHOULD CONTINUE TO BE SUPPORTED IN FAVOR OF THE SUSTAINABILITY OF THE DEVELOPMENT OF THE COUNTRY MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  34. PROPOSAL TO THE PARTNERS OF DEVELOPMENT • IN THE FRAME OF THE ODM A TAX OF GROWTH OF GDP PER CAPITA FROM 2,5% TO 3% IS CONSIDERED INDISPENSABLE TO REACH THE OBJECTIVE OF REDUCTION OF THE POVERTY, TO HALF, IN 2015 • IN CAPE VERDE THE PUBLIC INVESTMENT IS A CRITICAL VARIABLE TO THE MATERIALIZATION OF THAT GOAL • THE PUBLIC INVESTMENT, BESIDES ITS DIRECT IMPACT, IT IS INDISPENSABLE TO THE CREATION OF CONDITIONS OF COMPETITIVENESS FOR THE PRIVATE SECTOR MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  35. PROPOSAL TO THE PARTNERS OF DEVELOPMENT FINANCING • ON AVERAGE, ABOUT 90%, OF THE FINANCING OF THE PUBLIC INVESTMENTS RESULT FROM THE MOBILIZATION OF EXTERNAL RESOURCES • ABOUT 40%, ON AVERAGE, OF THE PUBLIC INVESTMENTS IS FINANCED WITH RESORT TO LOANS MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  36. PROPOSAL TO THE PARTNERS OF DEVELOPMENT FINANCING • IT DOESN'T EXIST IN CAPE VERDE A PROBLEM OF NON-SUSTAINABILITY OF THE PUBLIC DEBT: • AN APPROPRIATE APPLICATION OF THE LOANS HAS BEEN FAVOURING ECONOMIC GROWTH • THE COUNTRY HAS BEEN BENEFITTING FROM CONCESSIONAL LOANS MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  37. PROPOSAL TO THE PARTNERS OF DEVELOPMENT FINANCING • IT IS FUNDAMENTAL TO ASSURE THE SUSTAINABILITY OF THE PUBLIC DEBT: • THE ECONOMY SHOULD CONTINUE TO GROW TO HIGH RHYTHMS • TO BENEFIT FROM FINANCING IN FAVOURABLE CONDITIONS • ACCESS TO AN IMPORTANT VOLUME OF DONATIONS • ACCESS TO EXTERNAL LOANS WITH HIGH DEGREE OF CONCESSIONALITY MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  38. PROPOSAL TO THE PARTNERS OF DEVELOPMENT FINANCING • TOTAL OR PARTIAL FOREIGN DEBT RELIEF • REDYNAMIZATION OF THE PROCESS OF “TRUST FUND” THROUGH NEW CONTRIBUTIONS OF THE PARTNERS • THE PRODUCED RESSOURCES IN RESULT OF THE RELIEF OF THE SERVICE OF THE DEBT WILL BE CHANNELED FOR: • FINANCING OF THE STRATEGY OF REDUCTION OF POVERTY-EDUCATION, HEALTH, INFRASTRUCTURES • CAPITALIZATION OF THE SPECIAL FUND OF STABILIZATION AND DEVELOPMENT, TO FACE EXTERNAL SHOCKS MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  39. PROPOSAL TO THE PARTNERS OF DEVELOPMENT FINANCING • TO SUPPORT CAPE VERDE IN THE ACCESS TO THE INTERNATIONAL CAPITAL MARKETS : • GRANTING, MONEY GRANT BONUSES, OF INTERESTS, FOR CONTRACTED LOANS IN THE FINANCE MARKETS AND DESTINED TO THE FINANCING OF INFRASTRUCTURES • SUPPLYING WARRANTIES FOR CONTRACTED LOANS NEXT TO THE COMMERCIAL BANKS MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  40. PROPOSAL TO THE PARTNERS OF DEVELOPMENT INNOVATIVE MODALITIES • TO MOTIVATE THE PUBLIC/PRIVATE PARTNERSHIPS IMPELLING THE CONTRIBUTION OF NATIONAL AND FOREIGN PRIVATE SECTOR FOR THE DEVELOPMENT OF THE COUNTRY • SUPPLYING WARRANTIES FOR THE LOANS OF THE PRIVATE PARTNERS AND THEIR INVESTMENTS IN INFRASTRUCTURES • FINANCING THE NECESSARY COMPLETING INVESTMENTS FOR THE FEASIBILITY OF THE STRUCTURING PRIVATE INVESTMENTS MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  41. PROPOSAL TO THE PARTNERS OF DEVELOPMENT INNOVATIVE MODALITIES • CAPE VERDE APPEALS THE PARTNERS TO INCREASE / INTENSIFY THE BUDGET SUPPLY WITH BASE IN A PLURIANUAL PROGRAMMING MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  42. PROPOSAL TO THE PARTNERS OF DEVELOPMENT HELP TO FEED • IN FACE TO ITS WEAK AGRICULTURAL POTENTIAL AND NOURISHING CHRONIC DEFICIT, CAPE VERDE PROPOSES TO THE PARTNERS THE CONTINUATION OF THEIR PROGRAMS OF ALIMENTARY HELP • ALIMENTARY HELP IS ESSENCIAL IN THE BALANCE OF PAYMENTS AND FINANCING OF THE PUBLIC INVESTMENT MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  43. PROPOSAL TO THE PARTNERS OF DEVELOPMENT PREFERENTIAL TREATMENT IN INTERNATIONAL COMMERCE • CAPE VERDE CONSIDERS VITAL TO CONTINUE TO BENEFIT FROM THE DIFFERENT PREFERENTIAL AGREEMENTS • IT DEFENDS THE MAINTENANCE, FOR A LINGERING PERIOD, OF AN EQUIVALENT STATUTE TO THAT OF A PMA IN THE INTERNATIONAL TRADE MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA

  44. PROPOSAL TO THE PARTNERS OF DEVELOPMENT • IN FACE OF THE ENORMOUS VULNERABILITIES AND THE CHALLENGES OF DEVELOPMENT OF CAPE VERDE • A SHARED OBJECTIVE OF A SMOOTH TRANSITION WILL ONLY BE RENDERED CONCRETE WITH THE SUBSTANTIAL SUPPORT OF OUR PARTNERS OF DEVELOPMENT THANK YOU VERY MUCH MEETING OF PARTNERS - MINISTER OF FINANCE AND PUBLIC ADMINISTRATION - JOÃO SERRA