africa Angola Banking Economy Finance oil

Angola calls for IMF support to fund PCI

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The Angolan government requested support from the IMF for an unfunded programme dubbed the Policy Coordination Instrument (PCI) to assist in the implementation of the measures contained in the Macroeconomic Stabilization actions initiated in January 2018.

According to a document from the Office of Institutional Communication and Press of the Ministry of Finance to which Angop had access on Tuesday in Luanda, this plan will also serve for the growing increase of external credibility with positive effects on the attraction of foreign direct investment.

With the beginning of this year’s implementation of the National Development Plan 2018-2022, Angola enters a new cycle characterized by less dependence of the country on the resources originated from oil production and by a strong bet in the boosting of the private sector of the national economy, aiming for the promotion of non-oil exports and import substitution. This is the perspective of the request for support to the IMF for the non-financed programme “Policy Coordination Instrument”.

The note states that the national economy has experienced an adverse economic and financial period since the second half of 2014, caused by an external shock with serious implications for the country’s fiscal accounts, the balance of payments, the foreign exchange market and the real economy .

It adds, however, that the government has adopted several measures of conjunctural management to mitigate the impacts of the oil price shock, namely of fiscal, monetary and commercial nature.

Source: Angop

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