Luanda — Angola government foresees an average annual economic growth of 3.5 percent to reduce the weight of the oil sector to just 20 percent of the Gross Domestic Product (GDP) in 2027, the minister of Economy and Planning (MEP), Mário Caetano João, said Wednesday.

The minister added that for that goal to be achieved, the non-oil sector would need to grow by 4.5 percent and the oil sector by around 1.1 percent per year.

"(...) We are going to make the non-oil sector responsible for around 80 percent of the GDP", the minister said, adding that the sector currently contributes to around 25 percent.

The minister said the government has carried out the Macroeconomic Reform Programme, with support of the International Monetary Fund (IMF), which has made it possible to stabilise all macroeconomic indicators, with inflation at 13 percent.

The minister recalled that before that, the macroeconomic situation was at substantial levels, with inflation at around 27% and public debt close to 120% of the GDP.

Mário Caetano João said that the perspective for 2023 is to transform all the MEP's gains into an institutional asset and work on sustainability, closing the long term strategy and the National Development Plan (PDN) 2023-2027.

According to the minister, the NDP will be different because "we do not want a plan focused only on public spending, where the State cannot be the only one to implement the plan, but allowing its national and international partners to have more space".

The government, the minister said, is currently planning the PDN that will bring up the Programme to Support Production, Diversification of Exports and Substitution of Imports-PRODESI 2.0.

"We would like to fund 1500 projects this year. Planagrão will absorb around 230 billion kwanzas and Planapecuária, approximately 500 billion kwanzas, João said.

The minister explained that in 2022 around 2,000 economic operators in the country had been funded and 100 producers were registered in the National Production Portal.