13 June 2018

Angolan Economy On Right Track - IMF

Luanda — The International Monetary Fund (IMF) has made a deep assessment of the economic policy being implemented in Angola by President João Lourenço, who has been at the helm of the country for only eight months.

On a note issued in Washington, the IMF commends the way the Angolan government is committed to reinstating macroeconomic stability and implementing reforms.

The note states that since the holding of elections last year, the government of President João Lourenço has been implementing policies aimed at recovering macroeconomic stability and improving governance.

The IMF commends the fact that João Lourenço has been tackling the corruptive practices that linger on from the previous administration, by setting up inquires and investigations on malpractices, mismanagement and misappropriation of public assets, as well as by leaving out of his Executive many officials that were part of the previous government.

The international institution reminds on the note that the low crude-oil price and the way the economic policy was being conducted before put a pressure on the Angolan economy and caused a drastic reduction of the state revenues, thus blocking the country's economic growth and pushing inflation up.

In view of this, reads the note, it is paramount for Angola to tackle its vulnerabilities in a consistent way and diversify its economy without counting on crude-oil.

The IMF note also reminds that the Executive of President João Lourenço began in January 2018 a Macroeconomic Stabilisation Programme, whose main pillars include the consolidation of the budgetary policy, flexible exchange rate and reduction of the public debt, as well as the production of legislative tools intended to improve business environment in the country and fight money laundering.

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