The Angolan head of State José Eduardo dos Santos said Tuesday in Luanda said that the success of the country?s economic policy has been its focus on the fiscal consolidation that started to be implemented in 2009.
This policy implies a correct articulation between the measures of fiscal and monetary policy, a wiser management of the public expenditures and investments in infrastructures that constitute the lever for the increment of competition in non-oil production and development of the national private sector, he said.
José Eduardo dos Santos was addressing the opening of the 2nd Session of the 3rd Legislative Period of the National Assembly (Angolan Parliament).
He stated on the occasion that the accumulated inflation over the first eight months of the year was of 5,38 percent, which is a drop as compared to the 5,42 percent in the same period of 2012.
The interest rates remained unchanged. Although the active interest rates remain too high, it is worth noting that the national currency remained stable and is expected to remain, with the full application of the new exchange regime for the oil sector and the new procedures for the performance of exchange operations of current invisibles.
According to the head of State, the country's international net reserves in October this year stand at Usd 33,4 billion, which represents an increment of 9,3 percent as compared to late last year.
The credit to the economy has grown 4,3 percent, having its stock reached Akz 2,779 million (Usd 27,000), the president also said.
In fact, he added, the great objective of the economic policy for the present legislative period is the promotion of the diversification of the country's economy, with a view to making our process of development less vulnerable and more sustainable.
"For this reason, we conceive the priority structuring programmes and projects, the medium term public expenditure development framework and its respective monitoring system," he stated.
The Angolan head of State mentioned that within the course of the present legislative period and of the National Development Plan for 2013-2017, the Government's central idea is stability, growth and job.
"Without economic, political, social and institutional stability, there will be no sustainable economic growth and without this there will be no rise in jobs and citizens and families' wealth and revenues," the president added.
José Eduardo dos Santos called for the participation of everyone in the promotion and consolidation of peace, national reconciliation and democracy which, according to him, are the basis of political stability.
"Only this way will we contribute to progress and reinforcement of the institutions and of participative democracy," he stated.