(Ecofin Agency) - In Cape Verde, the council of ministers has adopted a budget of about €550 million ($650 million) for the year 2018. This is 8% more than 2017’s budget.

One of the main measures of next year’s budget will be the reduction of taxes for more than 80% of tax payers in the country. In addition, the budget plans for a 1% tax decrease on revenues that are below €725 ($855.5), to maintain public debt at about 132% of GDP and budget deficit at 3.1%. A set of reforms which will be favored for an economic growth of 5.5%.

The budget will, be presented this Friday, Oct. 20, to the parliament for approval.

Fiacre E. Kakpo