Background / General description
Cabo Verde is a nation of 10 islands off the west coast of Africa with a population of half a million scattered across nine islands with a dry climate and separated by ocean. It shares many of the challenges typically faced by small (island) states, including a small internal market, capacity and resource mobilization constraints, and vulnerability to climate change and other natural disasters. Cabo Verde made good progress on social development indicators up to2008. Between 2002 and 2008, the poverty rate (at the US$1.25/day threshold) dropped by 7.3 percentage points to 13.7 percent. The share of income of the bottom 40 percent of the population increased from 12.4 percent to 15.3 percent over the same period. Cabo Verde also made progress in increasing basic services, including in health and water and sanitation, and was on track to achieve all Millennium Development Goals by 2015.
These achievements were supported by strong institutions as evidenced by the Cabo Verde Country Policy and Institutional Assessment (CPIA) score (3.8), the second highest among IDA countries. Strong democratic institutions have helped promote accountability and a conducive environment for FDI. Cabo Verde graduated from the United Nations list of Least Developed Countries in 2007. However, since the global financial crisis in 2008, Cabo Verde has struggled to maintain this progress, with strong economic ties to Europe, slow growth there has hit the economy, especially tourism, and Cabo Verde has been burdened with a high level of largely, concessional debts. Cabo Verde faces constraints in three areas: (i) Lack of diversification and competitiveness of its growth sectors combined with a high degree of vulnerability to climatic and global economic conditions. (ii) Large welfare disparities across the country. Despite the overall progress made, there are large differences in social outcomes and opportunities available to households. (iii) Insufficiently effective government. The public sector is large and the drain on the budget by inefficient state-owned entities has helped pushed debt to unstainable levels.
VISION AND STRATEGY
The global development community is at an auspicious turning point in history. Thanks to the success of the past few decades and favorable economic growth, developing countries now have an unprecedented opportunity to end extreme poverty within a generation. This is the vision of the organization to eradicate extreme poverty by reducing the number of people living on less than $1.25 a day to 3 percent by 2030, and promote shared prosperity by fostering the income growth of the bottom 40 percent in every country in a sustainable manner. To achieve this vision, the organization Board of Governors has approved a strategy for the organization. This strategy leverages, for the first time, the combined strength of the organization , institutions and their unique ability to partner with the public and private sectors to deliver customized development solutions backed by finance, world class knowledge and convening services. The strategy has three components: (1) maximizing development impact by engaging country clients in identifying and tackling the most difficult development challenges; (2) promoting scaled-up partnerships that are strategically aligned with the goals; and (3) crowding in public and private resources, expertise and ideas. The architecture underpinning the strategy and instrumental to its success is the establishment of fourteen Global Practices and five Cross-Cutting Solution Areas that, in concert with the organization, Regions, will design solutions that address clients’ most pressing developmental challenges, and ultimately, enable the organization to meet its twin goals of eliminating extreme poverty and boosting shared prosperity in a sustainable manner.
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