PR promulgates law extinguishing the International Support for Cabo Verde Trust Fund

Praia, Jul 25 (Inforpress) – The President of the Republic has enacted the law extinguishes the International Support for Cabo Verde Stabilization Trust Fund, as well as the one that creates the Sovereign Emergency Fund and extinguishes the Special Stabilization and Development Fund.

This information was put foraward by the President of the Republic, Jorge Carlos Fonseca, in a publication made on his official Facebook page. “Despite some doubts and reservations about the solution found for the resource allocation measure for the Emergency Fund and the Private Investment Guarantee Fund (€ 10 million and € 90 million respectively) – Article 2 paragraph 1 of the law – I have not found consistent and legitimate reasons to justify any decision other than promulgation, ”wrote the PR regarding the Trust Fund.

He also informed that the Head of State promulgated the law establishing the Sovereign Emergency Fund and extinguishing the Special Stabilization and Development Fund (FEED). The bill that extinguishes the International Support For Cabo Verde Stabilization Trust Fund was passed last May 17 in Parliament with 34 votes from MpD, 19 against from PAICV and three abstentions from UCID.

Contrary to the other bills, which creates the Sovereign Emergency Fund and extinguishes the Special Stabilization and Development Fund, the unanimity of the 54 deputies present, 33 from the MpD, 18 from PAICV and three from UCID. The International Support for Cabo Verde Stabilization, or simply the Trust Fund, was created in 1998 to remedy Cabo Verdean domestic debt.

In the first two years about $ 100 million was disbursed to the Trust Fund (managed by Banco de Portugal), mainly from privatization and donations from external partners.

GSF/ZS/HVF

Inforpress

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