22 May 2019

Angola: Government Pledges to Reinforce Private Investment

Luanda — Angolan government announced Wednesday it will strengthen support for private investment through the development of a credit programme comprising interest rate subsidy measures.

This is expressed in a message the President João Lourenço addressed to the National Assembly on the Revision of the 2019 State Budget.

The move is meant to make the "borrowing from bank less costly" for national entrepreneurs.

Reading the message from the Head of State in Parliament, the Minister of State for Economic and Social Development, Manuel Nunes Júnior, said that public financing vehicles of the economy will be strengthened.

He mentioned the institutions like the National Development Fund and the Risk Capital and Credit Guarantee, as fiscal projections of the Revised State Budget include a financial package to strengthen the capacity of these funds.

Manuel Nunes Júnior spoke of the reinforcement of the public enterprises economically viable and, at the same time, privatize those that can be better managed by the private sector.

The minister also spoke of the Executive's engagement in the implementation of structural reforms, both institutional and economic, aimed at promoting competition and further liberalisation of markets.

He clarified that all the measures will be taken under the implementation of the National Development Plan 2018/2022, in particular its Programme of Support for Production, Import Substitution and Export Promotion (PRODESI).

The Government hopes that the revised budget will mark "the beginning of the end of the crisis in the national economy, contributing to the well-being of Angolan families and the good performance of businessmen and companies in the country."

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