Vice Prime Minister warns of oil price increase and its impact on Cabo Verde

City of Praia, Mar 03 (Inforpress) – The Vice Prime Minister and Minister of Finance warned today in Praia that the increase of more than 10 percentage points in oil prices over the past week will have “direct implications” for the Cape Verdean economy, in light of the escalation of the conflict in the Middle East.

On the sidelines of the opening of the eighth edition of the Port Conference, Olavo Correia reacted to the recent confrontations involving Iran, Israel and the United States, stressing that Cabo Verde must prepare for an international context of uncertainty and energy market volatility.

Also serving as Minister of the Digital Economy, he further emphasised that, in addition to geopolitical conflicts, countries must prepare for extreme climate events, which have been occurring more frequently and negatively affecting open economies such as that of Cabo Verde.

Regarding the possibility of creating a crisis office to bring together different stakeholders whenever adverse external factors arise, Olavo Correia replied that “management today is crisis management”, arguing that there is no need to create specific offices.

LT/CP

Inforpress/End