23 January 2013

Angola: Economic Commission Approves BNA Draft Notices, Instruction

Luanda — The Cabinet Council's Economic Commission approved on Tuesday in Luanda draft Notices and Instruction of National Bank of Angola (BNA) on Internal Corporate Governance Controls, External Auditor and Prudential Consolidation, under the guidance of the President José Eduardo dos Santos.

The approved drafts aim at adjusting supervisory practices to internationally accepted standards with a view to ensuring the respective stability and sustainability, efficiency in the execution of the operations, control of risk, reliability of information and the compliance with internal and legal standard.

During its first extraordinary session of 2013, the commission was informed about the state of development of the National Social Security and its prospects for sustainability based on memos of social protection systems.

This includes the National Institute of Social Security (INSS), Fund of Social Protection of Interior Ministry and Social Security Fund for the Angolan Armed Forces (FAA).

According to the statement released at the end of the meeting, the Economic Commission reviewed the Memorandum on Savings and Credit Bank (BPC), which outlines the management perspective, taking into account the need of materialisation of investment programmes.

The Timing of Macroeconomic Policy Measures for 2013 was the fifth document analysed by the Economic Commission.

The referred timing aims to provide a temporal perspective of implementation of key measures of macroeconomic policy and management, structural and cyclical, and tasks associated with the achievement of those objectives.

The six and last aspect of the agenda is related to the visit paid by a mission of International Monetary Fund (IMF) to Angola, from 16 - 29 January 2013, aimed at making the second Post-Agreement 'Stand-by' (SBA) evaluation and consultations under Article IV of the IMF.

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