Governor, Central Bank Carlos Burgo of Cape Verde

The resignation of Mr Burgo came at an inconvenient moment for the Cape Verdean government as the national budget for 2004 is to be presented to Parliament within few days.

Already before the Friday announcement, unconfirmed reports held Mr Burgo was foreseen the new Governor of Cape Verde's Central Bank.

During his charge of the Ministry of Economy, Mr Burgo has led Cape Verde through classic structural reform policies under close monitoring of international finance institutions.

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deteriorating financial situations as a matter of course.

A rise in the price of oil, Burgo said cited by the Inforpress news agency, implied, “adjustments to external shocks,” and “less national revenue,” but buying power would be bolstered by increased productivity and the competitiveness of the economy, rather than salaries.