Cape Verde's government recorded a provisional overall budget surplus equal to 0.7% of GDP in the first nine months of 2026, as total revenue, including asset sales, rose 9.7% from a year earlier to 63.7bn CVE (€578mn), Secretary of State for Finance Maria José Lopes said on October 28, according to the finance ministry. She spoke at the opening of an IMF mission, running until November 6, for two reviews each of Cape Verde's loan and climate programs.
Analysis: The 0.7%-of-GDP surplus contrasts with the full-year deficit target of 1.9% of GDP, a difference of 2.6 percentage points. But the reported revenue includes sales of non-financial assets, whose contribution the ministry did not disclose, obscuring the underlying tax trend. A surplus nine months into the year may indicate delayed spending or heavier expenditure in the final quarter, both relevant to government suppliers. The IMF mission ends on November 6. Any resulting staff-level agreement would still require Executive Board approval before additional funding could be released.
Source: Ministério das Finanças de Cabo Verde, Finance ministry news release, 'Governo quer ver o FMI como um verdadeiro parceiro de desenvolvimento', October 28, 2026, January–September 2026 and October 26–November 6, 2026; Ministério das Finanças de Cabo Verde, Ministério das Finanças, Relatório OE 2027, 2027
The Arab Bank for Economic Development in Africa (BADEA) signed a statement of intent on October 15 to provide a trade finance facility of $20mn and €10mn to Intercontinental Investment Bank (iiB) Cabo Verde, focused on small and medium-sized firms in agribusiness, renewable energy and essential imports, BADEA said in a post reproduced by business news agency Ecofin. The facility depends on completing the required processes, the lender said.
Analysis: The announced facility remains a statement of intent, not an executed credit agreement. Neither BADEA nor iiB has disclosed pricing, eligibility requirements or a signing date. If approved, it could provide foreign-currency financing to smaller importers, although the scale of demand is unclear. The €10mn component alone is worth about 1.1bn CVE at the fixed parity, by our calculation. The proposed line has particular relevance to businesses importing essential goods and energy equipment, but no application timetable is available. Its benefits will depend on the final terms and whether funds reach the targeted firms.
Source: Agence Ecofin, Ecofin Agency, 'BADEA Plans About $31 Million in Trade Finance for Cape Verde Through Local Bank', October 17, 2026 (embedding BADEA's post of October 15), Signed October 15, 2026; Instituto Nacional de Estatística (INE Cabo Verde), INE, Nota de imprensa Estatísticas do Comércio Externo - 2º trimestre 2026, Q2 2026
Cape Verde will give each active, licensed artisanal fishing boat 10,000 CVE (€90.7) a month in fuel support until December 31, paid as ten 1,000-CVE vouchers for gasoline or diesel, the government said after its October 27 cabinet meeting, according to state news agency Inforpress and the weekly Expresso das Ilhas. The Fisheries Autonomous Fund will finance the scheme up to 21.5mn CVE (€195,000), with fuel sellers reimbursed after deliveries are validated.
Analysis: The 21.5mn CVE budget is more than four times the 5.07mn CVE (€46,000) set aside for an earlier diesel discount benefiting larger fishing vessels. The artisanal fishers' association had criticized that measure for excluding gasoline-powered boats. Its estimate of more than 3,000 CVE (€27) in fuel per trip suggests the new monthly allowance would cover about three trips. On a full two-month basis, the allocation would support about 1,070 boats, by our calculation. The government has not disclosed the number eligible, making it impossible to determine whether funding will cover all qualifying vessels through December.
Source: Inforpress, Inforpress, 'Governo anuncia medidas para proteger famílias e apoiar pesca artesanal', October 27, 2026, From November 2026 (duration not stated) and From November 2026; Inforpress, Inforpress, 'Pesca: APPAST manifesta insatisfação com exclusão dos pescadores artesanais da redução do preço do combustível', October 20, 2026, October 2026; Expresso das Ilhas, Expresso das Ilhas, citing a government resolution in the Boletim Oficial of October 19, 2026, October 2026-January 2027
Rehabilitation of the road between Espargos and Santa Maria on Cape Verde's island of Sal, an investment of about €8.9mn, is at risk of missing its December completion date after three earlier deadlines passed, the minister for special projects and access to funds said on October 28, state news agency Inforpress reported. The government will reschedule the work with the ministries and companies involved, he said.
Analysis: The route serves Santa Maria on Sal, which accounted for 59.5% of Cape Verde's hotel overnight stays in the second quarter. Another delay could prolong disruption for tourism businesses and airport transfers during the winter travel season. The minister says work is progressing but has not identified the causes of three previous missed deadlines or quantified how much remains to be done. He also gave no spending update against the €8.9mn project budget. A revised schedule is promised after talks with ministries and contractors, but has not yet been published.
Source: Inforpress, Inforpress, 'Ilha do Sal: Conclusão da obra da estrada Espargos–Santa Maria em risco até Dezembro - ministro', October 28, 2026, 2026 and As of October 2026; Forbes África Lusófona / Lusa, Forbes África Lusófona, 'Turismo cresce em hóspedes, mas dormidas e ocupação hoteleira recuam no segundo trimestre em Cabo Verde' (Catarina Ramos, September 9, 2026), citing INE's Q2 2026 tourism release (Estatísticas do Turismo - Movimentação de Hóspedes - 2º Trimestre 2026), Q2 2026
Gasoline prices in Cape Verde fell 4.0% to 189.30 CVE (€1.72) a liter on November 1, the multisector economic regulator ARME said on October 31. Diesel fell 2.4% to 185.80 CVE (€1.69). Heavy fuel oil, however, rose 5.7% and kerosene increased 4.1%, so maximum fuel prices rose 0.29% on average, the regulator said.
Analysis: November's gasoline cut reverses only about a third of October's 12.4% increase, leaving prices 48.7% higher than a year earlier, while diesel is up 70.8%, by our calculation. ARME attributed the revision mainly to international price quotations, although the monthly average for Brent crude rose 6.65% in October. Refined-product prices can move differently from crude, and the regulator has not published the quotations behind its formula. Electricity producers face divergent changes, with diesel for power generation down 2.6% but heavy fuel oil rising. The next fuel adjustment takes effect December 1.
Source: Agência Reguladora Multissetorial da Economia, ARME news release 'ARME atualiza preços máximos dos combustíveis para novembro 2026', October 31, 2026, November 2026 and October 2026 and September 2026; Agência Reguladora Multissetorial da Economia, ARME, 'Histórico 2026' (monthly maximum fuel price history), posted October 31, 2026, November 2025 and September 2026
Chart of the week
Cape Verde central bank net international reserves, September 2025–August 2026 (bn CVE)
Net international reserves of the central bank BCV at the end of each month, from its August 2026 statistical bulletin (table E.1). Reserves rose from 103.9bn CVE (€942mn) in September 2025 to 130.8bn CVE (€1.19bn) in August 2026, 25.9% more, by our calculation, after a high of 131.7bn CVE (€1.19bn) in April. The BCV's bulletin with September figures is expected on November 6.. Source: Banco de Cabo Verde, BCV, Boletim de Estatísticas agosto 2026 (monthly statistical bulletin, published 9 Oct 2026), September 2025 and October 2025 and November 2025 and December 2025 and January 2026 and February 2026 and March 2026 and April 2026 and May 2026 and June 2026 and July 2026; Banco de Cabo Verde, BCV, Boletim de Estatísticas agosto 2026 (published 9 Oct 2026), August 2026.
Tender of the week
Rehabilitation of four hiking trails in Paúl, Santo Antão (three lots)
Buyer
Integrated Project Coordination Center (CCIP, formerly UGPE)
Scope
Small works to rehabilitate four tourist trails in the municipality of Paúl on Santo Antão island, in three lots that bidders may take separately; national request for quotations under World Bank rules; past performance on CCIP contracts counts.
Value
Not published
Funding
World Bank (IDA credit 71260), Resilient Tourism and Blue Economy Development project (P176981)
Closes
Thursday, November 12, 2026
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In Alama Pro this week
Deep dive: Cape Verde's reserves rise 26% as IMF programs end
10 stories with workings, from eight areas: the budget surplus and fishing fuel vouchers to cooking gas, renewables, builders' fines, mobile payments and Luanda flights
Five trackers, the tender of the week and every open tender we follow, with deadlines
