Angola: IMF Hails Angola's Economic Reforms Amid Covid-19

Luanda — Despite the effects of Covid-19 on all economies in the world, the Angolan government had already started to carry out certain and comprehensive economic reforms, even before the pandemic, said the director of the African Department of the International Monetary Fund (IMF), Abebe Aemro Selassie.

"Like all countries, Angola felt the big effect of the pandemic on the economy, but at the same time it was already trying to do the right thing even before the pandemic. They had started comprehensive economic reforms, and also on the governance and policy side," said the official.

Speaking to Lusa, via video conference from Washington (headquarters of the IMF) Abebe Aemro Selassie noted that Angola, "had significant difficulties with debt and macroeconomic stabilisation," and that this SADC country has a complex set of issues to deal with when it comes to difficulties.

"Angola's prominence has to do with what the country has to offer in terms of how to navigate the complex difficulties, having access to the market, which is a reflection of having faced these economic embarrassments and having an experience to share," the representative of the Bretton Woods institution argued.

According to the International Monetary Fund's most recent forecasts, Angola is expected to recover from its 4 percent economic recession in 2020, growing by 3.2 percent already this year in 2021, also improving its budget deficit from 2.8 percent to a slight imbalance of 0.1 percent this year.

"Like all countries, Angola felt the big effect of the pandemic on the economy, but at the same time it was already trying to do the right thing even before the pandemic. They had started comprehensive economic reforms, and also on the governance and policy side," said the official.

Speaking to Lusa, via video conference from Washington (headquarters of the IMF) Abebe Aemro Selassie noted that Angola, "had significant difficulties with debt and macroeconomic stabilisation," and that this SADC country has a complex set of issues to deal with when it comes to difficulties.

"Angola's prominence has to do with what the country has to offer in terms of how to navigate the complex difficulties, having access to the market, which is a reflection of having faced these economic embarrassments and having an experience to share," the representative of the Bretton Woods institution argued.

According to the International Monetary Fund's most recent forecasts, Angola is expected to recover from its 4 percent economic recession in 2020, growing by 3.2 percent already this year in 2021, also improving its budget deficit from 2.8 percent to a slight imbalance of 0.1 percent this year.

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