10 July 2009
L' Aquila — The Angolan head of State, José Eduardo dos Santos, Friday in L'Aquila, Italy, said that there has been a consensus on the need for improved mechanisms for regulation and supervision of central banks and strengthened cooperation among them.
The president was speaking at the ongoing G8 Summit being attended by some African countries, international organisations and agencies.
José Eduardo dos Santos also spoke of the need for the definition of mechanisms for regulation of the world financial market, without damage to the basic rules of the market. "We need now to move from words to acts", he stressed.
According to the head of State, as discussions on reforms in the world financial system, particularly the monetary one, are underway, it is a wish that Africa also takes an active part in the process that will lead to a new order and a major democratisation of the International Monetary Fund (IMF), seeking the expansion of the power of the continent, in adjustment to the present reality.
The head of State also appealed for a cooperation of the central banks of the G8 nations for financial operations that help reinforce the African state's foreign reserves, such as credit lines in freely available currencies (the so-called exchange swaps) and stand-by credits, to the interest of an equilibrium of the balance of payment, with a view to a more efficacious political management and maintenance of the economic growth.
"This appeal is especially directed to the US Federal Reserve and the Central Bank, as well as to the central banks of the rich countries like Germany, France and UK, taking into account the role they play in the world financial institutions, mainly the IMF", he stressed.
To the Angolan head of State, another appeal goes for a major cooperation and engagement of the G8 countries' Eximbanks and development or foment banks, towards the opening of financial lines for imports that could be used by G8 investors in direct applications in less developed nations.
On the other hand, president Dos Santos said that "we would like to ask for re-negotiations of the external debt to the Paris Club, which constitutes a heavy burden to the least developed, with guarantees of the principle of long moratoria in the refund of the capital and interests".
As to Angola, he added, such financial burden leads the balance of payments into attracting a deficit estimated at Usd 1.4 billion, which contributes to a global deficit of about six billion US Dollars.
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