Angola: Recovered Money Spent On Public Projects

Luanda — Angolan government said that the money, so far recovered by the authorities, is being channeled into the public projects underway across the country.

This was announced Monday in Luanda by Angolan minister of Finance, Vera Daves, who said that the measure is part of the Integrated Plan for Intervention in the Municipalities (PIIM).

Speaking at a Press Conference on Fifth Assessment of the International Monetary Fund (IMF)'s Extended Fund Facility - EFF, Vera Daves put at USD 5 billion, the amount recovered, since the beginning of the combat corruption, in 2017.

The minister said that most of the recovered amount is movable and immovable assets and some still undergoing legal actions, as announced recently by Attorney General's Office (PGR).

She said that with recovery of this amount in illegal possession of some citizens in the country and abroad, Angola will no more take on additional debt for long period. So the country will be able to start some projects, stabilise the economy and ensure decent living condition for the population.

The minister stated the money shall not be pragmatically reflected in public accounts until the solution to the legal situation.

"The Executive will not need to run up addition debts in the international finance markets", said minister, adding that the preparation for State Budget (OGE 2021) the government included the loans from IMF, currently standing at 3.9 billion, as part of a programnme approved in 2018.

The minister said that the annual debt plan will resort to the disbursement from the financing of the institutions and financing lines contracted.

According to her, the annual debt plan does not foresees to resort to the international markets to issue Eurobonds and by this way to get funding.

Vera Daves spoke of the other forms of the internal market, such as the issuance of treasury bounds in foreign currency.

The minister also said that the country may rely mainly on disbursement from the financing of the multilateral institutions, such as IMF, WB and African Development Bank (BAD), French Development Agency.

She also underlined projects whose funding lines which had already been contracted with financial bilateral institutions.

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