Angolan government outlines measures to improve economic situation

A series of measures and actions turned to economic policies that can influence the expectations of economic agents, promote macroeconomic stability, re-launch economic growth and mitigate social problems, being implemented until March 2018, were outlined last Friday, in Luanda, by the Angolan Finance minister, Archer Mangueira.

This plan includes the consolidation of disciplinary measures, rigour and transparency in budgetary management, supported by the tax reform taking place in the country.

Archer Mangueira – who spoke in the closing ceremony of the 21st edition of the Eduardo dos Santos Foundation (FESA)’s Technical/Scientific Gatherings – added that this plan is intended to influence the reduction of the necessity of governmental financing in foreign currency, which will have a direct positive impact on the economy.

The repairing process of the country’s financial system, which is at an advanced stage, was also pointed out by minister Archer Mangueira as another flexible and real alternative for the needs in terms of the attraction of investment.

According to the government official, “it will only be possible to decrease the level of exposition of the banking sector to systemic risk with our financial system perfectly aligned to the best international practices”.

The minister is of the opinion that in a six-month period it is possible to accelerate the basis for a more diversified economy in terms of profits, guarantee internal and external balance and secure the necessary conditions to stimulate the transformation of the economy, the development of the private sector and competitiveness.

He also guaranteed that the government has been working to reduce the main constraints faced by private investors, such as difficulties in access to credit, the lack of intermediate and energetic products, insufficiency of equipment, excess of bureaucracy and the deterioration of sales perspectives.

“We’ve been working to create a business environment that propitiates the creation of employment, increases tax revenues and to reduce poverty and regional asymmetries”, he stressed.

Source: Angop

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