21 January 2013

Angola: Economist Stresses Stand-By Agreement

Luanda — The Stand-by agreement established between Angola and the International Monetary Fund (IMF) in 2009, was the best thing that happened in the country in recent years in economic aspects, the economist Carlos Rosado said Monday.

Speaking to ANGOP, on relationship between Angola and the IMF, Carlos Rosado justified that the agreement has conditions that allowed the improvement of public finance and transparency in the accounts both by the National Bank of Angola (BNA) and state-run oil firm "Sonangol".

According to the interlocutor, today it is possible to see the accounts of the BNA and Sonangol audited and published on the website of these institutions."

The economist added that the steps taken by the country in the field of public finance and transparency are the result of conditions accepted by Angola, as the IMF does not grant loan without conditions and these were some of them.

The purpose of the agreement, he said, was the macro economic stabilisation, the recovery of reserves that had decreased sharply due to the international financial crisis recorded in 2008 and the stabilisation of Kwanza (national currency).

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