Luanda, Angola: Ms. Antoinette M. Sayeh, Deputy Managing Director of the International Monetary Fund (IMF), issued the following statement today in Luanda at the conclusion of her visit to Angola from March 18 to March 20:
"I want to thank H.E President Lourenço, Minister of State for Economic Coordination José de Lima Massano, Minister of Finance Vera Daves, Bank of Angola Governor Tiago Dias and other senior officials for meeting with the IMF delegation and for the productive discussions. I also had the opportunity to engage with representatives of civil society, the private sector, academia, and prominent women leaders. We exchanged views about the Angolan economy and how the IMF could best support macroeconomic stability and inclusive growth."
"During our discussions, I commended Angola for successfully implementing economic reforms in the areas of fiscal management, revenue mobilization, financial stability, and central bank independence. These reforms have helped to reduce Angola's debt vulnerabilities, improve business climate and enable the resumption of growth."
"While there was a set-back in 2023 because of lower oil prices and weakened oil production, as well as the ending of the debt moratorium, the reforms strengthened Angola's capacity to adjust to these shocks. Upfront measures toward fiscal prudence and exchange rate adjustment in 2023 helped Angola to contain the impact of these adverse developments and avoid a sharper increase in debt."
"Looking forward, we believe the reform momentum needs to continue, both to further reduce debt vulnerabilities and to diversify the economy. This includes: bringing public debt to safer levels by mobilizing domestic revenue and improving the quality of spending, notably on social areas such as health, education, and targeted social protection."
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"The IMF also welcomes the Banco Nacional de Angola's recent measures to tighten monetary policy in response to inflationary pressures, as well as its continued efforts to ensure exchange rate flexibility, and further strengthen financial stability."
"Finally, I was encouraged that the authorities are committed to the steadfast implementation of the National Development Plan to diversify economic growth. This includes investments in training and education, reducing gender gaps, increasing access to finance, strengthening climate resilience, and sustaining efforts to improve governance."
"My visit to Angola has been incredibly rewarding. I learned a lot, and I am deeply appreciative of Angola's hospitality. The IMF remains committed to supporting Angola's efforts to promote macroeconomic stability and inclusive growth. The country has enormous potential - if the reform momentum is sustained, I am confident Angola's future will be promising."
