Angola: Commitment to Domestic Production Reduces Inflation By 13 Percent

5 January 2023
Angola Press Agency (Luanda)

Luanda — The drop in inflation by around 13% in 2022, compared to the previous year, owed to the increase in national production, the minister of Economy and Planning (MEP) Mário Caetano João has said.

The minister mentioned the Support Programme for Production, Export Diversification and Import Replacement (PRODESI) as one of the country's commitment to national production.

He added that through this programme a series of financial products are developed to support the economy.

Mário Caetano João explained that PRODESI started emerging in 2018, with around 30 projects approved in 2019, later as a result of the crisis, in 2020, more than 400 projects were approved, 170 in 2021 and 1800 in 2022.

The projects were included in the various productive sectors such as agriculture, fishing, tourism, textiles, clothing and footwear and geological resources.

To boost national production through PRODESI, according to the official, they started to work with economic operators in order to look to the country in a way to finance the economy.

The manager also pointed out that they had carried out several awareness actions to be able to turn the page on imports, since the new paradigm bets on domestic production, without ceasing to import and other instruments that increase production.

As for technology, he said that they facilitated access with financing that increased from 30, in 2019, to more 3,000 beneficiary operators, in order to obtain tractors assembled in the country.

He also explained that in order to increase national production they began to encourage access to the market, with the creation of fairs in the most diverse municipalities, and, in 2022, they saw FILDA as a business incubator, placing other fairs within it, such as "Start up Summer", which will take place in April - the "Youth Startups Summer".

He also informed that PRODESI relies on support for export and in 2022 it returned to the results obtained in 2019, with the export of around US$100 million of PRODESI products.

Minister Mário Caetano João said so when speaking at the opening of the event of balance sheet and perspectives of Ministry of Economy and Planning (MEP 2022-2023).

Read the original article on ANGOP.

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