11/05/06 - Cabinet approves State Budget proposal
Image The Council of Ministers, Cape Verde’s cabinet, will meet today to approve the proposal for the 2006 State Budget to be submitted to the National Assembly on Monday. The budget, for a total of 40.7 billion escudos, forecasts economic growth of 6.5% and inflation of 3%.

According to an authorized source, Cape Verde’s 2006 State Budget is 40.7 billion escudos, 25.4 billion of which is destined for operations and 15.2 billion for investments. The same source reveals that the document is an “expansionist budget,” considering the fact that investments in 2005 were 11.6 billion escudos.

The economic growth forecast for the year is 6.5%, while the expected inflation rate used for the elaboration of the budget is 3%. The cost of fuel, which has been rising on the international market, is considered one of the inhibiting factors of the 2006 State Budget, the final version of which will be submitted on Monday by Prime Minister José Maria Neves to National Assembly president Aristides Lima.

The proposal will be debated in parliament in late June, with the 2006 State Budget expected to go into effect only in July.

 

 

Source: A Semana
 
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