Africa Angola Economy Finance

Angolan head of state analyses Sovereign Fund situation, measures

The Angolan Head of State, João Lourenço, on Monday in Luanda said that he has been analysing the measures proposed by the Finance Ministry in relation to the Angolan Sovereign Fund, whose implementation might begin soon.

Giving a collective interview to local and foreign journalists, João Lourenço explained that a competent firm has been hired to conduct a diagnosis on the accounts of the Sovereign Fund.

In sequence of the diagnosis made on the Sovereign Fund, he said, the Finance Ministry has submitted a series of proposals in terms of the measures to be taken, with a view to allowing the government to have a more effective control over the moneys placed at the disposal of the fund.

He revealed that the dismissal of the present Sovereign Fund board is a possibility. “In regard to the Sovereign Fund, I would not say that I will make a dismissal, but this can happen” he revealed.

The Angolan Sovereign Fund was created in the year 2012, with an initial monetary allocation of five billion US dollars.

In the end of last year, there were rumours in some foreign press about serious irregularities in the management of the Sovereign Fund.

Source: Angop

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