Angola: Government approves measures to deal with world crisis and reduces investment plan

12 February 2009

Luanda, Angola, 12 Feb – The Angolan government announced Wednesday that it had approved measures to face the world financial crisis, which included changes to its investment plan and a new strategy for sale of diamonds.

At the end of a Council of Ministers meeting, Economy Minister, Manuel Nunes said that the measures adopted aimed to promote a continued “growth trajectory,” begin at the end of the war in 2002, despite “some slowdown.”

However Nunes did not specify what measures had been approved in the Council of Ministers.

The President of the Republic, José Eduardo dos Santos, meanwhile called a meeting of the Council of the Republic Thursday to discuss “the effects of the world economic crisis and on the Angolan economy and study measures to minimise them,” according to Angolan news agency Angop.

The Economy Minister said that the scenario outlined would make it possible to continue with “efforts to combat hunger, combat poverty, carry out the main public investments, encourage business activities and continue with reforms underway within society.”

According to Nunes, the measures aim to “diversify the economy, in order to reduce dependence on oil, acting upon sectors that generate jobs, such as agriculture, industry and public works.”

Nunes added that in order to respond to a slowdown in the global economy, the Government “will reduce expenditure on goods and services, ensure minimum required expenses for public institutions and apply more dynamism to financial restructuring of strategic public companies.”

No figures were given for the planned cuts. (macauhub)